April 1, 2023

Hardwood Paroxysm

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The BTP-Bund spread increased to 205 pips. Stock Markets Fall in Europe, Nervous Over Rates and War – Economy

Government bonds are in a state of jitters as yields rise, following the decisions of the Federal Reserve and given the next moves by the European Central Bank. The spread between BTP and the Bund rises to 205 basis points, compared to a stable start at 200 points. The yield on Italian 10-year bonds rose to 3.19%. The ‘periphery’ rates were also higher, with the Spanish average at 2.25% and the Greek rate at 3.56%.

European stock exchanges start the first session of the week on negative ground. Investors are focusing their attention on the global economy, which is slowing down as the war in Ukraine continues.

The Milan Stock Exchange (-0.3%) continued to decline, in line with other European listings. Tim slipped in Piazza Avari (-2.1%) while Leonardo soared (+4.4%). Cellularline continued to be invaluable after Esprinet’s (+0.8%) proposal to acquire the company through a takeover offer. The spread between BTP and Bund continues at 205 pips with the Italian 10-year yield rising to 3.2%. In no particular order, banks with Intesa and Banco Bpm (-1%), Bper (+0.1%), On Accounts Day, Mps (+1.1%) and Unicredit (+0.9%). The automotive sector was in negative territory with Iveco (-1%), Ferrari (-0.6%), Pirelli (-0.7%), Cnh (-0.4%), Flat Stellantis (-0.03%). Energy and utilities are on the positive side with oil and gas performance. Saipem (+1.3%), Tenaris (+1.2%), Eni (+0.9%) shares rose. Hera (+1%), A2a (+0.6%) also performed well, while Arak (-0.3%) and Enel (-0.6%) regressed. (handle).