Waiting for the Fed and the ECB, Piazza Affari in decline

The European stock exchanges are yielding pending the forthcoming decisions of the ECB and the Fed. In particular in the Italian evening, the US central bank should increase interest rates by 50 basis points. The decision on the ECB’s monetary policy will instead come tomorrow. In Europe there is still stalemate on the energy package, with member countries unable to agree on the price cap.

The EU Commission then judged the Meloni government’s maneuver overall positively, but criticized the rules on stopping the obligation to use the POS, cash cap, fiscal peace and pensions. On international markets, the price of gas is slightly up, which at the TTF in Amsterdam is around 137 euros per megawatt hour. Oil prices also rose, with Brent and Wti growing by more than 1.5%.

In Milan, the Ftse Mib lost 0.26% and closed at 24,573.93 points. The spread between BTPs and German Bunds continues to rise, traveling around 193 basis points. The yield on the 10-year bond also rose, which is around 3.85%. Government bonds are in tension awaiting the start of the ECB’s quantitative tightening, which will force the market to take on the purchase of all bonds.

On the main price list of Piazza Affari, Leonardo is up (+0.39%). The company will make full early repayment of the Term Loan of 500 million euro, maturing in November 2023. Inwit (+0.27%), Snam (+0.64%), Stellantis (+0.67%), Tim (+0.57%), Amplifon (+1.12%), Diasorin (+2.09%) and Erg (+1.32%).

On the other hand, Eni (-1.48%) is behind, with RBC analysts who have worsened their opinion on the company, bringing it to “Sector perform” (ie in line with the oil sector). However, the target price of 14 euros has been confirmed. Iveco (-2.29%), Pirelli (-0.43%), Stm (-1.36%), Unipol (-1.27%), Unicredit (-0.73%) and Bper (- -0.74%). (in collaboration with Money.it)