Milan is volatile, but still slightly up in an overall positive European context and with Wall Street ready to take the lion's share on its first trading day of 2017.
The Ftse Mib closes at +0,04%, with the banks still rallying and Banco Bpm stellar (+7,2%), determined to avenge at least in part the losses of Banco Popolare and Bpm in 2016.
On the other hand, it was a negative day for bonds: the spread between the ten-year Italian and the German bund widened +2,58%; 159.30 basis points; yield 1,87%. On the other hand, inflation is picking up again in Germany and consumer prices in December grew by 0,7% on a monthly basis (consensus stopped at +0,6%) and by 1,7% on an annual basis (1,3 % analysts' estimate). A trend that could rekindle the debate on Quantitative Easing. "If the figures (of German inflation) were confirmed for the euro area as a whole - Clemens Fuest, head of Ifo, a German economic research institute, told the Faz newspaper - the ECB should end Qe in 2017".
Today the Frankfurt square stops at -0,12%; Paris +0,35%; London +0,49%; Madrid +0,81%.
Returning to Piazza Affari and focusing the spotlight on the great protagonist of the first two days of the year, it can be assumed that there are above all two reasons behind Banco Bpm's performance: the rush to purchases in view of the formation of a hard core, a nucleus of stable shareholders and long-term that protects the institution from surprises and makes it less scalable; the possible disposal of a portfolio of 642 million unsecured NPLs to Hoist Finance, the effects of which would be accounted for in the 2016 financial statements, bringing the total disposals of non-performing loans to 1,6 billion.
The other stocks: Bper in the running, +3,8%, where no shareholder exercised the right of withdrawal after the transformation into a spa; Ubi +4,38%. On the shields Intesa San Paolo, +2,29%, ready to issue a 1-year non-callable perpetual additional Tier10 bond. Azimuth boom +5,02%.
Among the protagonists at FCA (+1,9%), with the data on registrations of the group higher than that of the market. Brembo advances (+0,58%), after its return in style to the main basket. The shares reached a new all-time high today at 60 euros.
Madiaset loses ground, -1,25%, while in the Star segment Mondadori gallops +3,91%. In the absence of certainties, the rumors multiply and there are those who hypothesize a possible integration between Mondadori and Mediaset to counter and dilute the advance of Vivendi.
Among the blue chips, the worst stock is Luxottica -2,71%. Day of sales also on Stm -2,41 and Prysmiam -2,44%.
From the USA, the macro data confirm the positive phase of the stars and stripes economy (December PMI Manufacturing Index, up to 54,3 points, from the 54,1 points recorded in November, a higher than expected adjustment), while Trump is pawing waiting to enter the White House on January 20 and in a vitriolic post on Twitter writes “General Motors sends Chevy Cruze models made in Mexico to US dealers without paying border taxes. Produce in the US or pay a big cross-border tax!”. The Dow Jones is once again chasing its record of 20.000 points.
The euro lost ground against the dollar (-0,33%, traded at 1,042), while the Turkish lira dropped to a new all-time low in the session due to terrorism and higher-than-expected inflation.
