MILANO – European stock exchanges close mixed: Milano closed with a rise of 0.04%. Well Tim, in Piazza Affari, which rides the statements of the Minister for Economic Development, Giancarlo Giorgetti, who wants an acceleration on the infrastructural dossier. Spotlight also on lenders after that Moody’s has revised up the outlook for the Italian banking system, improving the outlook from “negative” to “stable” on the expectation that the Italian economy will return to growth this year after the sharp contraction produced by the coronavirus in 2020 “. In the rest of Europe, Frankfurt recovers to close at + 0.11%, Paris rises by 0.09% while London slips by 0.54%.
In the morning, the Tokyo Stock Exchange had closed higher after 4 sessions lower. The Nikkei Index rose 1.14% to 28,729 points. Wall Street, after the good indications of the futures in the morning, it moves mixed: at the close of the European markets the Dow Jones turns up by 0.1% while the Nasdaq – back from a plunge of 2% – still drops 0.35%. The US data thus seem to be overshadowed, indicating a 97,000 drop in unemployment benefits claims to 684,000 in the last week analyzed, a better than expected figure. And also there upward revision of US GDP in the fourth quarter: + 4.3% against the + 4.1% of the second reading that analysts expected confirmed.
The recovery after the pandemic: the US and the East are racing again Europe hopes for the towing effect
by Federico Rampini
The greenback is getting stronger again andeuro it closed below $ 1.18, a four-month low. The single currency is at its lowest since November 23, amid concerns about the increase in Covid-19 cases across Europe and the negative impact of restrictive measures and delayed vaccination campaigns on the recovery. Meanwhile, investors await the outcome of the two-day summit of the European Council, in which EU leaders are preparing to discuss the epidemiological situation and decide whether to ban vaccine exports. The closing single currency changes hands at 1.1770 dollars and 128.47 yen. On dollar / yen at 109.13 .. It should be noted, after the rise linked to Musk’s tweets, that the Bitcoin it is on a downward trend and has been at its lowest for a couple of weeks.
On the government bond front, the first auction of the Btp Short Term, the new title fielded by the Italian Treasury to replace the Ctz. In the first placement, the short-term coupon with a maturity of 11/29/2022 catalyzed a total demand of 5.6 billion against an issued amount of 4 billion euros and a supply / demand ratio of 1, 41. The yield stood at -0.39 percent. The spread between ten-year BTPs and German Bund counterparts it closed slightly up to 96 points with a yield on Italian bonds slightly moved at 0.58%. Meanwhile, the ECB has released its economic bulletin confirming its intention to accelerate purchases of securities in the anti-pandemic program.
The Suez Canal remains blocked, but oil is falling
Special note these days is the Petroleum, which stopped the price rush triggered by the accident that occurred in the Suez Canal, where a mega container carrier was stranded, blocking one of the most important trade routes in the world. In fact, as the Intesa Sanpaolo Study Center recalls, about 12% of world traffic passes through that channel and, in detail, 7% of world oil trade passes through it, making it the fourth most important checkpoint. After yesterday’s 5.9% rebound – also driven by rumors that at the next OPEC + meeting on April 1st, producing countries will not increase production – today crude oil prices have started to fall again. Fears over demand are weighing on this, due to the lockdowns in Europe. In the afternoon, the WTI at Nymex drops 5% below 60 dollars.
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