Home Business Lower spread is not enough in Piazza Affari: Ftse Mib slows down on the final and closes at + 0.29%

Lower spread is not enough in Piazza Affari: Ftse Mib slows down on the final and closes at + 0.29%

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Lower spread is not enough in Piazza Affari: Ftse Mib slows down on the final and closes at + 0.29%
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Piazza Affari made a moderate recovery after yesterday’s violent sell-off on all major equity markets. After the record hike in US interest rates since 1994, yesterday came the surprise of the Swiss central bank’s 50bp squeeze, a move that exacerbated market fears about the recessionary effects that the restrictive moves of the major banks could have. central. The Bank of Japan, on the other hand, remains ultra-accommodative with governor Kuroda who stressed that a rate hike could seem to bring the country into recession.

The Ftse Mib, fresh from the annual lows at which it closed yesterday, today marks + 0.29% at 21,788 points. Among the individual stocks, banking stocks perform well: + 1.1% Unicredit and + 1.15% Intesa. Shore for banks comes from the narrowing of the spread which at the start went below 200 bp in the wake of the latest rumors about the ECB’s anti-spread plan. According to what reported by Bloomberg, the president of the European Central Bank, Christine Lagarde, would have told euro area finance ministers that the new anti-spread tool will come into operation if bond spreads widen beyond certain thresholds or if market movements exceed a certain speed.

Among the other stocks, Nexi and Pireli jumped by more than 5%. Enel also did well (+ 0.78%), which announced the sale of its entire 56.43% stake in PJSC Enel Russia and the start of a buyback on a maximum of 2.7 million treasury shares.

Ferrari rose moderately (+ 0.3%) on which today both Intesa and Banca Akros raised their valuation in the wake of the indications received from the new plan to 2026.

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Oil stocks are bad (-4.73% ENI, –1.48% Tenaris) with oil prices falling sharply today on fears that the restrictive moves by central banks will lead to a sharp slowdown in economic growth and therefore lower demand for raw.

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