Today’s Stock Exchanges, March 13th. The Svb case weighs down trade in Europe, Milan the worst

Weak start for Europe, banks in the crosshairs

The prospect of a more accommodative Fed on interest rates after the collapse of the SVB is not enough to support European stock markets at the start of the week. Milan drops 1.17%, while in the rest of Europe Frankfurt slips by 0.45%, Paris by 0.64% and Amsterdam by 0.34%. Among the main Milanese stocks, banks continue to be targeted by sales, with Bper at -3.27%, Banco Bpm at -2.99%, Unicredit at -2.16% and Intesa Sanpaolo at -2.1%. On the currency market, the dollar is in sharp decline in light of expectations on the Fed: futures on fed funds now consider a tightening of only 25 basis points at the March summit practically certain (98.2%) and it is not even completely excluded (1.8%) maintaining the status quo. The euro regained $1.07 for the first time in about a month and is worth $1.0723 from $1.0663 at Friday’s close. The greenback also lost share against the yen, to 134.49 from 135.15 on Friday, while the euro/yen was at 144.23 (144.12). Oil prices increased: Brent in May traded at 83.18 dollars a barrel (+0.48%), Wti in April at 77.14 dollars (+0.6%). After Friday’s leap, the price of natural gas in Amsterdam is falling again: the April contract on the TTF drops 4.7% to 50.4 euros per megawatt hour.