One stock on the rise, thirty-nine in the red. The stock market day can be summarized in these few words Business Square with the Ftse Mib falling by 1,72% below 34 thousand points. He is alone to save himself Eni (+1%), driven upward by the announcement of the buyback plan and by the price trend of Petroleum, with Brent rising above $91 a barrel as traders monitor developments in the Middle East conflict.
Stock market latest news: Europe all in the red, has the correction begun?
Things are no better in the other European markets, all falling sharply after thud of Wall Street on Thursday: Dow Jones (-1,35%), S&P 500 (-1,23%), Nasdaq (-1,40%). Milan is the worst stock exchange, followed by Madrid (-1,53%), Paris e Frankfurt, both down 1,4%. They try to contain the damage Amsterdam e London, in the red by -0,8% and -0,9% respectively).
However, the question that investors on both sides of the ocean are asking is only one: has the much feared correction begun, after the enormous increases of the last year?
Doubts about the Fed's monetary policy are weighing on the stock markets
The words spoken yesterday by the "hawk" weigh on the price lists Neel Kashkari, president of the Minneapolis Fed, who warned that there will be no interest rate cuts unless further progress on inflation is achieved.
"There could be two cuts this year. Or none", he said. Kashkari's words caused Treasury bond yields to rise, with the 4,429-year bond reaching 2024%, the maximum reached in XNUMX. On Wednesday, however, the president of the Federal Reserve, Jerome Powell, reassured the markets, saying that the latest data, which showed a stronger-than-expected economy in the United States.
However, the market remains convinced that the Fed will cut rates by 25 basis points in June (an event considered probable at 62,3% by the Cme FedWatch Tool) and anxiously awaits the March employment report, scheduled today.
In Piazza Affari, banks and Stellantis are down sharply
In the middle of the day, all Italian banks were in the deep red. Bringing up the rear is Ps (-4,5%), followed closely by the two big names in the sector: Unicredit (-3,4%), Intesa Sanpaolo (-3,3%). It also loses 3%. Bpm bank. Pop Sondrio e Bper they mark -2,8%.
The stock turns red (-1,5%). stellantis, following the decline in registrations in the United States in the first quarter of the year.
The only title that goes against the trend, as mentioned, is Eni. On Thursday evening the company announced the launch of a new 1,1 billion buyback, which can be increased to 3,5 billion in the event of an increase in cash flow. Not only that: the board of directors approved the fourth and final tranche of the 2023 dividend and resolved the possible issue of one or more bond loans, to be placed with institutional investors, for a total amount not exceeding 5 billion
Spreads rising, gold moves away from the highs
It goes up too spread, which at mid-day stood at 137 basis points from 135 the day before. The yield of the XNUMX-year BTP benchmark rising from 3,71% on Thursday to 3,72% today.
THEgold instead it moves away from the highs and stands at 2.293 dollars an ounce after reaching a new record of 2.305 yesterday.
On the currency market, the euro it drops to 1,0828 dollars from 1,0860 on the eve of closing.
