Doubts about the timing of the exit from the health emergency and the consequent economic recovery held back the European stock exchanges, which closed against parity. The collapse of the Turkish market (the Bis100 index lost 9.79%) after the removal of the central bank governor by President Recep Tayyip Erdogan has fueled investors’ fears, as have the cautious statements of the president of the ECB. Christine Lagarde. In a post on the ECB blog, Lagarde stressed that “the short-term economic prospects are subject to uncertainties, linked in particular to the dynamics of the pandemic and the speed of vaccination campaigns. We are therefore ready – he added – to adjust all our tools, as appropriate, to ensure that inflation approaches our target in a sustained way, in line with our commitment to symmetry ». The risk of new restrictions to deal with the pandemic weighs on the mood of operators: in Germany, Chancellor Angela Merkel would in fact intend prolong the lockdown even in April.
The FTSE MIB in Piazza Affari closed just above par, while the black jersey of the day went to the IBEX 35 in Madrid, crushed by the sharp decline of Bbva, very exposed to Turkey. The Dow Jones also rose cautiously on Wall Street, while the progress of Nasdaq and S & P500 was more sustained thanks to the decline in the ten-year government bond yield, which returned to below 1.7%.
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In Piazza Affari spotlight on banks, well St
In Piazza Affari the attention is turned to the banks after the weakness on Friday, especially as regards Bper. Banco Bpm holds, while Intesa Sanpaolo and Unicredit are weaker. Eyes also focused on Telecom Italia, which last Friday registered a sharp slide on doubts about the modalities of the possible implementation of the merger transaction with Open Fiber. Volatile Saipem, which has been awarded a new billion dollar contract in Qatar relating to the North Field Production Sustainability Pipelines Project, located off the northeastern coast of the peninsula. Stmicroelectronics is doing well net of the detachment of the interim dividend of $ 0.042 per share, the first of four distributions expected in 2021.
Take Ferrari, waiting rooms for the F1 World Championship
Ferrari stands out on the Ftse Mib. The shares experienced a weak start in 2021, reaching a minimum of 154 euros at the beginning of March, a level far from the highs of the end of 2020 above 188 euros. In recent days, expectations for the recovery of the economy, especially in the States where Ferrari is appreciated, have once again turned the spotlight on the house of the prancing horse, even if it will be necessary to wait until May 4 for the indications on the trend of requests for reds , when it will publish the accounts for the first quarter of 2021. Meanwhile, the countdown has also begun for the start of the Formula 1 World Championship, which will start next Sunday with the Bahrain GP.
Thud of the Turkish stock market, the lira also dropping
In Turkey over the weekend, President Recep Tayyip Erdogan unexpectedly decided to oust the governor of the central bank Naci Abgal, appointing Sahap Kavcioglu, a former member of the ruling party, in his place. The decision came shortly after the rise in interest rates to 18% to counter the rush of inflation. For the first time since their introduction last August, the circuit breakers were also triggered when the Bist 100, the main index of the Turkish Stock Exchange, fell by 5%.