Prudence prevails over European stock exchanges waiting for the Federal Reserve decisions. At the end of the two-day meeting, the American central bank could in fact update the growth forecasts for 2021 and give further indications on the next steps, confirming its support for the post-Covid economic recovery. Markets are also hoping the Fed will reassure the effects of rising Treasury yields. This in the aftermath of a session, that of March 16, in which the European indices closed positively, supported by cars and technology.
On Wall Street, on the other hand, the slip of Uber after the decision to recognize its British drivers as employees. On the pandemic front, in the meantime, concern remains high, with the increase in infections in Germany and France, where there is also talk of a possible new lockdown and pending EMA’s decision, expected for 18 March, on the AstraZeneca vaccine suspended as a precaution.
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Wall Street uncertain, sitting in red for Uber
Wall Street uncertain, with the Dow Jones up modestly and the S&P below par. On the other hand, the Nasdaq declined sharply, with the tech sector suffering from the rise in government bond yields caused by the fear of inflation, with that of the ten-year at 1.67%, at the highest since February 2020. The spotlight is still on Federal Reserve: according to Bank of America, this meeting will be «one of the most important events of recent times for the American Central Bank». Difficult sitting for Uber after the decision to recognize its 70,000 drivers in the UK no longer as self-employed, following the Supreme Court ruling last month. This does not automatically make them dependent but gives them the right to some more protections than before, such as minimum wages, holidays and pension contributions.
On the macro front, in February i new construction sites started in the United States they fell more than expected (-10.3%), as did building permits (-10.8%), which anticipate the future activity of the construction sector.
At Piazza Affari weak St with techs, Diasorin falls
On European equities, purchases still focus on cars, despite the drop in registrations in February, with Volkswagen, Bmw e Renault in sharp rise, while it is more cautious Stellantis in Milan. The focus on banking risk remains at Piazza Affari. The hypotheses of merger between Banco Bpm e Bper for, while on the eve the focus was on the next moves of Unicredit, which could come close to Mediobanca. At the end of the price list again Diasorin, sales on energy and utilities. Spotlight also on General which, according to The sun 24 hours, would be considering an operation in Russia worth around 2 billion euros. Sales on Stmicroelectron, which could be affected by the postponement of the launch of Samsung’s new Galaxy Note, due to the lack of chips.
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