Subdued start for the European stock exchanges, after the recovery of the previous session. In Piazza Affari, the Ftse Mib dropped 0.6% in an area of 27,280 points, in line with the other continental indices.
Saipem (+3.7%) stands out on the main Milanese list following the results, which show revenues up by 53% to 10 billion, and the update of the financial targets. Nexi is also in tune (+0.9%), after the agreement with Banco Sabadell to acquire 80% of the merchant acquiring business of the Spanish bank for 280 million. There is also an exclusive distribution agreement with an initial term of 10 years, with two potential renewals of an additional 5 years each. On the other hand, Italgas (-1.6%), Cnh (-1.4%) and Snam (-1.2%) decreased.
In the bond segment, the Btp-Bund spread returned to around 187 basis points with the Italian ten-year yield rising to 4.5%. On Forex, the euro/dollar exchange rate is once again in the 1.06 area. Among raw materials, oil (Brent) is back close to 83 dollars a barrel but is starting to close the month down amid concerns about a more restrictive monetary policy and the increase in inventories in the United States, which offset the optimism for increased demand in China.
The February preliminary data on Spanish and French inflation arrived from the macro agenda, accelerating to 6.1% and 6.2% (harmonized data respectively at +6.1% and +7.2%). In France, the final GDP for the fourth quarter has also been released, which is confirmed at +0.1% on the economic cycle and +0.5% on an annual basis.