Investors are focused in the morning on business and consumer confidence in Italy in March
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In the aftermath of a positive session, during which the return of peace on Deutsche Bank shares and the purchase of assets of Svb Bank by First-Citizens have calmed investors’ spirits, the indices are trying to extend the positive series and point to a higher opening. Given the mostly positive day in Asian markets, the hope is that tensions in the banking sector are easing and that the high volatility of previous sessions is easing. Among other things, a further vote of confidence in the banks came from the governor of the Bank of England, Andrew Bailey, who used reassuring words on the British financial system and on the general framework, explaining that the sector is “resilient, robust, with liquidity sufficient and well positioned to support the economy”, which allows central banks to remain focused on fighting inflation.
Thus, with half an hour left before the start of trading, the futures of the Ftse Mib of Milan rise by 0.31%, those of the Dax 40 of Frankfurt by 0.51%, those of the Cac 40 of Paris by 0.4% , those of Madrid’s Ibex 35 by 0.29%, those of Amsterdam’s Aex by 0.59% and those of London’s Ftse 100 by 0.56%. In terms of currency, the euro strengthened and returned above 1.08 dollars, changing hands at 1.081 (from 1.077 at yesterday’s close) and 141.637 yen (from 141.64). The dollar/yen exchange rate is at 130.92. Natural gas traded in Amsterdam, contracted in April, after having scored a first position with a slight decrease at 42.25 euros per megawatt hour, dropped 2.1% to 41.6 euros. Oil is currently showing little movement: WTI futures in May rise by 0.18% to 72.94 dollars a barrel, those of Brent with the same maturity date drop by 0.13% to 78.02 dollars.
The agenda
Investors are focused in the morning on business and consumer confidence in Italy in March. In the afternoon, the data relating to the house price index for January was released in the USA.
The day
Positive start to the week, even if below the highs of the day, for the European stock exchanges after the crash on Friday. The Ftse Mib index gained on Monday 1.2% and the Dax 1.1%. Purchases on banks with the Eurostoxx banks index up 1.5 percent. Deutsche Bank is also recovering. Meanwhile, the news of the purchase of Silicon Valley bank, the institution from which the tsunami for the banking world started, by Firse Citizens in the USA has improved. On the macro front, the business confidence index rose in Germany and this supported purchases in Europe. In Piazza Affari, some industrial stocks such as Iveco up by more than 3% and also Saipem shined. Stable spread around 180 basis points, euro tonic in the 1.08 area.
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