Stock markets got off to a good start, boosted by the bailout of the Californian First Republic Bank by a pool of US banks, which was added to the support of Credit Suisse offered by the Swiss National Bank. But it’s the new thud of Credit Suisse, on the Zurich Stock Exchange, which helps to dampen optimism among investors. The slide follows yesterday’s surge after the bank announced it would draw on CHF50 billion of emergency liquidity made available by the Swiss central bank after its largest shareholder, a Saudi bank, had warned that it did not intend to provide additional capital to the banking group.
On the corporate front, focus on ENI which resolved to submit to the shareholders’ meeting the proposal to authorize the purchase of treasury shares for a period until the end of April 2024. The new buyback program has a value of 2.2 billion, which may be increased up to a total maximum of 3.5 billion. Furthermore, it approved the fourth tranche of the 2022 dividend of €0.22 per share. Stellantis has announced the launch of the first tranche of the treasury share buyback program, which will cover a maximum amount of 500 million euros, and A2A has formalized a non-binding offer to enter the share capital of the Alba Egea utility with a stake majority (50.1%) through a capital increase operation. Focus on Enel in the aftermath of the accounts.
On the foreign exchange market, theEuro / US Dollar the session continued at the previous levels, reporting a variation of +0.21%. plus sign forgold, which shows an increase of 0.92%. Slight increase in oil (Light Sweet Crude Oil) which rises to 68.79 dollars per barrel.
On the levels of the eve it spreadswhich remains at +183 basis points, with the yield on the 10-year BTP standing at 4.00%.
Among the European lists modest descent for Frankfurtwhich yields a small -0.28%, colorless London, which does not record significant changes, compared to the previous session; thoughtful Paris, with a fractional decline of 0.45%. In Milan, it moves under parity on FTSEMIB, which drops to 25,831 points, with a percentage gap of 0.34%; on the same line, it ranks below parity the FTSE Italia All-Sharewhich recedes to 27,972 points.
Among the best Blue Chips of Piazza Affari, moderate gain for Saipemwhich increased by 1.48%.
Small steps forward for Tenariswhich marks a marginal increase of 1.30%.
Moderately good day for BPM deskwhich rises by a fractional +1.19%.
Sitting without momentum for ENIwhich reflects a moderate increase of 0.99%.
The worst performances, however, are recorded on Telecom Italywhich gets -2.85%.
Sales on Phinecuswhich records a drop of 2.59%.
Bad sitting for Leonardowhich shows a loss of 2.51%.
Under pressure Ivecowhich shows a drop of 2.33%.
At the top of the mid-cap rankings from Milan, Webuild (+6.55%), Salcef Group (+3.48%), Sesa (+1.72%) and Luve (+1.55%).
The strongest declines, however, occur on MPS Bankwhich continues the session with -3.10%.
Slide doValuewith a clear disadvantage of 2.81%.
In red MARRwhich shows a marked decrease of 2.70%.
The negative performance of El.Enwhich drops by 2.47%.
Among the data relevant macroeconomics:
05:30 Japan: Service index, monthly (previously -0.4%)
11:00 am European Union: Labor cost index, annual (previously 2.9%)
11:00 am European Union: Consumption prices, yearly (expected 8.5%; previous 8.6%)
11:00 am European Union: Consumption prices, monthly (expected 0.8%; previous -0.2%)
2.15pm USA: Industrial production, yearly (previously 0.8%).
(Ticker) 17-03-2023 13:30