New week, new earning day for Business Square, which closes today's session close to 28 basis points (touched in the morning), with an increase of +0,45%, 27.949 basis points. It was to give the right charge Telecom, +3,14%, in the middle of a can battle between Kkr and Cdp for the purchase of the network. The banks are doing well, in a context of rising interest rates. With regard to rates and yields, the placement of the new one also got off to a good start BTP Italylinked to inflation. On the first day, the value of funding reached 3,64 billion.
In the rest of Europe the mood remained quite high at Paris, +0,34% (which reached a new all-time high above 7.400 basis points in the first part of the session), Frankfurt +0,49% and Madrid +0,47%. Second Amsterdam -0,1% London -0,26% and Zurich -0,37%.
A variegated picture, with investors who today also had to deal with the growth prospects announced by the China over the weekend and around 5% for the current year, lower than analysts' estimates. 2022 closed with growth of 3%, lower than expected due to the worsening of the economy and the war in Ukraine.
Matching startup of Wall Street waiting for Powell
Overseas the trend is in tune with Wall Street, in cautious earnings waiting for important days. Tomorrow and the day after tomorrow, in fact, the president of the Federal Reserve, Jerome Powell, will bring his testimony on monetary policy to Congress, as data on the US labor market is released this week. There is a certain optimism about what Powell will say, given that the mega-cap stocks, sensitive to interest rates, are dragging the New York Stock Exchange. Today, in fact, the yields of the US government bonds and prices go up.
Bene Ferrari (+0,46%), after Adam Jonas, an analyst at Morgan Stanley, placed the stock among the best ('top pick'), instead of Tesla (-1,06%).
The euro strengthens with the hawkish ECB
On the foreign exchange marketi the euro strengthens against the dollar in area 1,067 after the president of the ECB over the weekend Christine Lagarde it actually confirmed the rise in the cost of money by 50 basis points also in the March meeting. The chief economist of the European central bank echoed them today Philip Lane: “Current information on underlying inflationary pressures suggests further rate hikes after the March meeting will be appropriate.” The price run is too strong, even if there are signs of a slowdown.
The hope of the governor of the Austrian central bank, Robert Holzman, is that interest rates in the bloc will peak within the next 12 months.
The trajectory of interest rates is very indigestible for those who have to refinance their debt, such as Italy. The sudden rise in the cost of money in fact "poses serious problems for those with heavily indebted budgets like the Italian one", underlined the economy minister Giancarlo Giorgetti.
Stable spreads
However, the Italian card closes a good session. Lor spreads between 10-year BTPs and Bunds with the same duration, it was confirmed at 174 basis points (-0,48%), with returns indicated respectively at 4,44% and 2,7%.
Furthermore, one of the propellants of inflation continues to lose ground: the gas deflates further today and falls below 42 euros per MWh.
Among raw materials, the Petroleum, both in the Brent and Wti contract, with fractional declines around 0,7%.
Piazza Affari between rallies and achievements
Telecom Italia dominates the main price list from the top of a rally that has now lasted for several weeks. To give further sprint, at the start of the week, was the news of the weekend that Cdp, together with Macquarie, presented a non-binding offer (alternative to that of the Kkr fund) for the purchase of the newly established NetCo, which will include the network infrastructure and the stake in Sparkle. The offer is valid until March 31st.
The climate remains favorable to the banks, which are particularly highlighted today with Bper + 1,96% Bpm bank +2,31% and Unicredit +1,8%. All three of these blue chips are among the best year-to-date. The stock of the bank led by Andrea Orcel has gained around 45% so far.
Pushes nexi, +1,6%, awaiting the 2022 accounts. Also in the upper part of the price list Pirelli +1,54% and Post + 1,83%.
Profit-taking, on the other hand, weighs down Amplifon -2,16% and Saipem -1,5%.
Finecobank it lost 1,49%, despite the fact that February funding was confirmed at high levels but down on the same month a year ago (870 million against 945 million).
They lose altitude Erg -1,09% and Cnh -0,72%. Outside the main basket it appreciates Piaggio (+2,83%), which presented record 2022 accounts at the beginning of the month. Three-wheeled vehicles in India spiced things up a bit, and are also widely used as taxis. Sales in this area grew by 81% in February compared to the previous year, above the pre-covid level, thanks mainly to the incentive programs proposed by local and central governments and financing programs. Two-wheelers are also popular: +15% annual sales in February, which however have not fully recovered to pre-pandemic levels.
For Banca Akros, the Piaggio stock remains to be bought.
