The European stock markets close up, with the exception of Milan and Wall Street which is tonic, thanks to the good quarterly results which open up flashes of calm on the markets. However, investors remain wary waiting to understand how quickly they will move towards a tightening of central banks and how the war in Ukraine will evolve. Soon the presidents of the Fed and of the ECB, Jerome Powell and Christine Lagarde, will be able to offer new indications, speaking in a debate on the global economy with Kristalina Georgieva (director of the IMF), in the context of the Spring Meetings of the International Monetary Fund and World Bank.
Waiting doesn't help the bond market, on which the sales are consistent. Prices fall in the US and the 2,9-year Treasury shows a growing rate, once again at +0,92%. Tensions are also being registered in Europe, in light of the fact that ECB vice president Luis de Guindos does not rule out a rate hike in July. The yield on the German 10-year bond rises to +2,57% and that of the 2019-year BTP to +XNUMX%, the highest since XNUMX, for one stable spread to 165 basis points (+0,31%).
De Guindos' words also give a jolt to the euro, which returns to 1,09 against the dollar, only to then resize just below that threshold (1,084). Furthermore, the single currency is holding its breath in view of the French presidential elections.
Among the raw materials, purchases are back on the Petroleum, with supply fears reigniting as the possibility of an EU embargo on Russian oil becomes more concrete if, as it appears, Germany is willing to block imports by the end of the year. Brent crude rose by 0,9% to 107,77 dollars a barrel; Wti +1,17%, for 103,39 dollars a barrel. Gold is down, around 1941 dollars an ounce.
Tonic European price lists, Piazza Affari at stake with utilities
Business Square closes with a loss of 0,29% at 24.805 basis points mainly due to sales on utilities and is the rear light of a roaring EU train, led by Paris +1,36%, the day after face to face Macron-Le Pen, with victory on points to the incumbent president and ahead of Sunday's election showdown.
Frankfurt appreciates by 1%, follow Madrid + 0,47% Amsterdam +0,46%. Off the block it is colorless London.
Wall Street runs with Tesla
The startup is in tune with Wall Street, mostly thanks to Tesla (+6,3%), in great shape with the accounts. Not only are revenues up 81% from a year ago, but the future looks bright, as the company has "enough cash" to fund its long-term expansion plans and keeps the burden of inflation at bay with an increase in car prices. A policy that pays off given that Elon Musk's company said it expects an average annual increase in vehicle deliveries of 50% over a multi-year horizon.
Meanwhile, the battle of the richest man in the world continues to take possession of Twitter (-0,34%): from the documents delivered to the SEC, the US Consob, it appears that of the 46,5 billion offered for the hostile takeover bid, 25,5 billion dollars are guaranteed on loan by Morgan Stanley and other banks and 21 billions of dollars would come out of the entrepreneur's pocket.
The increase in subscription prices has not brought good luck to Netflix which after yesterday recording the worst drop since 2004 (-35,1%), today drops a further 5% due to the decision by Pershing Square, Bill Ackman's hedge fund, to sell all its shares in the company. The stock is the worst performer in the S&P 500 and has lost more than 62% since the beginning of the year.
Piazza Affari: Saipem to the rescue
The main Milanese index limits the damage thanks to the leap of Saipem, +11,8%, who started the rescue right from the start with accounts quarterly results better than expected. The period closed with an annual increase in revenues of 20% to 1,94 billion and a decrease in losses to 98 million from 120 million in the first quarter of 2021.
The courses were also supported by the fact that Saipem reported that by 31 March 2022 the shareholders Eni (-1,6%) and Cdp had paid 646 million euros into the future capital increase account, resulting in a decrease in financial debt.
It is confirmed on the shields Pirelli, +2,63%, after the positive session the day before. Among the industrials, Interpump +1,52% and Stellantis +0,95% also rose. The banks archive a moderately positive session, led by Banco Bpm +0,95%.
Tensions on interest rates, on the other hand, weigh on the utilities that lead the list of reductions: Snam -3,25%; Terna -2,32%; Ivy -1,86%; A2a -1,85%.
Outside the main basket it grows Piaggio, +4,17%, with broker Berenberg starting hedging with a “buy” recommendation and a target price of 3,4 euros. Purchases on Autogrill are back, +2,7%, after yesterday's achievements. The company is at the center of rumors about a possible merger with Swiss rival Dufry. According to Intesa Sanpaolo analysts, "the valuation of the assets and consequently the exchange rate are the most important aspects for the purposes of a positive conclusion of the negotiation".
Well bought Fincantieri, +2,22%, in view of the change at the top with the arrival of the new CEO Pierroberto Folgiero. More cautious Maire Tecnimont, -0,67%, which appointed Alessandro Bernini as CEO, in place of the outgoing Folgiero.
