by Verità&Affari editorial team
European banks show that they do not fear the next Fed meeting and are driving the main stock markets of the Old Continent upwards. Helping out above all are the accounts of the Spanish BBVA (+6%) among the first to pass the quarter’s “test” unscathed, thus increasing the appeal of the entire credit sector. While all eyes on Wall Street are on the accounts of Microsoft and Alphabet, among the protagonists so far in the technology rally triggered by investments in artificial intelligence, the macro data from the Eurozone show that Italy’s GDP has remained above estimates and France, while Germany remains negative. Positive signs confirmed by IMF experts who revise their estimates of global growth upwards, thanks to the driving force of the USA and China.
The Milan Stock Exchange top in Europe
In this climate, the Ftse Mib it is among the best indices in Europe with a closing gain of 1.3%. Only Madrid does better and these are – not surprisingly – the two indices on which the specific weight of the banks is greatest. At the top of the Piazza Affari is Stellantis (+3.8%) driven by GM’s tear in the USA after the accounts. Credit institutions were rewarded, from Intesa Sp (+3.4%) to Banco Bpm (+3.1%). +0.2% for Generali which will start a 500 million buyback this year. Ultimately, a two-way splash for Saipem (-12.7%) after an accident on one of its ships off the coast of Australian waters. Pirelli was weak (-0.7% at the end after losing 3.5% in the early afternoon) on the day of the EU antitrust investigation into the tire groups.
On the exchange rate front, the euro trades at 1.0840 dollars (from 1.0823 at the previous close) and at 160.24 yen (160.13). Dollar/yen at 147.81. +4.5% for gas to 29.4 euros per MWh while oil rises with the March WTI at 77.6 dollars (+1.1%) and Brent at 82.9 dollars (+0.6 per hundred).
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