Home » Piazza Affari closes at +1.2%, Stellantis soars after the accounts

Piazza Affari closes at +1.2%, Stellantis soars after the accounts

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Piazza Affari closes at +1.2%, Stellantis soars after the accounts

Another positive session for the European stock markets and for Piazza Affari, with the Ftse Mib rising by 1.2% to 31,694 points. Purchases in particular on Stellantis (+5.7%), which reported accounts in line with expectations in 2023 but raised the dividend and announced a 3 billion euro buyback plan. Prysmian stands out (+4.7%), which has obtained orders for a total of 5 billion from Amprion. Moncler (+3.6%) and Diasorin (+3%) also performed well.

On the other hand, Interpump (-3.8%) fell, slowed down by analysts’ comments in the aftermath of the results, Banco Bpm (-3.1%) and Mps (-2.1%).

In the morning, ECB President Christine Lagarde spoke, reiterating caution over hasty cuts in interest rates, as rising wages represent a significant driver of inflation. Therefore, risks remain and policymakers need more assurance that price growth will return towards the 2% target.

On the macro front, the UK economy has entered a technical recession. In the USA, however, worse than expected data were released on retail sales, down 0.8% in January, and on requests for unemployment benefits (212 thousand, less than expected).

On bonds, the BTP-Bund spread drops below 150 bp, with the yield on the Italian 10-year bond at 3.84% and that of the Bund at 2.35%, while the 10-year US Treasury stands at 4.25%.

Among raw materials, Brent oil is close to 83 dollars a barrel, despite the IEA’s forecasts which estimate a supply surplus for this year.

On the Forex, the euro/dollar exchange rate appreciates to 1.076 and the dollar/yen remains above 150, with the latest Japanese data distancing the Bank of Japan from its ultra-expansionary policy.

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