“European Stock Exchanges Rebound Ahead of Fed, Milan Stands Out: Unicredit Records Quarterly High”

Europe rebounds waiting for the Fed, Milan stands out

Positive start to the session for the European stock exchanges which are trying to recover from yesterday’s slide waiting for the Fed in the evening. Piazza Affari rises by 1%, driven by bankers and comforted by the quarterly record of Unicredit (+6.5%), ahead of London (+0.6%), Frankfurt (+0.5%) and Paris (+0 .5%). Futures on Wall Street are also slightly positive, still discounting the aftermath of the First Republic crisis. Investors’ eyes are on the Fed which tonight, coupled with a 25 basis point rate hike, is expected to herald the end of its bull cycle. Concerns about the stability of the economy in the context of the highest interest rates since 2007 continue to weigh on oil which in London slips below 75 dollars for the first time since March (-0.7% to 74.8 dollars a barrel). The dollar was also weak (-0.3%) trading at 1.103 against the euro, while government bonds showed little movement, with the yield on the Italian BTP at 4.15% and the spread with the Bund at 190 basis points. In Piazza Affari Unicredit leads Mps (+3.5%), Bper (+3.3%) and Banco Bpm (+2.9%). Mediobanca also did well (+2.5%) in which Caltagirone doubled its share to 9.9%. Little move in London Lloyds (+0.4%) and in Paris Bnp Paribas (+0.3%), whose accounts in any case beat expectations, even if the French bank disappointed in terms of cost containment. In Europe, in addition to banks, luxury and clothing stocks and raw materials shine.