Uncertain day for the European stock exchanges, while Wall Street recovers ground after the losses of the previous session. Milan’s Ftse Mib closed fractionally lower (-0.15%) at 26,482 points, with Inwit (+5.2%) supported by rumors about a possible takeover bid promoted by Ardian, the company’s second shareholder. Terna is also picking up (+2.7%) in the wake of the 2022 results and the 2023 guidance above expectations. Above all, Saipem (-3.4%) and Banco Bpm (-3%) fell.
Overseas, the American indices rebound driven by the big technologies, thanks also to the interruption of the sell-off on banks. Yesterday, however, the lists had discounted the statements of Treasury Secretary Janet Yellen, who excluded both a guarantee on all US bank deposits and the possibility of raising the guarantee ceiling on them above 250,000 dollars.
As expected, the Fed raised rates by 25 basis points and Jerome Powell explained that inflation remains too high, reiterating his determination to raise rates further if necessary. The Bank of England and the Swiss National Bank met today and raised rates by 0.25% and 0.5% respectively.
From the macroeconomic agenda came data on weekly applications for unemployment benefits in the USA, down to 191,000 units, and on consumer confidence in the Eurozone, worsening to -19.2 points.
On US bonds, two-year bonds fell to 3.85% and ten-year bonds to 3.43%. Yields in sharp decline in Europe, with the BTP at 4.04% while the spread with the German Bund moved little at 185 bp.
On Forex, the euro/dollar appreciates at 1.089. The greenback is also losing ground against the yen, bringing the relative exchange rate below 131. Among the raw materials, oil (Brent) travels slowly at 76.8 dollars.