Home » Positive EU stock markets with gold still at record highs. In the US, banks are facing a showdown

Positive EU stock markets with gold still at record highs. In the US, banks are facing a showdown

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Positive EU stock markets with gold still at record highs.  In the US, banks are facing a showdown

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(Il Sole 24 Ore Radiocor) – European stock markets rebound and move into positive territory, driven by raw materials, with gold continuing to run above 2,400 dollars an ounce. Meanwhile, the goal of the rate cut by the ECB is approaching: barring surprises, the Eurotower should begin to lower the cost of money in June, continuing to follow an approach based on data but independent of the Federal Reserve. Overseas, in fact, the cut seems to be postponed until the summer.

The FTSE MIB of Milan confirms itself among the best on the Old Continent with the FT-SE 100 of London and the IBEX 35 of Madrid. Also welcome are the CAC 40 in Paris, the DAX 30 in Frankfurt and the AEX in Amsterdam.

Roundup of data for Europe: from harmonized German inflation in March (+2.3%) to industrial production in the United Kingdom (+1.1% in February, +1.4% on year). In the United Kingdom, GDP showed slower growth in February (+0.1%). In Italy, industrial turnover fell both in value (-3.1%) and in volume (-2.6%).

Wall Street down, with banks tested by quarterly results

Wall Street is down after the big banks kicked off the quarterly reporting season. JPMorgan reported profits above expectations and revenues increasing by 9% to 41.93 billion, while Citigroup’s results were negative, recording a -27% profit at 3.37 billion, still above estimates. Drop in profits also for Wells Fargo, with profit down 7% to 4.6 billion (above consensus). BlackRock was also put to the test, recording a quarterly profit up 36% to 1.57 billion above expectations. After inflation above expectations and producer prices below estimates, analysts rule out a first cut in interest rates in June: according to the CME Group’s FedWatch Tool, the probability is 22.9%, against 56% 1% on Tuesday. Furthermore, the chance of a cut at the next meeting on July 31 is only 41.5%. The Fed is more likely (45.1%) to wait until September for its first rate cut, according to experts.

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Saipem and Amplifon on the rise, banks doing well

Saipem, Enel and Amplifon are running on Piazza Affari, with analysts’ positive outlook on long-term trends. The banks did well after the drop on the day before, with Intesa Sanpaolo and Unicredit in the spotlight, which confirmed Andrea Orcel as CEO. At the bottom of the list Iveco Group, Stellantis and Interpump Group.

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