(Il Sole 24 Ore Radiocor) – After i rises of the eve, the European stock exchanges they are still traveling at a good pace, in the wake of Wall Street and the Asian markets, after the testimony of the president of the Federal Reserve, Jerome Powell, and in anticipation of the crucial data on American inflation, scheduled for the afternoon. So they are all up on the FTSE MIB of Milan, on CAC 40 of Paris, on DAX 40 in Frankfurt, theIBEX 35 in Madrid, the Ftse 100 in London andAEX in Amsterdam.
Wall Street rebounded on Tuesday, with Nasdaq in the lead, after Powell confirmed three rate hikes this year, as expected. The fact that the tone of the Fed number one was no more aggressive than expected set the tone for the recovery of tech stocks, penalized in recent sessions. The focus today is on consumer price numbers, with expectations for a trend of 7%, after 6.8% in November.
In Milan down Unicredit, good auto and oil
On the stock market, in decline in Piazza Affari Unicredit, at the end of the main price list. According to press leaks, the bank may be interested in the acquisition of the Russian bank Otkritie and could enter the data room later in the week. The other banks matched well with the exception of Bper, while Banca Carige recovers after the slip of the eve. Runs the Banco Bpm, among the best. At the top of the oil and car list, with Eni e Saipem up in a positive climate for the whole sector, after the rally in crude oil. Buy well too Prysmian e Stellantis.
The dollar is recovering, oil is still rising
On the foreign exchange market, the dollar recovers after falling to its six-week lows and the euro is trading at $ 1.1356 (from 1.1364 on the eve of closing) and at 131.058 yen (from 131.102 yen) while the dollar is worth 115. 40 (from 115,361).
Finally, oil is confirmed on the rise after climbing to two-month highs, with US industry inventories data showing a reduction and with the return of appetite for risky stocks: March Brent is trading at 83, $ 75 (+ 0.04%) while the February WTI is at $ 81.39 (+ 0.2%).
The euro / dollar exchange rate
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Slight spread, ten-year yield at 1.37%
The expectation scenario for a financial tightening fuels bond sales and pushes bond yields higher on the secondary market: on Monday, the 10-year US Treasury hit 1.8%, a level abandoned in January 2020, before the pandemic. In the meantime, the trend is slightly decreasing for the spread between BTp and Bund: the yield differential between the ten-year Italian benchmark (IT0005436693) and the same German maturity is indicated at 140 basis points, from the 141 basis points recorded at the previous closing. There was also a slight decline in the yield of the ten-year benchmark BTp which marked a first position at 1.37% from 1.38% at the previous close. The Bund rate approached 0 (-0.03%).
BoT: awarded annually for 6.5 billion
Slightly higher yield for annual Treasury BoTs. In the placement, the Treasury issued 6.5 billion 12-month bonds maturing on 13/01/2023, earning a yield of -0.444%, up by 2 cents compared to the auction of the previous month. The demand was good, reaching € 9.128 billion, with a supply / demand ratio of 1.40. The auction regulation falls on next January 14th.
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