(Il Sole 24 Ore Radiocor) – After a start around parity, the European stock exchanges accelerate their pace and move up, however not very marked. The indices of the Old Continent, starting with the FTSE MIB in Milan and even more with the CAC 40 in Paris, benefit from the decisive progress of Wall Street which closed on intraday highs on the eve, despite the warning launched by the International Monetary Fund, which cut estimates on the growth of the world economy, and the situation in Ukraine. The DAX 40 in Frankfurt does not discount the fact that in March in Germany, producer prices increased by 30.9% compared to the previous year, marking the largest rise in the historical series since 1949. Also good London, the IBEX 35 in Madrid and the AEX in Amsterdam.
The focus is always on the war, while the publication of the quarterly reports continues and we also look at macro data, to assess inflation and the moves of central banks. The tech sector could be under pressure, after Netflix accounts, which for the first time since 2011 lost subscribers.
In Milan, Leonardo is doing well, eyes on the banks
In Piazza Affari, Leonardo did well (+ 1.96%), on which rumors of a possible aggregation with Fincantieri (-0.33%) returned. Banks with Banco Bpm also performed well (+ 1.48%). Opposite sign for Terna (-0.94%). Attention also on the banking sector, after results from Credit Suisse, which said it expects a loss in the first quarter of 2021 due to greater reserves for legal disputes. In addition, the bank also expects to have lost 200 million francs in revenue due to the impact of the Russian invasion of Ukraine on both its counterparties and its credit risks.
On Wall Street, eyes on Netflix, the first drop in subscribers in 10 years
All this after a day with Wall Street closing positive with Dow Jones up 1.46% to 34,912.88 points, the Nasdaq advanced by 2.15% to 13,619.66 points and the S&P 500 which scored a progress of 1.61% to 4,462.48 points. In the background, the quarterly season in the US continues. Including that of Netflix which, for the first time in its history, recorded a decline in subscribers around the world, which led to a 25% drop in afterhours on Wall Street. According to the first quarterly report, the streaming video platform lost 200,000 subscribers in the January-March period, which triggered a 23% drop in trading after the close of markets. forecasts of the company management which had assumed a growth of 2.5 million subscribers. The decline would be linked to competition from rival platforms, starting with Disney Plus and Apple.
Spread above 160 points, 10-year yield up
Spread up above 160 points, upward trend for the spread between BTp and Bund on the MTS secondary market of European government bonds. At the start of the session, the yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 163 basis points compared to the 161 basis points of the previous closing. The benchmark ten-year BTp yield continues to rise, settling at 2.56% after scoring a last position on the eve of 2.53%.
Gas prices slightly moved, crude oil on the rise. The euro goes up
The price of gas traded in Amsterdam has little effect: the contract expiring in May slips by 0.9% to 92.91 euros per megawatt hour, when the price of crude oil is on the rise: + 0.41% to 107.69 dollars per hour. the Brent contract expires in June.
On the foreign exchange front, the euro is worth 1.0812 dollars (1.0793 closing yesterday) and continues to rise against the yen at 138.9975 (138.91), with the dollar / yen at 128.557 (128.64).