The downward opening of Wall Street depressed the European stock markets which, in mid-afternoon, changed pace to finally close slightly down, aggravating the balance of yesterday's losses.
Business Square falls by 0,59% to 24.302 basis points, despite the new leap by Atlantia (+6,87%) and is in line with Paris -0,57% Frankfurt -0,51% Amsterdam -0,44% Madrid -0,16% London -0,53%. The latter was weighed down in particular by Shell (-2,32%), which announced write-downs of up to 5 billion in the first quarter following its decision to leave Russia.
In terms of currency, the euro slightly recovers its share against the dollar, while remaining in the 1,09 area. Recently, the economic impact that the sanctions against Moscow will have on the Old Continent has weighed heavily on the single currency, but also the wait for the outcome of the presidential elections in France, where voting will take place on Sunday in the first round. President Emmanuel Macron is expected to be confirmed, but Marine Le Pen's resurgent polls have created more than one concern.
The ruble is on the rise, returning to pre-war levels, despite the efforts of the West to corner Russia. The greenback loses almost 5%, for an exchange rate around 75,9. According to US Deputy Treasury Secretary Wally Adeyemo, however, Russian efforts to shore up the ruble in response to Western sanctions are draining resources from the war in Ukraine.
The Stock Exchange is positive Moscow: +0,92% the index denominated in rubles; +5,53% the index denominated in dollars.
Among the raw materials lives a seat in the swing Petroleum, currently down: Brent is trading at $98,7, down 2,35%. Natural gas remains well tuned, while MEPs are calling for further measures against Russia, including a total and immediate embargo on imports of oil, coal, nuclear fuel and gas.
War, inflation, Fed and ECB depress the price lists
Affecting investor confidence are the timing and growing sanctions related to the war in Ukraine, the repercussions of these sanctions on already very high inflation, the consequent monetary policies of the central banks, with the Fed which seems to have closed the era of easy money. A mix that could pave the way for a recession: "the brutal and unjustified invasion of Ukraine will have enormous economic repercussions for the world", says US Treasury secretary Janet Yellen, during her testimony before the House Financial Services Committee . St. Louis Fed President James Bullard is instead trying to ward off the specter of a fall in US GDP and believes that the Fed must raise interest rates quickly to counter inflation and reach 3,5% soon
The minutes of yesterday's meeting showed that the central bank with stars and stripes is ready for a series of rate hikes by half a percentage point and a drastic reduction of its balance sheet at the rate of 95 billion dollars a month. Today the minutes of the ECB came out and the pot is boiling in Europe too, given that "a large number of members believe that the current high level of inflation and its persistence require further immediate steps towards the normalization of monetary policy". The governors are ready to put a stop to the stimuli, but uncertainty remains which has certainly worsened with the start of the Russian "special military operation" in Ukraine. In any case, at the end of the March meeting, the governors agreed with the proposal of the chief economist, Philip Lane, to end the net purchases of bonds in the third quarter if the new macro data do not point to a weakening of the inflation outlook. but they did not further commit to reducing the stimulus.
Piazza Affari: spotlights on Atlantia, Generali and Telecom
In Piazza Affari, Atlantia is confirmed as effervescent, for which many appetites are developing, after Global Infrastructure Partners and Brookfield Infrastructure have proposed a possible acquisition of the company.
The funds also have an agreement with the Spanish Acs which could acquire a majority stake in Atlantia's motorway concessions if the offer is finalised.
Today, however, Edizione has announced that it does not see any "elements of interest" in the project. “The investment in Atlantia is of a strategic nature and it is the intention of Edizione to continue to contribute to the sustainable development of its value, maintaining the company's Italian roots within the framework of an industrial design that enhances the focus on transport infrastructure characterized by sustainability and innovation for the mobility of people and goods of the future”, wrote the dei holding in a note Benetton which through Sintonia has approximately 33% of Atlantia.
In the spotlight remains Telecom, +2,16%, which today returns positive in the light of what was written by the Sole 24 ore, according to which the private equity firm Apax has started in-depth studies aiming at some of the activities that will flow into Tim's service company (ServCo). That of Apax seems to be the most credible candidacy (and could replicate the axis with Iliad already tested on the occasion of the offer on Vodafone Italia) and joins the interest of CVC and the issue of the Kkr takeover bid, but the dossier would be on the table also of other international operators, including Apollo.
Instead, it is weak Generali, -3,1% after the CEO Philippe Donnet declared that the counter plan developed by Francesco Gaetano Caltagirone can put dividends at risk of the company. Union Investment now lines up alongside him. "I'm in favor of the current management," Union Investment's Reiner Kloecker told Reuters, adding that the existing team "has done a good job in recent years." Union Investment is the sixteenth shareholder of Generali, according to data processed by Refinitiv's Eikon service.
At the top of the list there are also many utilities, such as Ivy + 3,38% A2a + 2,88% Italgas +1,98%. Strengthening pharmaceutical stocks such as Recordati + 2,81%.
In decline Prysmian -3,34%; Pirelli -2,84%; Saipem -2,21%.
On the secondary it remains unchanged spread between Italian and German 168-year bonds, but the yields of the two bonds are on the rise. The differential stops at 2,35 basis points, with a rate of the Btp of 0,67% and of the Bund of XNUMX%.
