The European financial week opens with a positive session, led by London which closed with a gain of 1,64%, on expectations of a more dovish than expected English central bank. On the opposite side it is Business Square, -0,58%, weighed down by the detachment of coupons by eight blue chips which weighs on the main list by 1,53%.
In the rest of Europe Paris 0,22% salt, Frankfurt + 0,74% Amsterdam + 0,76% Madrid + 1,51%.
The climate seems to be improving, after the volatility of the last week, thanks to the clearing in Middle East between Iran and Israel which for now removes fears of an escalation in the area. The price also weakens Petroleum (Brent -0,5%, 86,81 dollars per barrel) and the return of risk appetite tarnishes oil pricesgold: spot gold loses around 2%, moving further away after the highs reached last week.
Highly anticipated this week are the quarterly data from some large banks in Europe and some mega tech companies on Wall Street, as well as some macro data such as US inflation. Meanwhile, the US stock market is making cautious progress in the middle of the day, after the S&P 500 and Nasdaq closed their sixth consecutive session in decline on Friday, the worst series since October 2022. It is negative Tesla (-4,6%), which has cut prices in important markets, including China and Germany, but is attempting a rebound Nvidia, +1,4%, after a loss of around 10% in the last session.
Sterling falls with accommodative BoE
In the markets, attention remains high on the orientation of central banks, with ECB and Fed which seem destined to take different paths. The former should in fact cut the cost of borrowing starting from June, while the latter probably will not move before September.
Result the euro continues to move weakly against the dollar, in the 1,064 area and the Financial Times he writes that, due to this different expectation, the share of investors who expect parity between the euro and the dollar is now rising. The chance is only 10% that this pairing will appear in the next six months, but at the beginning of the year this hypothesis was zero.
What gets noticed today is above all the GBP, which is trending lower against both currencies in light of the surprisingly accommodative attitude of the deputy governor of the Bank of England David Ramsden, who, last Friday, signaled that the BoE he sees inflation at 2% this quarter and thinks it will remain at that level for the next two years.
Piazza Affari, “relative red” with ex-dividends; Bioera flies
Piazza Affari falls to 33.724 basis points, but that of the main Milan price list is a “relative red”, to quote Tiziano Ferro, given that the coupon detachment of 8 blue chips weighs on the index, net of which the performance would be positive. In total there are 15 Milanese stocks paying the dividend.
The worst big cap of the day is iveco, -2,18%, which detaches the coupon together with the Bank Mediolanum (+ 0,21%) Bpm bank (+ 1,06%), Campari (+ 1,3%), Ferrari (-0,52%), Prysmian (-0,24%), stellantis (+ 2,01%), Unicredit (+ 1,97%).
According to the main observers, Iveco is particularly penalized by surprise change by CEO Gerrit Marx (who will be replaced by Olof Persson), just over a month after the presentation of the new industrial plan.
Also among the titles most affected by today's sales cucinelli -1,29% Getting very -1,07% Saipem -0,8%.
However, the list of increases today is longer and more substantial and among the most popular sectors are banks and health. Among the securities of credit institutions they particularly shine Ps + 3,05% Bper + 2,34% Pop from Sondrio + 2,23% Understanding + 1,53%.
Leading the list is Diasorin +4,12% and is close behind Recordati +2,49%, on first quarter accounts. Well Pirelli +2,13% ed Enel +1,58%. Progress is timid for Interpump, +0,64%, following the announcement of the acquisition of 100% of Alltube Engineering for 2,3 million euros.
Out of the main basket it stands out Bioera +47,76%, on the news of funds for 3,6 million by Hara Immobiliare, with a proposal for a possible merger.
Spread decreasing on rating confirmation from S&P
The Italian paper closes a decidedly positive session, also supported by the confirmation (albeit expected) of the judgment on sovereign debt by S&P, which left the BBB rating, with a stable forecast.
Lo spread between Italian and German ten-year contracts narrows to 134 basis points and rates reduce: the BTP is indicated at 3,81% and the Waist al 2,47%.
