Rising stock markets and falling rates, on the day of the ECB meeting, which did not disappoint expectations, leaving rates and pandemic envelope unchanged, but announcing Pepp signings at a 'significantly higher' pace in the next quarter. Business Square closed as queen in Europe with an increase of 0,82% to 24.121 points, reaching levels not seen since February 2020, while the spread beats a retreat: -6,7%, 92 basis points, with the yield returning below 0,6% to 0,59%.
The other price lists in the eurozone have also been brought to the maximum zone for at least a year, on the day of the green light from the EMA and the EU for Johnson & Johnson's anti-Covid-19 vaccine. However, many countries of the Old Continent have blocked the administration of AstraZeneca (-2% in New York) after a series of all adverse cases to be verified. The Italian Medicines Agency has banned the use of a batch as a precaution after the death of two recently vaccinated people.
To the final photo: Frankfurt 0,23% salt: Paris +0,72%; Madrid +0,76%; Amsterdam +0,72%. In the rest of Europe, London +0,2%; Zurich -0,24%.
Overseas he presses on the accelerator Wall Street, after a tuned start. The Dow Jones improves its intraday highs for the fourth consecutive day, while the Nasdaq restarts and resets the losses of March with a leap of more than 2,5%. Record also for the S&P 500, up 1,3%. On the other hand, the prices of US government bonds are mixed, due to the data on new applications for unemployment benefits in the United States, better than expected and at its lowest since November.
In any case, the alignment of a series of favorable planets contributes to this run of the bulls in the stock market: US inflation, according to the February data disclosed yesterday, appears to be under control; the 1900 trillion dollar Biden plan, finally approved by Congress, will have the president's signature tomorrow afternoon; finally, the ECB seems to meet expectations.
The European Central Bank has actually revised upwards its inflation estimates for 2021 and slightly increased its growth forecasts.
In the baseline scenario, Frankfurt expects a 4,0% increase in GDP this year, up slightly from the +3,9% estimated in December, and average inflation at 1,5%, above 1% seen previously. It is even possible that inflation in the Eurozone will touch 2% at the end of 2021 but this, according to the president of the European Central Bank Christine Lagarde, is due to "technical and temporary reasons". Longer-term projections remain roughly unchanged, suggesting that this year's deviations are mainly caused by one-off factors that do not alter the big picture. Risks to the economic outlook have become more balanced but remain tilted to the downside in the near term due to the pandemic and measures to contain it. The governing council of the ECB therefore unanimously decided that the endowment of the extraordinary securities purchase program designed to deal with the pandemic remains unchanged at 1.850 billion, but the pace will increase. The news reassured the markets, which had been alarmed in recent weeks by an unusually low level of purchases. Investors feared that, in view of a possible resurgence of inflation, the central bank intends to moderate the expansionary monetary policy, but fears were brushed aside today.
On the currency market the exchange euro-dollar appears in favor of the single currency at area 1,197. Among commodities, gold is stable, while oil is largely in positive territory. The May 2021 Brent contract rises 2,3% and is approaching $69,50 a barrel.
In Piazza Affari the blue chips that record the greatest increases are Telecom +4,66% (supported by the double "buy" of Bank of America and Intesa Sanpaolo) e Moncler, +4,45, after the drop on the eve. The recovery of American and European technology stocks favors stm +3,95%. In evidence nexi +2,54%; Amplifon +2,71%; Interpump +2,21%; Tenaris + 2,42%.
Generali salt by 0,87%. In addition to confirming the 2021 targets, Il Leone proposes distribution to the members of a maxi dividend of €1,47 per share.
Banks are weak, in particular Bpm bank -1,64%; Unicredit -1,26%; Bper -0,84%. Well Bank Ifis +2,59%, after the 2020 accounts, with a net profit of 68,8 million euros, in line with the preliminary results released on 11 February last and higher than the guidance indicated between 50 and 65 million euros. In line with Supervisory indications, the shareholders' meeting of 22 April 2021 will be called to approve the proposed distribution of a gross dividend per share of €0,47 per share, deducted from own funds as at 31 December 2020. The amount will be payable from 26 May 2021 with record date 25 May 2021 and ex-dividend date 24 May 2021.
The worst big cap is Diasorin -6,78%, which closed 2020 with a sharp increase in net profit after a 24,8% growth in turnover driven by the sales of tests for Covid-19. However, the uncertainty of the macro and health context did not allow the diagnostic company to provide guidance on the current year.
Important discounts for Campari -2,81%; Prysmian -2,43%; Azimuth -1,69%.
Out of the main basket Maire Tecnimont gains 14,04%, thanks to the dividend and the order backlog trend which sets good prospects for 2021.
