Slowdown for the markets after a good start by the European stock exchanges in the aftermath of the panic-related collapses on Credit Suisse
: Piazza Affari first slows down together with the other European stock exchanges due to the negative passage of American futures, and then resets the gains (-0 .04%) with a movement that less evidently affects the other European Stock Exchanges (Frankfurt +0.32%, Paris +0.57%) where calm has nevertheless returned after the panic for Credit Suisse.
the Swiss group gains 23% in Zurich.
Markets are awaiting the ECB which is expected to raise rates by 0.5% unless recent events that have sparked panic on banks suggest a less aggressive move with a 0.25% hike.
As for the ECB
, greater prudence is expected from Frankfurt, given the widespread and potentially persistent instability should the Credit Suisse case widen.
But the central institution is also tight on another front: inflation remains high, it has spread to the whole economy and we cannot risk loosening our grip right now by sending less decisive messages.
Even if there is no real fear of contagion, because for years the single supervision has protected the Europeans from the weaknesses of others, the risk that distrust will spread and investors will run away cannot be completely excluded.
For this reason, the ECB will have to tread lightly, and in doing so it will necessarily approach the requests of the doves on the board who have been asking for a softer path in the monetary tightening for months.
But a rise of 25 points, according to several analysts, could also send an opposite signal to the desired one: instead of reassuring, it could betray an underlying fear and distrust in the stability of the European financial system.
For this reason, Christine Lagarde, who will still have to mediate between the hawks who ask for more 50-point hikes and the doves who are holding back, could still decide to keep the 50-point hike and slow down or thin out the subsequent ones.
Why Credit Suisse is in trouble
ANSA agency
Credit Suisse thud, fear returns to the markets - Economy
Swiss central bank ready to offer liquidity if needed (ANSA)