Piazza Affari at +0.16% after ECB, Tim collapses (-23.8%)

Positive conclusion for the European stock markets on the day of the ECB meeting. In Piazza Affari, the Ftse Mib closed up 0.2% at 33,418 points, held back by the collapse of Telecom Italia (-23.8%) on balance and plan, with investors worried about debt. Azimut was also strong (-5.9%) after reporting financial results and February earnings. The focus, however, is on Amplifon (+5.9%) according to the quarterly report and the margin forecasts for 2024 and Stm (+3.5%).

The ECB left interest rates unchanged for the fourth consecutive day and cut growth and inflation estimates. She predicted 2% as early as 2025. At the conference at the end of the session, President Lagarde reiterated that there was further evidence of price cuts leading to interest rate cuts. He explained that the Governing Council will know much more in June. Traders have increasingly placed their bet on easing monetary policy and have fully priced in four interest rate cuts of 25 basis points each over the course of the year.

Now attention turns to the U.S. jobs report due out tomorrow, which forecasts nonfarm payrolls at 200,000 units and a stable unemployment rate of 3.7%. Meanwhile, U.S. jobless claims have remained at historically low levels, indicating a continued robust labor market.

In bonds, the BTP Bund spread fell to 130 basis points, with the Italian 10-year bond yield falling to 3.6% and the Bund yield falling to 2.3%. Among commodities, Brent oil fell to $82.5 a barrel, while gold traded at $2,155 an ounce after hitting a new all-time high of over $2,160.

In the foreign exchange market, the euro/dollar exchange rate rose above 1.09 and the dollar/yen fell to 148 yen per dollar, with the Japanese currency already gaining in value in March thanks to speculation about a possible interest rate hike by the Bank of Japan.

Bitcoin now exceeds the $67,300 mark and is close to the all-time high reached in recent days.