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Negative ending on Piazza Affari, STM rising

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Negative ending on Piazza Affari, STM rising

Weak closing for European stock markets, while Wall Street shows little movement despite the rally in technology megacaps. On Piazza Affari, the Ftse Mib ended down 0.3% at 34,271 points, with STM (+5.3%) in the spotlight on the eve of the quarterly report together with the other semiconductor stocks, following the indications of Texas Instruments.

Prysmian (+1.7%), Moncler (+1.5%) and Banca Mediolanum (+1.3%) also performed well, while Recordati (-5%) ended last, held back by rumors about a possible exit of the fund Cvc. Saipem (-3.3%) and MPS (-2.25%) were also weak.

After Tesla’s accounts released yesterday, with Musk’s promise to launch cheaper vehicles, the results of Meta Platforms are expected today with the markets closed, while tomorrow it will be the turn of Alphabet and Microsoft.

The results of the big tech companies will help define the tone of the markets in the coming sessions, together with the data on the US GDP for the first quarter, the core PCE for March and the Bank of Japan meeting.

Today the German Ifo was released (improving to 89.4 points), the confidence indices in Italy (worsening for both consumers and businesses) and orders for durable goods in the USA (+2.6% in March, better than expected).

Bond yields rise, ahead of a record auction of 5-year Treasury bonds for $70 billion. The BTP-Bund spread widened to 140 basis points, with the Italian 10-year bond rising to 3.98% and the Bund to 2.58%.

Among raw materials, Brent oil remains above 88 dollars a barrel after the decline in US inventories and gold stabilizes just above 2,330 dollars an ounce. On the Forex, the euro/dollar exchange rate remains just below 1.07 and the dollar/yen exceeds 155 for the first time in over 30 years, raising the possibility of intervention by the Japanese authorities.

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