Today’s Stock Exchanges, May 12th. Positive EU price lists, new US-China talks give confidence to the markets
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MILAN – The European stock exchanges restart positive in the last session of the week. Investors weigh on the one hand the signs of a cooling down that arrived yesterday from the US labor market, with subsidies growing beyond expectations, on the other the indications of possible easing on the US-China axis, with the meeting held yesterday in Vienna between US security adviser Jake Sullivan and the foreign policy chief of the Communist Party of China (CPC), Wang Yi.
The performance of the Asian equity markets was mixed, with Chinese stocks under pressure due to the new difficulties in US regional banks. Tokyo, on the other hand, is positive and closes trades at +0.9%
European stock markets open higher
European stock markets open higher. After the US labor market surveys, markets are hoping for a slowdown in interest rate hikes by central banks. The Cac 40 index of Paris gains 0.73% to 7,435.94 points, the Ftse Mib of Milan 0.57% to 27,278.02, the Dax of Frankfurt rises by 0.34% to 15,889.05 points while London’s FTSE 100 rose by 0.38% to 7,760.21 points.
Unipol, growing profit
Unipol closed the first quarter of the year with a consolidated net profit of €284m, up 15.3% on the same period of 2022, and direct insurance premiums up 12% to €3.9bn, thanks to a contribution of 2.1 billion from the non-life business (+5.5%) and 1.7 billion from the life business (+21.4%). The combined ratio, an indicator of technical management profitability, stood at 94.4%, from 93% in 2022, while the solvency ratio capital strength indicator improved from 200 to 213% in the quarter.
EU Court of Auditors: “ECB must do more on credit risk supervision”
The European Central Bank needs to step up its supervisory effort to ensure that EU banks ensure adequate credit risk management, especially when borrowers default on their loans. In a new report released today, the European Court of Auditors underlines how important this is, since unsatisfactory management in this respect can undermine the resilience of the banks themselves and of the entire financial system. Despite increased efforts to supervise credit risk and non-performing bank loans, the ECB did not impose capital requirements on institutions directly proportional to the risk to which they were exposed, nor did it tighten supervisory measures sufficiently if banks were experiencing shortcomings persistent in credit risk management.
The price of gas continues to decline
The price of gas at the TTF, the reference hub for Europe, opens trading slightly down to 34.9 euros per MWh.
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