Closure just above parity for Piazza Affari, in a mixed session for the European stock exchanges. The Ftse Mib ends up 0.1% at 27,478 points, with Saipem (+2.8%) picking up the day after the results above expectations and the upward update of the targets.
Financials were also highlighted with purchases from Poste Italiane (+2%), Banca Generali (+2%) and Finecobank (+1.8%). On the other hand, Tenaris (-2.4%), Snam (-2.2%) and Buzzi Unicem (-1.7%) are down.
In the bond segment, the Btp-Bund spread decreased to 182 basis points with the Italian ten-year yield rising to 4.45%. US Treasury yields increased, with the 10-year bond at 3.93% after reaching a maximum since November of 3.98%, in the wake of the prospects for a more restrictive monetary policy. The six-month bond rate reached 5.14%, close to the highest since 2007.
On Forex, the euro/dollar exchange rate barely moved in the 1.06 area. Among the raw materials, oil recovered ground, with Brent at 83.7 dollars a barrel, but started to close the month with a drop amid concerns about the tightening of interest rates and the increase in inventories in the United States, which offset optimism about rising demand in China.
In the morning, data on Spanish and French inflation for February were released, well above expectations (harmonised data at +6.1% and +7.2% respectively). Numbers that have led the markets to price an overall increase in rates of 150 bp by the end of the year by the ECB.
Meanwhile, the chief economist of the Eurotower Philip Lane declared that the first signs of effectiveness of the restrictive monetary policy are beginning to appear, but it is necessary to continue with the increases to bring inflation back towards the 2% target.