The roar of cannons in the Ukraine combined with the expectation of inflation numbers in the USA and Germany weighs on the performance of the financial markets, hit by the sharp increase in bond yields. Piazza Affari, recovering, in the middle of the session limits the decrease to 0,3%, better than Frankfurt and Paris which show declines of more than a percentage point.
Stock markets awaiting inflation in the USA and Germany
To dominate the moods of the operators is the expectation of US inflation which, according to the reviews, could exceed 8,50%. Estimates are for an increase of 8,4% from +7,9% the previous month. It would still be the highest level for 40 years.
Also the trend of the prices in Germany: which could exceed 7,50% thus increasing the pressure on the ECB on the eve of Thursday's meeting. The Zew index, which measures the sentiment of the economy, also deteriorated sharply: the indicator settled at -41 points from -39,3 in March, the lowest reading since May of last year: it will remain alive for the next few months the fear of stagflation.
And the bonds are in tension, the 10-year BTP flies
The tension on the bond market thus remains high. The 0,83-year German Bund trades at -3%, +2015 basis points, on its highest level since XNUMX.
The 2,519-year BTP flies to XNUMX%, at a two-year high. The ten-year Treasury Note moves to a yield of 2,80%, +3 basis points, the highest since 2018. The curve becomes steeper: spread between two years and ten years to almost 30 basis points, from twenty yesterday. The Italian Treasury placed all the 6,5 billion euro of annual BOTs offered this morning at a yield of -0,105%, up 33 basis points compared to the previous auction.
Milan Stock Exchange: Leonardo is still running
Leonardo shines in this context + 4,26% one step away from the 10 euro threshold, under the impetus of the buyout of Deutsche Bank.
Speed Ferrari +2,7%: BNP Paribas promotes the judgment to Outperform, the target rises from 230 to 235 euros.
Saras +3,2%, on the highest levels for over a year in view of higher refining margins. Eni stable -0,2%, signed on the occasion of Mario Draghi's visit a agreement with Sonatrach which will allow for an increase in gas supplies from Algeria to Italy via the Transmed/Enrico Mattei pipeline.
Natural gas +3%. “What is happening with Russia and Ukraine is redesigning the interconnections for gas today, tomorrow for hydrogen, but also for electricity compared to how they are today in Europe, there is the possibility that the countries of Southern Europe, the Mediterranean countries, with the connections they have, can themselves become electricity hubs, produced from renewables and gas” said the premier during the meeting.
On the go too bpm +1,18%. According to Bloomberg, the institute and Axa would have started discussing the possible sale of the insurance business, which the Milanese bank has the possibility of completely bringing back in-house between 2022 and June 2023 (Vera Vita and Vera Assicurazioni), for a total value equal to 1,5 billion.
The macro data to keep an eye on
Euro dollar down slightly to 1,086, the lowest since the beginning of March.
Gold unchanged at $1.958.
Brent and WTI oil climb 3%, closed down 4% on Monday. On the table is the hypothesis that Brussels decides on an embargo on Russian oil as part of a possible new package of sanctions.
Bitcoin fluctuates nervously around $40.000, yesterday -7%.
