European stock exchanges seeking recovery. Oil and gas rush, Bund skyrocketing

European stock exchanges seeking recovery. Oil and gas rush, Bund skyrocketing. Moscow towards default

European stock exchanges seeking recovery while tension in Ukraine does not ease – Moscow remains closed – Opec + raises production in April – Prysmian’s Colpo Grosso.

Gas (+ 33%, close to the absolute record) and oil (110 dollars) rose, along with other raw materials (the Bloomberg index is at the top since 2014). 

The Moscow Stock Exchange remains closed, the central bank of Moscow suspends the payment of coupons on bonds held by foreigners, a step that brings the system closer to financial default. 

The stop of the use of the Swift payment system has been confirmed for seven Russian banks but not for Sberbank and Gazprombank, necessary to pay for gas. 

Western stock exchanges, including Piazza Affari, thus go down in the trenches while new heartfelt SOS arrive from Kyiv. But in the last few bars, the lists have taken the path of the rise.

European stocks seeking recovery as tension mounts
Milan, after the strong declines of the last few days, gains about 0.4%.

Even better the Euro Stoxx 50 and Frankfurt index. Futures on Nasdaq, where the movement started, also veer upwards. But, judging by the first comments, this does not indicate an improvement in the political climate.

Indeed, it is the signal of the West’s willingness to raise the level of the conflict to arrive at a solution. It is no coincidence that the best US indices concern defense stocks. 

Attention to bond markets remains high, while inflation in the 19 euro area countries rises to 5.8% from 5.1% in January, beyond expectations at 5.4% and beyond the ECB’s projections – Corre the Bund at -0.06%.

Yesterday the German 10-year future gained nearly 2%, the largest change in the past eleven years. The spread widens to 156 points despite the purchases on BTPs (yield 1.48%) which on Tuesday scored the best session since March 2020. 

Even gold, the most classic of safe-haven assets, brought its price on highs from June for a gain of + 6%. 

Colpo grosso by Prysmian: new maxi-order

Prysmian shines + 4.2% in the Italian price list, announcing this morning that it has been awarded a 1.2 billion euro contract for the “turnkey” construction of a 725-kilometer submarine interconnection that will connect the networks for the first time German and British electric. On the other hand, Stm loses -1.75%: Apple, its main customer, has stopped sales in Russia. 

European stock exchanges, gas, and oil run. Opec + raises production

Oil is running on the wave of rising prices. Tenaris + 3.8%. Saipem + 2%. Eni + 1.61%.

Opec + decided to increase production by 400,000 barrels/day in April, the Wall Street Journal teases. OPEC + decision comes the day after the United States and other large oil-consuming nations announced plans to release 60 million barrels of oil from their emergency stocks

Stellaris remains up + 1.50% after the sales that accompanied the presentation of the strategic plan on Tuesday 1 March: the company aims to double annual revenues to 300 billion euros by 2030 and to keep profit margins high while intensifying efforts to launch electric versions of cars, SUVs, and pickups. 

In Milan Tim and the banks slow down the descent
Tim also recovers positions -0.5% from -4% of departure. The Republic writes that it will cut the dividend. The Board is preparing to discuss the new business plan, centered on a strategy that aims to unbundle the network assets and create the conditions for their integration with Open Fiber, while Kkr’s non-binding offer appears increasingly in the balance. 

The rain of sales in the banking sector slows down. In just over three weeks it burned about 20% of its value, bringing its year-to-date performance to the red by -10%, in line with that of the Global Stoxx index.  

Unicredit + 1.96% takes a breath of fresh air after the showers of the last few days.  

Understanding -0.05%. The Russian invasion of Ukraine led Italy to freeze its participation in the financing of the Arctic Lng 2 project in Novatek. At the end of 2021, CDP and Intesa joined the pool of lenders with a dowry that sources had quantified at around 500 million euros. 

It should be noted that Banco BPM -0.5% and Banca Popolare di Sondrio [BPSI.MI], reached an agreement for the sale of 39.5% held by Banco BPM in Factory at a price of 75 million euros.

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