(Il Sole 24 Ore Radiocor) – The gradual return to normality of the main Chinese cities after the latest anti-Covid lockdown puts investors in a good mood on the European stock markets: the continental indices thus follow the Chinese squares on the upward path, even if the attention remains focused on the race of inflation and the impact of the monetary policy tightening initiated by central banks. After having lived an uncertain week, also penalized by the alarms on the economic prospects launched by the CEO. by Jp Morgan, Jamie Dimon, and by Tesla’s number one, Elon Musk, the continental lists are thus trying to find their way back to growth. The Piazza Affari FTSE MIB, which last week recorded one of the worst performances with a drop of 1.9%, thus gains ground with widespread increases among banks and big industrialists.
Banks in light thanks to the possible ECB anti-spread shield
Among the main Milanese stocks, banks stand out in the wake of a positive day for the entire European sector, which benefits from the rumors, reported by the Financial Times, according to which the ECB would be ready to intervene to protect the debt of peripheral countries eurozone in the event of sharp increases in the spread. “This is not the first time that there has been talk of an ECB protection scheme on the public debt of European countries, especially following the end of the App program expected at the end of June and the expectations of a rate hike by the ECB starting from July », commented Equita analysts. “The introduction of a new ECB scheme that can mitigate the impact on the spread of the term of the App and the rise in interest rates would be positive news for the banking sector”, they add, recalling that “a shock on the spread front has historically penalized the sector”. Thus, Intesa Sanpaolo, Unicredit, Bper and Banco Bpm gain ground.
Leonardo prudent, focus on Oto Melara decision times
Leonardo remains behind: if on Friday the prices had benefited from the rumors about an offer by the German Rheinmetall for 49% of Oto Melara, investors are now more cautious also in light of the long expected times for a final decision on the dossier. According to the American site Defense News, the Equita analysts note, “a decision on the sale of Oto Melara will not be taken before September in order to allow Fincantieri and its new CEO to evaluate an offer for the asset. “.
Spread stable at 211 points, oil rises
The start of the week was not very smooth on the bond market: the yield spread between the ten-year BTp and the analogous German bond remained stable at 211 basis points. Without prejudice to the return on BTp, which stands at 3.41 per cent.
On the foreign exchange market, the euro consolidates positions at $ 1.0731 from 1.0718 closing on Friday. The yen remained weak, indicated at 140.06 for one euro (from 140.12) and 130.56 for one dollar (130.72). Oil on the rise: August Brent traded at $ 120.44 per barrel (+ 0.6%) and July WTI at 119.67 (+ 0.67%). Little moved the price of natural gas in Europe: -0.2% to 82.9 euros per megawatt hour on the Ttf platform in Amsterdam.
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