Today’s Stock Exchanges, March 21st. Calm returns to the markets, Positive Stock Exchanges. First Republic in the spotlight
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MILAN – The European stock exchanges restart positive in the midst of days full of ideas. In the spotlight there are first of all the banks after the acquisition of Credit Suisse by Ubs. However, the turbulence in the banking sector is far from archived. In the USA the special observed is First Republic, the other bank that went into crisis after Svb which lost 90% of its value on the Stock Exchange since the beginning of the month and which yesterday fell by 47%. The injection of 30 billion dollar deposits carried out by a pool of 11 of the major US credit institutions was not enough to restore peace of mind. Now Jamie Dimon, the CEO of JPMorgan, and the other CEOs of the big US banks are discussing how to increase aid. One possibility under consideration is to convert all or part of their deposits into a capital infusion.
However, the markets are also looking forward to the two-day meeting of the Fed, with the US central bank evaluating a possible new rate hike of 25 points. In Asia, the Chinese stock exchanges were positive while Tokyo was closed for holidays.
European stock markets open higher
European stock markets open higher, reassured by the words used by political and monetary authorities on the banking crisis. Milan wears the pink jersey and rises by 1.12%. Frankfurt advanced by 0.90%, Paris by 1.01% and London by 0.54%.
Spreads down
Decreasing start for the spread between Btp and Bund. The differential drops to 180 points, compared to 186 at yesterday’s close. The yield on the Italian 10-year bond was also down, standing at 3.92%, compared to 3.98% on the previous day.
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