Utilities and profit-taking weigh down Piazza Affari, which closed the last session of 2019 down by 1,06% to 23.506 points, in line with other European markets. Frankfurt's Dax 30, which stopped at 14,30 pm, lost 0,66%; Paris -0,91%; Madrid -0,88%; London -0,79%. Even Wall Street, after a flat start, is moving in reverse and the Nasdaq is below the 9000 points conquered for the first time in history last week.
Sales prevail, after the rally triggered by progress on US-China tariffs, although the South China Morning Post writes that Chinese Deputy Prime Minister Liu He will be in Washington next Saturday with a delegation for the signing of 'phase one' of the trade agreement which would finally lead to an easing of tensions between the two super powers. In these semi-festive days, squeezed between Christmas and New Year's Eve, some titles are cashed in after the good earnings of a golden year.
Even Milan can toast, thanks to one about 30% annual growth and to a total capitalization that has risen to 651 billion euro (+20,1% compared to 2018). The most traded stock was Intesa, both in terms of value (61,4 billion euro) and contracts (about 4 million). Today the bank's stock is slightly in the red, -0,28%, in a sector that has moved in no particular order: Banco Bpm did well +1,2%; Ubi +0,62%; Bfor +0,65%. Mps, +0,72% after the sale of 1,8 billion euro of non-performing loans. Negative Unicredit -0,75%. The greenest performance is that of Nexi, +1,31%.
In asset management Azimuth appreciates by 0,38%, confirming itself as the brightest star in the Ftse Mib, thanks to an annual growth of around 124%. The heaviest drops of the day are for Italgas -3,3%, together with other utilities such as Hera -1,81%. The sector suffers from the new regulation on gas distribution and on the electricity sector decided by the Authority last Friday. Banca Imi calculates that, compared to the previous regulatory period, this decision "should impact the 2020-2021 consolidated Ebit by approximately 1% compared to the estimates for Italgas and Ascopiave and less than 1% for Hera and Iren".
The automotive sector is negative with Ferrari -2,7%; Exor -1,96%; Cnh -1,77%; Fiat -1,76%. Unipol's no phase continues -2,41%. Atlantia drops 1,7%, oppressed by complications on motorway concessions. Football remains in evidence outside the main list, with Roma up 3,5%, after the confirmation of the negotiations for the sale of the company. Lazio also toasts, +7,37%.
The year ends with one improving spreads: the spread between Italian and German ten-year bonds falls to 159 basis points (-2,2%) and the yield on BTPs stops at 1,41%. On the primary, however, in today's medium-long term auction, the first to be regulated in 2020, the 1,35-year yield rose: coupon 1,29%, from XNUMX% in the last auction, to the highest since last July.
The euro recovers positions against the dollar and moved up to 1,219. According to some analysts, the greenback, as a safe haven asset, is discouraged by optimism about tariffs. Gold is flat, but on high levels at $1518,75 an ounce. Oil deflates slightly: Brent -0,4%, 66,60 dollars a barrel.
