The closure of the Milan Stock Exchange
on Purses calm returns to Europe. Piazza Affari closes with a +1.05%, consolidating the positive sign after the launch of Wall Street. It seems that i markets want to forget about the turmoil associated with the banking system, basking on the fact that the Fed is willing to curb its interest rate hike plan. Among the most virtuous titles on the list we find Interpump +2.2%. Banca Monte Paschi +3%. Saipem +2.5%. Poste Italiane down -1.3%, At these prices, March closes with a drop of almost 2%, the quarter, on the other hand, with an increase of almost +12%.
Consolidating the climate of confidence today was the figure for German inflation which fell to 7.4% in March on a year-on-year basis from the previous +8.7% and against estimates for +7.3%. Tomorrow, instead, the inflation of the Eurozone will be published. It is expected to slow down to 7.1% in March from the previous 8.5%. The optimism involved all the European Stock Exchanges. Paris rose by 1.06% London by 0.77%, Frankfurt by 1.25% to 15,520.55 points, Madrid by 1.56% to 9,211.99 points. The Eurostoxx index of banks increased by 1.5% (fourth increase in a row),
On the other hand, the price of crude oil (+1.27% to 73.91 dollars per barrel) and gas (+1.69% to 43.53 euros per MWh) accelerated. Gold is cautious (+0.24% to 1,973.66 dollars an ounce), the dollar is weak, changing hands at 0.915 euros, 132.6 yen and 0.81 pounds. Finally, the differential between the BTP and the Bund remained at around 185 points German ten-year bonds, with the Italian annual yield growing by 5.9 points to 4.2%, against 3.3 points more than the German one to 2.35%.
US GDP grows less than expected
US GDP in the fourth quarter grew by +2.60%, slightly less than the estimated +2.70%. In the same period, consumption slowed down to +1% vs +1.40% estimated. “Risk appetite is being driven by expectations of more accommodative policy from central banks,” says Pierre Veyret, a technical analyst at Active Trades. “However, market performance is based more on expectations than actions, and this leaves the market vulnerable, should central banks, especially the Fed, fail to meet expectations,” he added.