Piazza Affari (+1.56%) improves together with the rest of Europe
Closing up for the European stock exchanges, which seem to have set aside the fears of recent days caused by the banking crises, relying on the reassurances of the regulators. We also like the announcement that Sergio Ermotti will return to lead UBS to manage the merger with Credit Suisse and the relaunch of the group. Investors have also bought technology stocks, driven by some news on the sector: peace seems to have returned between the Chinese Alibaba and the government, with the announcement that the group will split into six and with the return to the scene of the founder, Jack But. In addition, the German Infineon has revised upwards its estimates for the end of the year. Milan closed up by 1.56%, while the spread rose to 182.3 points (from 185) and the yield on ten-year BTPs to 4.14% (from 4.13%).
Stm shines while Unicredit takes a breather
Stm (+6.3%) stood out in Piazza Affari, in the wake of the chip sector. The shares of the banks also raised their heads, with MPS (+5.79%) in the front row, after the heavy losses of the last few sessions. Unicredit (+0.58%), after the race on the eve of more than 4%, continued to celebrate the green light from the ECB on the buyback of over 3.3 billion. On the other hand, the .Diasorin (-1.98%) and Iveco (-1.5%) companies performed badly, as well as the Tenaris (-0.5%).
In terms of exchange rates, the euro is confirmed above 1.08 dollars, changing hands at 1.0832 dollars (1.0825 at yesterday’s close). Natural gas traded in Amsterdam, contracted in April, is almost flat (-0.3%) just under 43 euros per MWh. Lastly, gas prices edged higher following the announcement that US oil stockpiles have significantly decreased, contrary to expectations. They indeed recorded a fall of 7.489 million barrels to 473.691 million units. WTI, the May contract, is worth 73.81 dollars a barrel, up 0.8%.