German inflation does not go down: the ECB hawks are already in flight
Double-sided session in Piazza Affari which weakened after a morning sprint. Investors first cheered China, which boasted its best recovery in ten years in February. In the afternoon, however, the fear that the central banks will continue to raise the cost of money decisively returned: the detonator was German inflation, which in February was stable but higher than expected.
Furthermore, in the States, manufacturing activity, while remaining in contraction, has improved, fueling the belief that the Federal Reserve will soon raise rates well above 5%, leaving them high for a long period of time. Milan finished trading down 0.59% to 27,315 points. Share 28 thousand is confirmed impassable.
THE DAY OF THE VERY HOT
MONCLER
It closed last year with revenues and operating profit beyond analysts’ expectations. During the presentation, executives made optimistic statements about the first half of 2023. The share closed at €59.7 (+3.29%) which represents the record since January 2022.
PIRELLI
Goldman Sachs raises to Neutral from SELL, PT at 4.80 euros. Websim confirms the positive vision. The Tp rises to 5.9 euros from 5.5 euros. Price €4.89 (+1.43%) top for eight months.
SAIPEM
Citi raises its target from 2 to 2.2 euros and strengthens the BUY. Akros raised the TP from €1.4 to €1.9, confirming the BUY recommendation after the 2022 accounts. Closing at €1.53 (+1.16%)
BONDS
Spread up 0.79%, to 179 points. The 10-year BTP yield marks +4.46%
ENERGY
PETROLIUM
It fell on the day it emerged last week that U.S. inventories reached their highest levels since June 2021. They recorded an increase of 1,166 million barrels to 480.207 million units, according to data released by the Department of Energy, against expectations for an increase of one million barrels. The April contract is trading at $76.86 a barrel.
GAS
It rises by 2%, still below the threshold of 50 euro/mWh.
CURRENCIES
Euro at 1.06 against the dollar, up 0.9%. After the inflation data, the market pushed peak interest rate expectations in Europe to around 4%, one hundred and fifty basis points above the current level of deposit rates.
ORO
On the way up at $1,840 an ounce, +0,6%.