Direct from the markets | The nervousness of Piazza Affari on ECB day. Tim, Intesa and Unicredit are doing well, while rates are punishing Snam and Enel
Piazza Affari opened above parity on Monday 23 January (+0.3% to 25,815 points) before getting upset (-0.2 at 09:30), sending the euro sailing past 1.0914 against the dollar (+0.53% ), a level not seen since April 2022. The market is betting on a more bellicose ECB and a more accommodative Fed at the next meetings. The difference is 181 points.
At the opening, Intesa Sanpaolo (+2.4%), Unicredit (+1.3%), Mediolanum and Pirelli (+1%), Telecom Italia (+1.15%). Sales were mostly at Snam (-3%), Enel (-2.8%), Tenaris (-1.5%) and Saipem (-1%), with Eni slightly down.
8:30 European stock markets should be positive due to the ECB day. Look out for Eni, Intesa and Unicredit.
The week starting Monday, January 23 sees China closed for the Lunar New Year holiday and positive Asian stock markets. Meanwhile, at 8:10 Eurostoxx 50 futures are below par (-0.10%), rising to 8:45 (+0.25%) in a day full of meetings. You are in Europe and in the center with the ECB.
At 3:30 p.m Fabio Panetta, a member of the Board of the Central Bank will speak in the European Parliament. Index at 16.00 Consumer confidence in the euro area for January (consensus -20, previous -22.2). Talk to Vienna at 17:00 Robert HolzmanMember of the ECB Executive Board and President of the Central Bank of Austria. At 6:45 p.m., the turn arrives Christine LagardeGovernor of the ECB.
What the node (ECB) said
The European Central Bank (ECB) will increase interest rates by 1.5%. 50 base points It will continue to increase the value of money in February and March and beyond, a member of the ECB’s governing council explained on Sunday. Klaas knotThe president of the Dutch Central Bank said this in an interview with WNL TV channel.
In a separate interview with an Italian newspaper La Stampa Also speaking on Sunday, Mr Knot said it was “too early to say” whether the ECB would slow the pace of interest rate hikes over the summer. Meanwhile, reports from the ECB’s December meeting showed that some board members initially advocated a 75 basis point hike, a larger increase than expected by markets, with some board members expecting inflation to be too high for too long.
However, most members eventually agreed to a lower increase of 50 basis points. The ECB increased the value of money 250 basis points from summer 2022 and markets have already discounted interest rates to their peak 3.2% by August 2023.
Be careful in Piazza Affari…
Claudio Descalzi most likely, he will be appointed as the CEO of Eni for the fourth time during the appointment period expected in the spring. Descalzi deserves credit, according to two government sources interviewed by Reuters Prime Minister Meloni and his closest comrades-in-arms should not be questioned.
The contract that Descalzi will sign with the Algerian state group Sonatrach By using the TransMed gas pipeline, Italy’s gas supply will increase to 35 billion cubic meters (currently about 20), writes Il Messaggero.
Intesa San Paolo It closed almost 2% after Bloomberg reported that it was trying to cut the cost of the bank’s services by 20 billion euros. Rwanda (risk-weighted assets) to comply with the ECB’s comments on internal risk rating models identified as inadequate.
Because he took the reins unicreditannouncement Andrea Orsel “Financial Times” writes that it has drastically reduced its expenses on foreign consulting.
between the alliance signed last month Azimut Holding According to press rumors, and UniCredit may cause risk in the wealth management sector in Italy this year. the french Amundi could tighten his grip Anima Holding, Mediobanca always interested Bank General to work Banca Mediolanum he could search for new ways Intesa San Paolo.
Telecom Italia has successfully placed a five-year bond of €850 million.
As for Cnh IndustryMembers of two unions at the group’s factories in the US states of Wisconsin and Iowa agreed on a new contract on Saturday, ending a strike that began last May, the United Auto Workers union said.
The FIGC Federal Court of Appeal imposed a 15-point penalty on the company. Juventus as part of the capitalization process in player transfers. The company has appointed Francesco Calvo as the director of football. ()