Home » Lagarde opens up to cuts. Europe celebrates. Tim overwhelms Piazza Affari

Lagarde opens up to cuts. Europe celebrates. Tim overwhelms Piazza Affari

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Lagarde opens up to cuts.  Europe celebrates.  Tim overwhelms Piazza Affari

by Verità&Affari editorial team

The cut in inflation estimates by the ECB and the words of President Lagarde, who revealed that the European Council has started discussing “the change in monetary policy” (and has therefore opened up to a possible rate cut in June) have given impetus to European stock markets, which closed the session in positive territory. But Milan lags behind and ends at +0.16% due to the collapse of Tim (-23.8%). During today’s meeting, the ECB decided to leave interest rates unchanged and the president reiterated her desire to keep rates at “sufficiently restrictive levels for as long as necessary”, but he also specified that this does not mean waiting for inflation to reach “2% before making a decision” on the direction of monetary policy. At this rate, the European Central Bank could decide to cut rates before the Fed.

Tim’s collapse

Coming to the securities, in Piazza Affari, as mentioned, Tim collapses, closing the session with a loss of 23.8% after the presentation of the new industrial plan to 2026 which disappoints in terms of debt and cash flow. Azimut also performed badly (-5.9%) after the communication to the market of the 2023 accounts and the confirmation of the targets for 2024. Sales continue on Pirelli, which ends at -2.27%, after the 2023 accounts and the update of perspectives. After an upward start, Nexi also closed in the red (-4%): the stock is held back by the revision of the growth prospects for the current year. Amplifon leads the Ftse Mib (+5.9%), after the accounts and the announcement of the dividend. Saipem’s rally continues (+1.9%), driven by the positive opinion of analysts. St (+3.5%) and Diasorin (+1.6%) also performed well. Outside the main basket, Fenix ​​Entertainment is in deep red (-28.5%) following the board’s decision to cut its compensation to reduce costs.

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Cheaper gas

On the currency market, the euro regained its share of 1.09 dollars and traded at 1.0934 (1.0853 at the close yesterday). The yen is also strengthening on the prospect that the Bank of Japan may decide to exit the negative rate policy as early as this month: the euro/yen exchange rate is at 161.848 (from 162.69 yesterday) and the dollar/yen at 148.026 (from 149 ,91). On the energy front, the price of oil is falling: the April future on the WTI marks -0.48% at 78.75 dollars a barrel and the May contract on Brent stands at 82.86 dollars (-0.12% ). The price of natural gas on the TTF platform in Amsterdam fell by 1.68% to 26.12 euros per megawatt hour.

This article has been prepared for informational purposes only and does not constitute consultancy or solicitation to buy or sell financial instruments. The information reported is in the public domain, but may be subject to change at any time after publication. We therefore decline any responsibility and remember that any financial transaction is carried out at your own risk.

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