in Milan weighs Diasorin- Corriere.it
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The recovery attempt of the European stock exchanges fails, with investors unable to overcome the fear linked to the prospect of one even more aggressive monetary policy than expected by central banks, Federal Reserve in the lead. The indices, which had already turned downwards after a positive start, widen the losses: Milan loses 1.1%, black jersey in Europe, Paris 0.6%, Frankfurt 0.4%, London 0, 75%, Madrid 0.7% and Amsterdam 0.8%.
Business Square
Piazza Affari is weighed down by asset management securities, such as Finecobank which loses 4.2% and Banca Generali at -3.8%. But also the health departments, with Diasorin at -3.2%, and energy: Saipem at -2.2% and Erg at -2.1%. Negative signs also for the utilities Hera (-2.19%), A2a (-1.67%) Italgas (-1.6%), the latter still awaiting the accounts. (The trend in real time at this link). Tim moves around parity after the main shareholder Vivendi judged the offers for the network too low. Some purchases on Prysmian, which rises by 0.8%, as well as Leonardo, both awaiting the accounts. Enel also rose (+0.43%), after the agreement for the sale of all the stakes held by the group in Romania with the Greek company Public Power Corporation for 1.26 billion. The spread between 10-year BTPs and German Bunds has not moved much since the start, fluctuating between 179 and 180 basis points. The spread in real time at this link.
Energy and currency exchange
On the energy front, oil is in the wait-and-see phase: the higher-than-estimated reduction in American inventories and hopes of an acceleration in Chinese demand offset fears about the effects of a more aggressive-than-expected Fed (-0.09% to 76. 57 dollars a barrel on WTI in April, -0.05% to 82.61 dollars on Brent in March). Natural gas is also down: after having scored a first position at 41 euros per megawatt hour, April contracts traded in Amsterdam dropped by 3.5% to 40.85 euros. Gas has not closed below 40 euros since 19 January 2022. The euro has remained at its lowest since the beginning of January and changed hands at 1.0554 dollars (from 1.0557 at yesterday’s close). The single currency is worth 144.346 yen (from 145.21), while the dollar/yen cross is at 136.62. Finally, the spread was little moved at 178 points, against 177 on the eve, and the 10-year yield rose to 4.47% from the previous 4.42%.
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