Not a brilliant day for the European stock exchanges, all down. The squares of the Old Continent suffer from the inflexibility shown by some members of the Fed and the ECB in the fight against inflation. In particular, the chairman of the Fed Jerome Powell explained that he is willing to continue with even unpopular policies in order to cool the race in prices. This suggests that there won’t be big cuts in interest rates, at least in the short term. Indeed, the willingness of the Fed to bring rates above 5% emerges. There is therefore a fear of economic slowdowns and recessions.
In Milan, after yesterday’s meeting between the Prime Minister Giorgia Meloni and the number one of the Commission Ursula von der Leyen, the Ftse Mib drops by 0.08% and closes at 25,364.61. The tension on government bonds is still decreasing. In fact, the spread between BTPs and German Bunds drops to around 191 basis points. The ten-year bond yield is still traveling at 4.2%.
On the main list of Piazza Affari, bankers showed positive results, starting with Intesa Sanpaolo (+0.97%) and Fineco (+1.17%). Poste Italiane also performed well, rising by 1.17% and Iveco, with a gain of 0.87%.
At the bottom of the list, however, Enel (-1.16%), which has issued new hybrid bonds for 1.75 billion euros. The issue has totaled orders for an amount of approximately 15 billion euro. Prysmian (-1.26%), Moncler (-1.48%), Campari (-1.28%), Buzzi Unicem (-1.10%), Diasorin (-1.10%) and Ferrari (-1.10%) are also bad -1.16%). (in collaboration with Money.it)