The Draghi effect and the prospect of a short-term closure of the agreement on the bad bank support today's increases and the Ftse Mib closes with an increase of 1,63%. However, the index slowed down in the afternoon, closing well below the highs of the session (above 3%). The Btp-bund spread closed at 109 points and a yield of 1,58%, above the levels reached during the day. "The government has already introduced measures that are facilitating the resolution of the problem of non-performing loans and in the coming week we will introduce other measures to accelerate this solution," said Minister Pier Carlo Padoan, referring to the 'bad bank'.
The other European Stock Exchanges were also positive in the wake of a good intonation of the Asian markets: Paris +3,10%, Frankfurt +1,99%, London +2,19%.
THE OIL RISES
The strong recovery of oil also affects the performance of the Stock Exchanges with the Wti running by 6,64% to 31,49 dollars and the Brent by 6,8% to 31,24%. Note the rally on the Moscow Stock Exchange of the RTS index which soars by 9,38% and the recovery of the ruble which: in fact, now 78,02 rubles are needed for a dollar against 82,63 yesterday evening while for a euro 84,47 are needed against 89,99 yesterday. In Oslo, the stock market jumped by 4,14% consistently in the wake of the rebound in crude oil. On Wall Street, after an initial surge that brought the S%P500 to 1.900 points, the indices lost strength, also influencing the European closure. However, the Dow Jones rose by 0,88% and the S&P500 by 1,43%.
2016 THOUSAND BILLION BURNT IN 8
Despite the gains of the last two sessions, the investment bank Bofa points out that the global stock markets so far in 2016 have overall burned value for almost 8.000 billion dollars, to be precise 7.800 billion as of January 21st. For Bank of America Merrill Lynch the probability of returning to recession within a year has risen from 15 to 20%. However, the bank's analysts explain that assuming a crisis like that of 2008-2009 "would be exaggerated" and that the probability of a normal recession is also low, precisely one in five.
The macroeconomic data released today in the US turned out to be good overall. Existing home sales rose 14,7% to 5,46 million in December and came in above expectations, the Conference Board economy super index rose 0,2% in December, again better than forecasts. The euro-dollar exchange rate fell by 0,56% to 1,0813.
SAIPEM COLLAPSES
Purchases on the Ftse Mib reward Anima +6,68%, Banca Mediolanum +6,53%, Mediaset +4,74%, Buzzi Unicem +4,56% and Tod's +3,7% after the positive surprise of sales in the fourth quarter quarter. In Piazza Affari, Saipem plummets, collapsing by 20,57% following the release of the technical details of the hyper-dilutive capital increase with a 37% discount. Consob has communicated that it will supervise the Saipem capital increase and will closely monitor the performance of the shares on the market by virtue of the hyper-dilutive characteristics of the recapitalization which determines "the risk that during the offer period of the new shares there will be price anomalies, consisting in an overestimation of the market price of the shares with respect to their theoretical value". In addition, Borsa Italiana has decided to suspend the early exercise option contracts, traded on the Idem market, having Saipem shares as underlying in order to prevent the price anomalies that could occur on the MTA from affecting the derivatives market and viceversa.
In the meantime, the contract for the sale by Eni of 12,5% of Saipem shares to Fondo Strategico Italiano became enforceable, following the occurrence of all the conditions precedent envisaged. On the Ftse Mib, sales also hit the banks with Banco Popolare -5,01%, Ubi Banca -4,71%, Bper -1,12%. Unicredit -0,15%. Against the trend in the Intesa sector +1,8%, Bmps +2,74% and Bpm +2,25%. Consob updates show that Blackrock has increased its stake in Bpm to 5,288% of the capital.
