May 18, 2022

Hardwood Paroxysm

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European Union stock exchanges warned with a focus on Ukraine. Eni takes off in Milan

(Il Sole 24 Ore Radiocor) – The last session of the week under the banner of warning European stock exchanges, who are hoping for signs of an easing of the crisis in Ukraine, where the situation remains tense with diplomacy constantly working to avert conflict. Investors have welcomed, albeit without high expectations, the news that US Secretary of State Anthony Blinken has invited Russian Foreign Minister Sergei Lavrov to a meeting in Europe next week and proposed more NATO-Russia Council summits. It is also estimated that Russia is withdrawing its tanks deployed near the Ukrainian border and the grenade launchers in Crimea, an important element especially after accusations made by NATO and the United States on the eve of the lack of evidence of de-escalation.

Thus, following the meeting that Wall Street blamed performance Worse than 2022, with the Nasdaq down 2.88%, the indices are moving cautiously, starting with FTSE MIB from Milan. The Cac 40 in Paris is also weak, after the unemployment rate fell to 7.4% in the fourth quarter and despite inflation accelerating to 2.9% annually, uncertainty also over DAX 40 Frankfurt, Ftse 100 in London After a 1.9% rise in UK retail sales, theIBEX 35 Madrid andAEX Amsterdam. Meanwhile, Wall Street futures were also higher.

In Milan, eyes are on Eni, technology is poor

In Piazza Avari where are you Well high, after preliminary accounts were reported for 2021, closed with an adjusted net profit of 4.7 billion, the highest since 2012. Banks are growing, with Banco Bpm And the Pop eh bank Among the best. In particular, Bpm continues to be the center of attention. Investors are betting that the institution will soon be the champion of an extraordinary deal with Unicredit, even if the latter’s interest appears to have been dented by the price hike, or Credit Agricole Italia. Technicians are weak, with Stmicroelectronics In the queue, pay the brake fee recorded by Nasdaq in the United States on the eve. The luxury sector is also under the lens, the day Hermes published growing accounts, but it was deemed a disappointment by experts. Moncler holds positions. Finally down Tenarisdespite the strong growth accounts for 2021 published on the eve that were impacted by lower crude oil prices.

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IFO, with an energy price shock war and inflation over 4.4%

If Russia invades Ukraine, there will be a shock to oil and gas prices in Germany. Ifo President Clemens Fuest predicts that accordingly “even if gas supplies are not restricted, there will still be a shock to prices, at least temporarily. This would equally affect households and industry in Germany. Currently, we expect an inflation rate of 4 percent for the year 2022. If a war breaks out, it could be even higher.” Ifo’s analysis also indicates that a disruption in gas supplies from Russia to Europe is unlikely, as it still wants to sell gas to Europe in the future.

BTP/Bund spread trend

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Spread is still above 160 pips

a little upside to Spread between BTp and Bund. The yield difference between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity is indicated at 162 basis points, one point more than the previous reference. The benchmark 10-year BTp yield also rose slightly, hitting the top spot at 1.86% from 1.85% at the previous end.