MILANO – European markets restart slightly higher with investors who consider the impact of the sanctions decided yesterday by the United States and other large countries against Russia to be limited. However, the risks of a military escalation remain high, with NATO saying that it now fears an attack on the Baltic area as well and while the expected meetings between both the Russian president have been skipped. Vladimir Putin and the US one Joe Bidenboth the one between the Russian foreign minister Sergei Lavrov and the US Secretary of State Antony Blink. In Europe Milano increases at the start of 0.43%, London it’s flat, Frankfurt 0.32% e Paris 0.29%. Positive day also for Asian exchanges where Tokyo was closed today for holidays.
The Ukrainian crisis continues to have repercussions on raw materials and in particular on the energy sector Petroleum are slightly up with the Brent which yesterday reached the threshold of 100 dollars, at 99.50 dollars a barrel (maximum since September 2014), and which today is positioned at 97.07 dollars while the WTI advances by 1 , 41% to 92.35 dollars a barrel, after hitting 96 dollars yesterday. Instead, the appetite for gold, the natural target of purchases in situations of great tension and nervousness such as the current one, is easing. The bullion is down 0.1% this morning to $ 1897 an ounce. The price of gas continues to rise, reaching € 83.5 MWh in Amsterdam with an increase of 4.34%. In London it exceeds 200 pennies (+ 5.8%) per Mmbtu, the British thermal unit equivalent to 28.26 cubic meters.
Among the macroeconomic data, the confidence climate of German exporters in February was positive. Ifo Export Expectations fell to 17.6 points, from 17.7 points in January. “The export industry expects further growth. Current developments in Ukraine could, however, lead to increased uncertainty, which in turn could affect trade flows,” explained Clemens Fuest, president of Ifo. . Tensions in Ukraine could also have an impact on the ECB’s next moves, according to at least the governor of the Bank of France and a member of the board of the European Central Bank. Francois Villeroy de Galhau. The crisis – he said in a discros reported by Bloomberg – must induce the ECB to “buy time” on a possible rate hike and maintain the “flexibility” to exit the stimulus measures. Frankfurt, he explains, he will have to evaluate the “indirect consequences” of the geopolitical events. “Time is of the essence to avoid mistakes” he points out and it is necessary to weigh the actions that must be “taken not too late with the risk of letting inflation run and not too early in order not to slow down the recovery”.
Among the currencies theeuro it is little moved on the dollar. At the start of the day it stands at 1.1324 dollars, against 1.1330 dollars at yesterday’s closing. The euro / yen exchange rate instead stood at 130.29, the dollar / yen was stable at 115. The spread between BTP and German Bund: the differential opens at 169 basis points, with the Italian ten-year yield at 1.93% on the secondary market.