(Il Sole 24 Ore Radiocor Plus) – Dominates a certain nervousness about European markets, with the indices that, after sudden changes of direction, have embarked on the path of decline. Waiting for the new round of negotiations between Russia and Ukraine, the price of oil slows down when gas has reversed course and has gone down. At Piazza Affari, the FTSE MIB is quite in line with the DAX 40 in Frankfurt, the CAC 40 in Paris and the AEX in Amsterdam limit red more while the IBEX 35 in Madrid is more penalized by sales. The situation in Ukraine remains at the center of the attention of investors who, after a start in which it seemed the indices could move above parity, have adopted a more cautious attitude. The support from the close of Wall Street was not enough, where in yesterday’s session, Wednesday 2 March, the Dow Jones gained 1.79%, the S&P 500 1.86%, the Nasdaq Composite on 1, 62%. US indices have been boosted by statements from Federal Reserve Chairman Jerome Powell: The banker said a 25 basis point increase in the cost of money would be appropriate in March and not 50 basis points feared by the markets, to reflect the geopolitical uncertainty that arose after the Russian attack on Ukraine.
Spread BTp / Bund opens higher at 153 points
The spread between BTp and Bund opens the session with a slight increase compared to yesterday’s close, on the MTS secondary market of European government bonds. The yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German duration opens at 153 basis points from the 151 basis points of the last reference yesterday. The yield of the ten-year benchmark BTp also rose, indicated at 1.55% from 1.54% at the closing on the eve of the day.
In Piazza Affari, Tim is down after the accounts, the banks are hurting
In Piazza Affari, after not having been able to make a price for a long time (due to an excess of decline), Telecom Italia shares marked a marked decline, following the approval of the 2021 accounts and the industrial plan by the board of directors. Leonardo, after a start down by 5%, is trading on the eve of the day. The stocks of the oil sector have been contrasted, thanks to the slowdown in the price of oil: the April delivery contract on the WTI is above 113 dollars a barrel and the one on the North Sea Brent Sea expiring in May moves below 115 dollars a barrel. Eni, Saipem and Tenaris travel in no particular order. Meanwhile, the shares of the main Italian banks worsened to the downside: Unicredit, Intesa Sanpaolo, with Banca Pop Er and Banco Bpm even further behind.
The euro at its lowest since 2016 against the pound, gas reverses course
On the foreign exchange front, the euro hit its lowest against the pound since June 2016, when the Brexit referendum was held. The euro, which is affected by the war in Ukraine and its dependence on Russian gas, is today 0.8283 against the English currency, down by 0.15% compared to yesterday’s close after hitting a low of 0.8276. a level not seen for five and a half years. Furthermore, the euro changes hands at 1.1095 (yesterday at $ 1.1091) and at 128.41 yen (128.259), while the dollar / yen ratio is at 115.71 (115.642). On the other hand, the price of gas reverses course after the new record this morning. Prices in Amsterdam mark a 2% drop to 162 euros per MWh, after touching 200 euros per MWh in the morning and hitting a daily low of 155 euros.