Piazza Avary “Black Shirt” of the Week in Europe, FTC -2.3%

(Il Sole 24 Ore Radiocor)Milan is the worst stock exchange on the old continent in the last trading week. In fact, the Ftse Mib, after its Easter close, lost 2.3% in aggregate over the next four sessions (April 19-22), slipping towards the end due to accelerating rates. Fed interest. This is not the case for the rest of the European quotations which closed a week in “red” but which this time capped the losses. After Piazza Avary, at the bottom of the ranking is London (-1.2%) while the others record minor commitments, from Madrid (-0.5%) to Frankfurt (-0.2%), even close to the Paris parity (-0.1%), pending the second round of the presidential election, Emmanuel Macron being in the lead in the polls ahead of his rival Marine Le Pen. When it comes to individual stocks on Milan’s main list, the best is Saipem (+6.9%), thanks to the quarterly report which exceeds expectations and confirms the 2022 forecasts announced a month ago on the market, as well as Pirelli (+4), 4%) and the Italian-French Saint group (+3.3%). On the other hand, forget a week for Tim (-7.1%) suffering from the interest of various funds and the complex functioning of the off-network hashing. Finally, results also negative for Stellantis (-6.8%) and Banca Mediolanum (-5.9%).

Powell’s mighty inflation punch knocks the lists down

intention Jerome Powell “Slightly faster” than expected interest rate action sent stock markets plummeting from Europe to Wall Street in the Friday April 22 session, rather than the firm punch heralded by the chairman of the Federal Reserve against inflation. The imminent tightening of monetary policy, which could be the fastest in the United States since 1982, combined with uncertainty about the strength of the economic recovery, weakened by the war in Ukraine and the closure of Shanghai in China, has brought the main lists of member states of the European Union. The old continent closed without exception with losses of between 1 and 2%: Paris -1.99%, Frankfurt -2.48%, Amsterdam -1.62%. To influence the mood of the markets also on a quarterly basis in the chiaroscuro of US companies and the continued rise in Treasury yields. in this climate, In Avary Ftse Eb At the end of the day, it lost 2.12% as investors awaited the outcome of the sovereign rating review by S&P (which will not be announced until the evening).

Wall Street moves into the red

Wall Street falls, after the decisive declines of the session yesterday, Thursday, April 21. To assess the words of Jerome Powell and the rise in yields on Treasuries. Many analysts believe the Fed will raise interest rates by 50 basis points in the next three meetings, but some are not ruling out a 75 basis point rate hike in May. At the last Federal Reserve meeting, interest rates were raised (by 25 basis points) for the first time since the end of 2018. On the bond side, the yield on 5-year bonds exceeded 3%, exceeding the bond yield. 30 years: the inversion of the curve indicates concerns about economic growth; The 10-year note is also close to its highest since late 2018, yielding over 2.91%.

Strong gains on Saipem in Milan, on the Banco Bpm parity

During the session on Friday April 22, among the main Milanese stocks, the worst was Saipem (-7.54%) which trimmed its gains after the double-digit jump of the previous day (+11.8%) in a complex day for the energy sector, penalized by a drop of oil. Also on the worst podium are Tim (-4.37%) and CNH (-4.35%). Ferrari sales (-3.5%) will recall 2,222 cars in China due to potential brake issues. Among the few on the other hand, Hera (+0.47%) with Banco Bpm tied (-0.03%%), after a positive session, began to assess incoming offers for the Bancassurance business. The session was also negative for Iveco Group (-3.8%), Interpump (-3.4%), Stellantis (-3.2%) and the holding company Exor (-3%). On the oil front, sales were also penalized by Eni (-3%) and Tenaris (-2.7%).

Spread up to 170 basis points, 10-year yield of 2.67%

Closing of the spread between BTp and Bund. At the end of the session, the yield spread between the ten-year BTp benchmark index (Isin IT0005436693) and the same German maturity was raised to 170 basis points, or three points more than 167 basis points against at yesterday’s close. Most noticeable was the rally in the benchmark BTp 10-year yield which closed at 2.67% after hitting the last position yesterday at 2.58%.

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