MILANO – The European stock exchanges fail in their recovery attempt following the Fed president’s intervention Jerome Powell, which yesterday used softer tones than the previous day on the next monetary policy choices, however not excluding a more aggressive policy than expected. Uncertainties about monetary policy Fed, which obviously has strong influences on those of the central banks of the area, has put Asian equity markets on hold. In Italy, the new data of Bank of Italy on loan performance. In January, the interest rates on loans disbursed in the month to households for the purchase of homes including ancillary costs (annual percentage rate, Taeg) stood at 3.95 per cent, an acceleration compared to the 3.36 in December, while those on new consumer credit disbursements at 9.79 per cent (from 9.22 in the previous month). Overall, the trend in loans to the private sector slowed down, growing by 1.6% over twelve months against the previous +2.1%.
A few ideas only from the Stock Exchange Tokyo, up 0.63%, and from Seoul, which lost half a percentage point. The price lists in Hong Kong, Shanghai and Shenzhen are flat with inflation which in February stood at only 1%, much lower than expected.
Milan always negative in the middle of the day
The Milan Stock Exchange is still proceeding in negative territory, with the Ftse Mib dropping 0.86% to 27,671.35 points.
Italgas, profit +7.6% in 2022. Coupon at 0.317 euro
Italgas closed 2022 with an adjusted net profit attributable to the group of 395.7 million, up by 7.6% compared to 2021. Total adjusted revenues rose by 12.1% to 1.5 billion, with adjusted ebitda to 1.1 billion (+7.3%). Last year the company “made 814.3 million investments mainly dedicated to digital transformation, the methanisation of Sardinia and the repurposing of the networks in order to enable them to distribute renewable gas”, and laid 332 km of new pipelines. “The positive results achieved in 2022 are further confirmation of the solidity of the group which has continued to grow even in a social, political and economic context conditioned by the outbreak of war in Ukraine and by the effects on the energy markets – reads a press release – Together with the growth of the economic-financial indicators and the development of operating activities, the sustainability targets were also achieved which in the 2022-2028 strategic plan had been further revised upwards”. The board of directors will propose to the shareholders’ meeting, convened for 20 April, the distribution of a dividend of 0.317 euro per share, up 7.5% on the previous year.
The EU stock exchanges fail to rebound
The recovery attempt of the European stock exchanges fails, with investors unable to overcome the fear linked to the prospect of an even more aggressive monetary policy than expected by the central banks, led by the Federal reserve. The indices, which had already turned downwards after a positive start, widen the losses, with Milan dropping by more than one point, weighed down by asset management securities (Finecobank -4.2%, Banca Generali -3.8%) , healthcare (Diasorin -3.2%) and energy (Saipem -2.2%, Erg -2.1%) and utilities (Hera -2.19%, A2a -1.67%, Italgas -1, 6%, the latter awaiting the accounts). Thus the Ftse Mib loses 1.1%, black jersey in Europe, Paris 0.6%, Frankfurt 0.4%, London 0.75%, Madrid 0.7% and Amsterdam 0.8 %.
Weak bags at the start
The Paris Cac 40 index dropped 0.31% to 7,296 points, Frankfurt’s Dax 30 dropped 0.22% to 15,601 points and London’s FTSE 100 dropped by 0.46% to 7,894 points. In Piazza Affari, the Ftse Mib in the first trades marks a +0.06% to 27,918 points.
The spread opens higher
Spread between 10-year BTPs and German Bunds up slightly: the differential opened the session on the electronic markets at 179 basis points, against 177 at yesterday’s close. The Treasury yield is 4.46%.
Euro up slightly
The euro rose slightly against the dollar at the start of the day. The single currency is worth 1.0557 dollars, with a gain of 0.11%. Opposite performance against the yen: the exchange rate is at 144.24, down by 0.42%