Business Square it lost 1,64%, closing at 22.821 points, the worst European list, with many stocks in the red. Sales returned abundantly to Leonardo, but they also hit the Agnelli galaxy heavily. Consistent declines for banks and oil companies.
The negative session takes place in a very weak European context (London -1,46%; Paris -1,48%; Madrid -1,44%; Frankfurt -0,76%) and also Wall Street, after Friday's bath of humility, continues to decline, even if at the moment more contained. Apple bounces among the stocks; instead Qualcomm is negative, although Broadcom has improved its offer. The White House today said it was concerned about the selling on the stock market, but confident in the economy. On the other hand, it was precisely the positive data on jobs, with the jump in wages in January that triggered fears of a faster-than-expected rate hike last week, following inflation potentially closer to 2% and to influence the increase in bond yields. Today Treasuries seem to be taking a breather and will Jerome Powell, who swore in the day officially becoming the new governor of the Federal Reserve, to solve this puzzle in the coming months.
On the European front Mario Draghi on the other hand, he maintains that, in the euro area, we are not yet on target on inflation and inflation “the ECB will keep rates low for a long time” and “well beyond the horizon of asset purchases”. In a preview of the central bank's Economic Bulletin, which will be released on Thursday, there are criticisms of the American tax reform, which "risks intensifying tax competition on a global level, leading to a possible erosion of the tax bases in EU countries ”. In this climate, the euro-dollar exchange rate remains little moved, with the greenback recovering slightly and the exchange rate around 1,24.
On the secondary the yield of the BTP 10-year bonds just recede to 2,04%, but the spread widens with the German 128.90-year bond at 2,55 basis points, +XNUMX%.
Weak the Petroleum, even if recovering from the lows of the session. Brent 68,25 dollars a barrel (-0,48%). Well intoned thegold, over $1334 an ounce.
In Piazza Affari the blue chip hit by the biggest declines is Leonardo, -4,56%, also negatively affected by the downgrade of Ubs (from buy to neutral) and the cut in the target price of Barclays (from 12 to 10 euros). Bad fca -3,63%, affected by the uncertainty of the fine in the United States for the case on alleged violations of diesel emissions. Below Cnh -3,61% ed Exor -3,28%. Among the banks the worst is Bpm bank, -3,56%.
Outside the Ftse Mib he shines Creval + 5,04% with better-than-expected results in the fourth quarter of 2017.
The purchasing side is modest, led by stm, up 0,7%, benefitting from some excitement in the industry after news that Broadcom raised its offer to acquire Qualcomm to about $121 billion. Positive Post + 0,2% Unipolsai +0,49%; Brembo +0,39%; Azimuth + 0,36%.
