Saipem pool after accounts, facilities are weak
At Avary Yard, Ftse Mib has been hampered by utility sales. In particular, Hera (-1.86%), Terna (-2.31%) and Sanam (-3.25%) are in the red zone. Therefore, the rise of Saipem was not enough for the Milan Stock Exchange, which jumped 11.8% thanks to the quarterly report that exceeded expectations and confirmed the 2022 guidance announced in the market a month ago. Pirelli also fared well (+2.63%) thanks to the good performance of the automotive sector and especially the tire segment after Continental cut the 2022 directive less than expected. Banco Bpm rose 0.95% thanks to fermentation in the contribution structure (after entering Credit Agricole with a share of over 9%, And now also the agreement that brings together some institutions can eliminate their participation) and in the interest in the banking insurance business, once they exit the existing joint ventures. Outside of the main tranche, Mfe gained 3.57% after the first signs of peace between former Mediaset and its German subsidiary Prosiebensat, although investment houses wait to understand how the European unencrypted TV hub project studied by Cologno Monzese will develop. Mfe, which owns more than 25% of Prosiebensat,
It decided not to engage in the clash and to give up presenting its list of candidates for the renewal of three directors of the Supervisory Board. Among the minor titles are Monrif (+7.99%), Trawell (+7.92%) and Monnalisa (+7.88), down Visibilia Editore (-5.88%), Jonix (-6, 21%) and Ki Group (-10.89%) .
The euro is back below the $1.09 threshold
In the currency market, the euro is back below $1.09 a share it had reclaimed at the beginning of the day: at the close of the Old Continent’s markets, the single European currency was worth $1.0856, essentially in line with yesterday’s close when it was at $1.0860. However, monetary tightening on the horizon supports the European currency against the yen, reaching 139.43 yen from 138.40 yesterday. USD / JPY at 128.43 (from 127.80).
BTp/bundle spread closes at 167 basis points, yield at 2.58%
Closing of the spread between BTp and Bund. In the closing stages of the day, the yield differential between the ten-year BTp benchmark and the same German maturity is indicated at 167 basis points, the same as the opening level, compared to 165 basis points at yesterday’s close. The uptick in the 10-year benchmark BTp yield was more sensitive, eventually reaching 2.58% (2.57% at the start of the session) after hitting the last position yesterday at 2.52%.
Gas and oil purchases, EU opens to halt Russian crude
Oil rose 1.25 percent in London to 108.15 dollars a barrel for futures contracts for Brent delivery in June and 1.6 percent in New York at 103.83 dollars for the same maturity of West Texas Intermediate crude. “The news is that Germany appears to be ready to block the import of Russian oil by the end of the year, paving the way for a similar move by the European Union,” analysts at MBS Capital Services wrote. Analysts add that, at this point, the United States becomes a significant alternative source of supply “with exports rising to record levels of 10.6 million barrels in the week ending April 15”. The decrease in official inventories of 8 million (15-month high) “appears to confirm that the anomalous build-up recorded last week (about 9.4 million concentrated in the Gulf of Mexico) is largely attributable to export business”. Finally, the May contract for natural gas in Europe on the Dutch Ttf platform rose 5% to €99.2 per megawatt-hour.