(Il Sole 24 Ore Radiocor) – The European stock exchanges are moving in positive territory in the wake of the rise in Wall Street on the eve, driven by tech and banks. The indices of the Old Continent ignore the negative closure of Tokyo – however due more to technical reasons for the coupon detachment of various securities – and await a new round of macroeconomic data, starting with that on inflation in Germany, while from the United States they are waiting for the third fourth quarter GDP estimate and the new weekly jobless claims. Investors are also waiting for the publication of the bulletin of the ECBwith the new economic forecasts.
The banks always remain special observations after the vice chairman of the Federal Reserve, Michael Barr, said “our regulatory system has failed” because it was unable to prevent the collapse of Silicon Valley Bank. Meanwhile, representatives of the Fed, the Treasury department and a federal financial agency (FDIC), in recent days, have said they are in favor of more stringent requirements for banks with assets exceeding 100 billion dollars and along the same lines, according to the US press, also the Biden administration.
In Milan, purchases from banks. Well Poste after the bills
At Piazza Affari, Poste Italiane presented the 2022 accounts with numbers partially below expectations. Net income is 1.51 billion (-4.3%) and a dividend revised upwards to 0.65 euro (+10%). Consolidates the gains on the eve Stmicroelectronics, Iveco Group climbs after announcing an agreement with Hedin Mobility Group AB for the transfer to the latter of the distribution and retail activities in Sweden, Norway, Finland and Denmark. In red Tenaris and Telecom Italia.
Spread slightly moved to 182 points, yield drops to 4.06%
Reduced movements for the BTp/Bund spread which moves just above 180 basis points, from the 183 points of the closing on the eve. The yield of the BTp fell to 4.06% from 4.13% in the last position. The same downward trend, even more accentuated than the Italian 10-year bond, for the yield on the Bund which fell from 2.31% to 2.24%.
Government bonds
Today promises to be a day full of market events: starting with the Treasury auction of 5 and 10-year BTPs and CcTeu for a maximum amount of 9 billion. Yesterday the yields of BoTs at auction returned to rise, albeit slightly. The three cents more recorded by 6-month bonds compared to the previous operation were however sufficient to bring rates on this maturity to the highest levels since the end of 2011, up to 3.076 per cent. In addition to these 5 billion euros, the Treasury also placed 2 billion of the reopening of the annual BoT expiring on 14 July 2023 and with a quarterly residual life with an average yield of 2.934 percent. The request was not lacking for both issues, with coverage ratios of 1.39 and 1.64 respectively, just as the specialists also queued for the remaining 225 million indexed BTPs already offered the previous day