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Wednesday, March 29, 2023

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Stock exchange: Europe rises, tomorrow rates and ECB shield, Milan + 0.3%

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The main European stock exchanges are improving after more than 3 hours of trading, on the eve of the ECB board that will decide on rates and the ‘anti-spread shield’. The best is Frankfurt (+ 0.41%), followed by Paris and Milan (+ 0.3% both), London (+ 0.25%) and Madrid (-0.38%), which remains in negative territory. The differential between Italian BTPs and German ten-year Bunds rose to 198 points, with the Italian yield down by 11.6 points to 3.197%. Positive US futures pending mortgage applications and overseas home sales. Crude oil fell (Wti -1.05% to 103.13 dollars per barrel) after the preliminary data on US inventories which grew more than estimates and in view of the definitive one expected in the evening.
Gas continues to rise (+ 6.54% to 161 euros per MWh in Amsterdam), on the day the EU announces the plan to cut consumption.
Weak metals after the jump of the eve. Copper lost 2% to 7,277 dollars a ton, iron 1.35% to 659 dollars a ton and steel 0.24% to 3,805 dollars a ton. The dollar fell to 1.025 against the euro, to 1.2 against the pound.
Italian banks improve from Unicredit (+ 1.72 %%) with sales concentrated on Italian Bper (-0.68%), Intesa (-0.43%) to Banco Bpm (+ 1.55%), Bper ( 0.64%) and Intesa (+ 0.45%) after the intervention of the president of the council Mario Draghi in the Senate, where a debate is scheduled before the vote of confidence.
The Spanish Santander (-0.06%) and Bbva (-0.01%) are weak, while the German Commerzbank (+ 2.31%) and the French Credit Agricole (+ 2.27%) and Bnp (+2) are running. %). Volvo cars were weak (-3.61%) after sales estimates for the full year, and Ferrari (-1.27%). The semiconductor manufacturer Asml (–0.7 %%) reduces the decline, cutting its estimates for the full year.
On the other hand, Stm did well (+ 1%). In the telephone field, Tim stands out (+ 3.84%), driven by the ‘outperform’ recommendation (better than the price list, ed) by Oddo analysts. Freenet (+ 1.5%), Bt (+ 0.9%) and Vodafone (+ 0.3%) did well. (HANDLE).

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Source: Ansa

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