Start of the day uphill due to the spread between BTP and Bund which marks 228 basis points, an increase compared to 219 of yesterday's close. The rate of return on the Italian 10-year security rises to 1.81%. Last night Fitch cut to BBB-, a step above the junk level, with Italy's rating stable outlook .
The Milan Stock Exchange (+ 0.2%) turned positive after a weak start, after Fitch's rating on Italian debt. Banks are down with the spread between BTP and Bund raised to 228 points and the Italian 10-year yield to 1.81%
European stock exchanges open in pending order pending decisions on the reopening of production activities after the lockdown decided due to the coronavirus pandemic. Investors are also awaiting central bank moves with the Fed tonight and the ECB tomorrow. Headlights also focused on oil with prices recovering. Frankfurt (+ 0.16%), London (+ 0.14%), Paris (-0.08%) and Madrid (-0.1%).
The Chinese stock exchanges end the session with a contrast: the Shanghai Composite index shows a rise of 0.44%, to 2,822.44 points, while the Shenzhen one drops 0.11%, to 1,730.74.
Weak Asian stock exchanges with investors looking at the trend of the coronavirus pandemic. Headlights on Fed moves ahead of President Jerome Powell's press conference. In the background, uncertainties remain over the trend in oil prices after a swing eve. With Tokyo closed for holidays, the Asian stock exchanges move in random order. Shanghai (+ 0.2%), Shenzhen (-0.2%), Hong Kong (+ 0.07%), Mumbai (+ 1.1%) and Seoul (+ 0.7%) still open. On the macroeconomic side, I expected a series of data. The import price index and preliminary inflation are arriving from Germany, producer prices from Italy and retail sales from Spain. Money supply data, consumer confidence and economic sentiment from the Eurozone. From the USA the first quarter GDP estimate and weekly oil stocks
Oil prices recovered compared to the eve values with the contracts on WTI crude oil expiring in June which changed hands for $ 13.55, 9.81% more than the quotes last night in New York. Brent also goes up and changes hands at $ 21.15 with an increase of 3.37%.
