By Alessandro Albano
Investing.com – positive on the day when options and futures on indices and stocks, the so-called four witches, expire at the same time. Expected volatility therefore, one day after the ECB’s decision to increase interest rates by 50 basis points in a context of uncertainty for the banking system, which saw a consortium of large American banks rush to the rescue of First Republic (NYSE: ) as well as the SNB had previously done with Credit Suisse (NYSE:).
“If just two weeks ago it was predicted that we would have had a run and liquidation of several major banks, that the Fed and the SNB would have had to intervene, while oil would have collapsed to 52-week lows what would have been the target that would we have speculated on the financial markets?” asks Gabriele Debach, analyst at the eToro broker on Investing.com.
According to the expert, volatility could “be the protagonist again”, but what we are witnessing is “certainly a demonstration of a decidedly resilient market, albeit a victim of excessive dependence on monetary support”.
Among the stocks highlighted in Piazza Affari, after the recently reached a 52-week low, the return of purchases on Oil stocks, with Eni (BIT:) and Saipem (BIT:) front. We recall that Eni has approved a new buyback of 2.2 billion euros and a new dividend of 0.22 euros per share as the fourth tranche of the 2022 coupon.
Utilities were also positive, sought after in this moment of volatility like other defensive sectors, with Enel (BIT:) Benefiting 2022 accounts above analyst expectations.
Well the banks, with UniCredit (BIT:), Intesa Sanpaolo (BIT:) and the entire sector recovering after the concerns of the Credit Suisse case. Various options are opening up for the Swiss giant, including a break-up of the business and integration with historic rival UBS (NYSE:).
It extends the losses of the eve Telecom Italia (BIT:), after letting Cdp know that the offer does not meet the expectations of the board on the valuation of NetCo, with the new deadline for the improved proposal set for April 18 as well as for the Kkr fund.
Among the macro data, euro area inflation is expected at 11:00 CET. For other appointments follow the Investing.com economic calendar.
Finally, we remind you of the webinar “Investing in shares: how to read the financial statements and discover the opportunities” which will be broadcast on March 27 on Investing.com organized by Francesco Casarella. You can join for free by following THIS LINK.