Un modest increase characterizes them European stock exchanges in a session characterized by the descent of thecore inflation of the Eurozone in March as has not happened for two years. The "base" figure, which excludes energy, food, alcohol and tobacco, is equal to 2,90% from +3,1% previously. Faced with these numbers the European Central Bank it may start to reduce interest rates in June, with inflation likely to fall faster than expected, but, warns the Austrian Robert Holtzman, the Fed should not get too ahead of itself because this would decrease the effectiveness of easing.
Bonds in orbit
The novelty has given wings to bondthe. BlackRock, in tune with what the market is saying, is starting to talk about the possibility of two rate cuts between now and the end of the year. Futures give the cost of money 65 basis points lower at the end of 2024, compared to current levels.
In this context the German bund to 2,36%, ithe BTP al 3,83%. spread to 147 basis points, also increasing for technical reasons: Bloomberg has changed the future reference on which the differential is calculated.
The president of the Cleveland Fed, Loretta Mester, said she still expects a rate cut this year, but cited the need for more collateral. Even if the job market is doing better, there is likely to be more unemployment in the future. It is argued that cutting too early carries a greater risk than holding on too long.
Gold and Oil at their highest levels since the end of November 2023 send expansionary signals. The Brent and wtf they rise by 0,4%. L' trades at $2.272 an ounce.
The titles highlighted in Piazza Affari
In Piazza Affari he accelerates Fineco +6,45% after JP Morgan raised the rating to Overweight from Neutral, target price at 16,30 euros from 13,50 euros. It also advances Bpm bank (+1,3%) which in the next few days could put a portfolio of non-performing loans on the market with a nominal value of around 500 million.
In the spotlight Unipol (+ 1,91%), Pop Sondrio (+1,64%). They also go up Tenaris +1,5% ed Ps + 1%.
Eni (+0,4%) has a "preliminary and non-exclusive" conversation underway with a person who has made a spontaneous expression of interest for the Agi news agency and is ready to evaluate "any other expression of interest that may be proposed by other entities at this time".
Ovs +3% has signed a binding investment agreement to purchase 100% of Goldenpoint in several stages. Among the new names among billionaires, Andrea Pignataro from Bologna stands out.
Banks and oil are doing well, cars are suffering. The most negative note concerns Stellantis (-2,39%). New car registrations in Italy in March fell by 3,71% to 162.083 cars compared to the same month in 2023, according to data released by the Ministry of Transport. Stellantis' market share is 32,24% with a drop in group registrations of 11,5%. Classic Ferrari for sale -1,7%.
Second session of decline in the United States stock market, which retreats from last week's historic highs as the idea of a further postponement of the decline in rates gradually takes hold: S&P500 -0,7%. Nasdaq -1%.
