Government bonds remain in tension after the new rise in interest rates by the ECB. The spread between Btp and Bund continues at 216 points, up from 206 points at yesterday’s close. The yield on the Italian 10-year bond also increased, standing at 4.33%, up by 20 basis points. Spain’s ten bond rates also rose to 3.28% (+14 points) and that of Greece to 4.36% (+24 points).
Negative Europe awaits Wall Street, Milan -0.3% – European stock markets continue to fall, in view of the start of Wall Street where futures are falling. Markets fear a worse-than-expected economic recession following interest rate hikes by central banks to cool inflation. On the currency front, the euro rose to 1.0632 against the dollar. The Stoxx 600 area index dropped 1%. Down in London and Paris (-1.1%), Madrid (-1%), Frankfurt (-0.4%) and Milan (-0.3%). Lists are weighed down by the real estate sector which loses 3.1%, information technology (-1.6%) and telecommunications (-1.4%). Sales also on utilities (-1.3%) and energy (-1.2%), with the price of gas and oil falling. Banks are up (+0.3%), with investors seeing higher revenues due to the increase in interest rates. Azimut flies to Piazza Affari (+6%), after the agreement with Unicredit (+0.6%) on managed savings. Intesa also performed well (+1.1%), on the day in which the new work organization was launched, and Fineco (+0.7%). The other banks were down with Mps and Banco Bpm (-0.3%) and Bper (-0.6%). Contrast the cars where Cnh loses 0.8%, Stellantis 0.7% and Iveco rises by 0.5%. Diasorin slips into the main list (-3.8%). Saipem (-2.1%) and Recordati (-2%) also fell sharply. The spread between Btp and Bund continues at 214 points with the yield on the Italian ten-year bond at 4.31%.
