The Ftse Mib closes little moved (+0.15%) at 33,764.15 points, at the end of a volatile session for European stock markets. Money Saipem (+3.9%), Amplifon (+3.4%), Enel (+2.9%) and Eni (+2.7%), with the oil companies also supported by the rise in crude oil. Interpump fell sharply (-5.6%), followed by Stellantis (-3.3%) and Banco Bpm (-1.2%).
Wall Street down, after the banks’ chiaroscuro quarterly reports. Wells Fargo and JPMorgan missed expectations in terms of net interest income, while Citigroup beat estimates.
BlackRock, whose CEO Larry Fink said he expects the Fed to cut rates at most twice this year and that it will be difficult for the central bank to curb inflation, also released the accounts.
The geopolitical turbulence, with Israel ready for an imminent attack by Iran, contributed to worsening sentiment on the markets.
On the macro front, the University of Michigan index measuring US consumer confidence fell to 77.9 points in April, thanks to a rise in inflation expectations.
As for the next quarter, focus on Chinese GDP and US retail sales, as well as inflation and data on the UK labor market. The speeches of some central bankers and the elections in India should also be kept under observation, while at the end of the week S&P will decide on Italy’s rating.
Yields falling on bonds, with the 10-year Treasury at 4.5% and the two-year at 4.88%. The BTP-Bund spread widened to 141 basis points, with the Italian ten-year bond at 3.76% and the Bund at 2.37%.
Among raw materials, Brent oil is approaching 92 dollars a barrel, the highest since October, in the wake of the escalation of geopolitical tensions in the Middle East. On Forex, the euro/dollar exchange rate weakens further to 1.063 and the dollar/yen remains in the 153 area.