MILANO – The European markets are moving weakly, but recover from the initial stages, in the aftermath of the Fed’s decision on rates. The American Central Bank raised rates by 25 points as expected by the market and President Jerome Powell ruled out the possibility of proceeding with the first cuts for this year, somewhat chilling investors’ expectations. Meanwhile, in the middle of the day today will be the turn of the Bank of England, from which an increase of 25 points is expected. The European stock exchanges restart as mentioned with a minus sign. Conversely, the Asian indices contrasted, with Tokyo ending the session at -0.17%
Toshiba accepts 14 billion takeover offer
Japanese electronics giant Toshiba has reportedly accepted a takeover offer of about 2 trillion yen (14 billion euros) from a consortium of Japanese companies. This is what the business newspaper Nikkei reports, citing sources close to the dossier. The group confirmed in February that it had received a “proposal” from a Japanese consortium led by private equity fund Japan Industrial Partners (JIP), which specializes in reorganizing and restructuring Japanese companies. The consortium’s offer would not be much higher than the group’s current market capitalization (about 1.824 billion yen on Thursday at the close of the Tokyo Stock Exchange, or 12.8 billion euros).
Piazza Affari deteriorates after the rate hike by the Swiss central bank
European stock markets accentuated the downward movement after the Swiss central bank raised interest rates by 50 basis points to 1.5%. Even if the move was foreseen by the market, the day that started under tone for the continental stock exchanges is showing a worsening climate. In the trading place, the Ftse Mib loses 0.51% as does the Dax40 in Frankfurt, in Paris the cac40 drops by 0.33%, in London the Ftse100 by 0.84%, in Amsterdam the Aex by 0.38%, when in Zurich the smi index is down by 1.14%, with the banks Credit Suisse at -2.21% and Ubs -2.22%.
Bags, Milan turns positive
Piazza Affari attempts a rebound and turns positive, driven by the over 4% increase in the shares of Inwit, on press rumors that the French fund Ardian is probing with JP Morgan for a possible offer. The Ftse Mib index rose by 0.27% to 26,595.55 points. The other main European indices are also returning towards parity. Meanwhile, the Federal Reserve raised interest rates by 25 basis points as expected and signaled another rate hike this year despite the banking turmoil. But while Gov. Jerome Powell has assured US banks are sound and “healthy,” Treasury Secretary Janet Yellen told a Senate committee that “general” deposit insurance had not been considered or discussed by the government. his department, which raised uncertainty. There is also waiting for the monetary policy decisions of the Bank of England.
Euro up against the dollar
The euro starts the day higher against the dollar on the foreign exchange market: the single European currency changes hands at 1.0918 (1.0864 last night in New York). Quotations against the yen moved little with the euro at 142.8.
European stock markets open negative
The main European stock exchanges open the session in the negative. In the first few minutes of trading, Piazza Affari dropped by 0.27% to 26,453 points, Frankfurt dropped by 0.14%, London -0.14% and Paris -0.04%. On the Asian market, in Tokyo the Nikkei 225 closes trading at -0.17% at 27,419 points.
Fastweb, Renna new ad
Change at the top for Fastweb with Walter Renna appointed new CEO and Alberto Calcagno leaving the group after 23 years. Calcagno has decided to resign and will leave the company at the end of September 2023. The Board of Directors has appointed Walter Renna as the new CEO of Fastweb effective 1 October 2023.
The spread is stable
The spread between Btp and Bund opens stable at 184 points. The yield on the ten-year Italian bond stands at 4.10%.