The day on the stock exchange in Milan
Piazza Affari closed in negative (Ftse Mib -1.64%), in line with the other European Stock Exchanges, a week dominated by the red, which began with the crisis of American banks and ended with the explosion of the Credit Suisse case. On the day of the so-called “three witches”in which many derivative contracts expire simultaneously, stock markets had started off well, stimulated by the rescue of the Californian First Republic Bank by a pool of American banks, which was added to the support of Credit Suisse offered by the Swiss National Bank.
E il Credit Suisse becomes “Debit Suisse”
But it’s the new thud of Swiss creditby 9% on the Zurich Stock Exchange, which helps to dampen the optimism among investors. The slide follows yesterday’s surge, triggered after the bank announced that it would have used emergency liquidity made available by the Swiss central bank, in the amount of 50 billion francs, after its main shareholder, a Saudi bank, had warned that it did not intend to provide additional capital to the banking group. The Stoxx index of European banks has lost -12.3% since last Friday, the Stoxx Energy -10%. Stoxx Food&Beverage.
BONDS
The spread closed higher at 194 points, after opening this morning at 190. The yield on Italian bonds fell just above 4%, to 4.049%, as investors digested the ECB’s interest rate hike and continued to monitor risks of a potential crisis for the banking system. 10-year Treasury Notes at 3.41%, -15 basis points. The German Bund trades at 2.10%, -18 points The future is starting to close the week with an increase of +3.3%.
PETROLIUM
It fell by about 2.7% with Brent in May at 72.7 dollars a barrel and Wti at 66.9 dollars a barrel.
GAS
Gas down 4% a 42,5 euro al megawattora.
CURRENCIES
The euro closed slightly higher above 1.06 dollars after the ECB’s decision to raise the reference rate by 50 basis points, continuing its fight to tame inflation. The single currency changes hands at 1.0655 dollars (+0.42%)
ORO
Financial market turmoil pushes the quintessential safe-haven asset up 2% to $1,961.90 an ounce, the highest price since April 2022. For the week, it is gaining around 4.7%, up 6.4% since the beginning of March. “Gold is in demand as a safe-haven asset in recent days and has gained over $100 in the space of a week, Commerzbank said in a statement. The bank went on to note that there had been an 18-tonne inflow into funds since the start of the week and that “almost a year has passed since the last time such a large inflow occurred, in response to the war in Ukraine.” Buy on the strength at the first close above $1,970. Target $2,000. Alert below $1,780