Piazza Affari closed with a tie -0,04%, 19.470 points, a weak session for most of the European lists. The Italian bond market was also stable, after yesterday's rally, while the decree containing the rules on basic income and the one-hundred share arrives at the council of ministers at 18 pm, supported by a positive morning meeting. The spread between Italian and German ten-year bonds fell to 252.20 basis points (-0,98%); the yield on the 10-year BTP remains at 2,76%.
In the rest of Europe: Frankfurt -0,14%; Paris -0,34%; Madrid -0,02%; London -0,4%. Wall Street, after a slow start, is mixed. There are many reasons for today's volatility: the Societe Generale debacle (-5,66% in Paris), after the alarm on the fourth quarter 2018 accounts; the slowdown in inflation in the euro area to 1,6% in December from 1,9% in November; The Brexit's bumpy ride; the new tensions between the US and China, on the Huawei case, after the Wall Street Journal wrote that an "advanced state investigation" was underway for alleged thefts of technological know-how from commercial partners by the Chinese giant; the disappointing accounts of Morgan Stanley (-4,57% at the Nyse).
On the other hand, pessimism is partly compensated by the expectation that central banks will take into account an economic framework which is showing more and more signs of weakening; Theresa May was not disheartened yesterday; Morgan Stanley disappoints, but its competitors do better than expected and the combined profits of the six major American banks exceed 100 billion dollars, a threshold never reached before.
Euro little moved against the dollar, in area 1,137. The single currency lost positions against the pound, with the exchange rate at 0,88038. Oil, Brent, drops 60,83 dollars a barrel (-0,8%). Gold hovers around 1291 dollars an ounce.
In Piazza Affari the best blue chip is Campari, +4,14%, which gained about 22% over the last year, against a 17% loss for the Ftse Mib as a whole. Telecom did well, +2,13%, on the day of a new high-voltage board of directors, due to the contrast between the directors indicated by the Eliott fund and those wanted by Vivendi. Purchases on Unipol, +1,88% and Unipolsai +1,34%; CNH +1,06%.
Sales hit Stm, -2,07%, also due to the below-expected outlook of Taiwanese microchip maker Tsmc for the first quarter of 2019. Profit-taking sends managed savings into the red with Finecobank -1,48% and Azimut -1,57%. Sales on Buzzi, -1% and Pirelli -1,03%.
Weak banks. Still suspended Carige, on which "the government hopes for a private solution to the crisis that will allow the current difficulties to be definitively overcome", according to the words of the Minister of Economy Giovanni Tria, in a hearing on the subject in the Chamber.
