Opening of the Milan Stock Exchange: +1.4%
The week of the markets starts with momentum: the Milan Stock Exchange opens clearly positive, also in the wake of the news relating to First Citizens and Svb, and is the best in Europe. Piazza Affari flies to the opening (+1.47%), driven by the banks that are trying to leave behind the crisis of confidence that has hit bank stocks all over the world. Paris also performed well (+1.26%), followed by Frankfurt (+1.18%) and London (0.95%).
Banks to the rescue
Friday closed a positive week for the main world stock exchanges with the MSCI World index up by 1.40%, despite the strong tensions on the banks. The Deutsche Bank case has arrived on the first band news. Often, Websim-Intermonte analysts observe, when this happens, it means that the worst is behind us. In reality, the explosion of volatility of the last few days depends above all on the abrupt portfolio adjustments of large investors, who rushed in some way to protect positions on banks by buying CDS. Not much has changed on the global graphic picture of the stock exchanges. Discriminant supports remained at a safe distance, while bank indices slipped to supports of growing interest. Fineco and Unicredit earn about 2%
CY4GATE
Following the 2022 results, Websim-Intermonte improves the estimate on the Net Financial Position. It removed the 15 million earnout for the acquisition of Aurora: in the press release CY4 no longer provided details of this liability, which instead was present in the 2022 accounts; we expect that the official note will be made available with the final approval of the budget. Hence the raising of the Target Price at 14.2 euros (from 14.0 euros). Judgment VERY INTERESTING