Europe’s recovery waiting for the Fed, Milan stands out
A positive start for the European stock exchanges session, which is trying to recover from yesterday’s decline, awaiting the Federal Reserve in the evening. Piazza Affari rose 1%, driven by bankers and comforted by Unicredit’s quarterly record (+6.5%), ahead of London (+0.6%), Frankfurt (+0.5%) and Paris (+0.5%). Wall Street futures are also slightly positive, still excluding the fallout from the First Republic crisis. Investors’ eyes are on the Federal Reserve, which tonight, along with a 25 basis point rate hike, is expected to herald the end of its bull cycle. Concerns about the stability of the economy in the context of rising interest rates since 2007 continue to weigh on oil, which in London fell below $75 for the first time since March (-0.7% to $74.8 a barrel). The dollar was also weak (-0.3%), trading at 1.103 against the euro, while government bonds showed slight movement, with the yield on Italian BTP at 4.15% and the spread with the pound at 190 basis points. In Piazza Affari, Unicredit leads on Mps (+3.5%), Bper (+3.3%), Banco Bpm (+2.9%). Mediobanca also did well (+2.5%) as Caltagirone doubled its stake to 9.9%. Little move in London Lloyds (+0.4%) and Paris Bnp Paribas (+0.3%), whose accounts beat expectations anyway, even if the French bank disappointed in terms of cost containment. In Europe, in addition to banks, stocks of luxury clothing and raw materials shine.
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