While Italy "plays its own destiny" with the Recovery Plan, presented by Prime Minister Mario Draghi to Parliament, Piazza Affari closed positively, in line with the other European price lists.
The cautious mood of the markets is supported by the progressive start of reopenings in Europe (the Belpaese is now almost entirely in yellow), which gives hope to the economy and invigorates tourism and airlines. In the afternoon, the opening bell sung by wall street, where a crucial week is inaugurated, with the quarterly reports of big tech (today is the turn of Tesla, (+1,63%), the Fed meeting which closes on Wednesday, the presentation to Congress of President Joe Biden's "American Families Plan". The Night of the Oscars does not heat instead Disney (+ 0,4%) and Netlfix (+0,24%) despite the full number of statuettes.
It is registered in the EU the legal action brought by the Commission ad AstraZeneca (-0,45% in London), due to non-delivery of vaccines.
In this context Frankfurt 0,18% salt; Paris +0,28%; Madrid +0,96%; London + 0,35%.
Il Ftse Eb it appreciates by 0,52% to 24.513 points led by Tenaris +3,45, but the banks are the main protagonists of the session. The success of the Credit Agricole takeover bid su Creval (-0,89%) restarts speculation on an imminent aggregation season in the sector, while Barclays raises the target price on almost all Italian banks, confirming the judgments. They archive a session in clear growth Bper + 3,08% Mediobanca + 2,85% Understanding + 2,32% Unicredit + 2,2% Bpm bank + 2,04%.
Among the top ten blue chips of the day is Amplifon + 2,26%.
Atlantia gains 1,83%, awaiting a solution on ASPI. Cassa Depositi e Prestiti brought forward the board of directors to this evening to deal with this dossier and that of Open Fiber. The print he writes that filings are foreseen for the offer launched by CDP with the funds, but the price should remain at 9,1 billion euros, even if there were discussions underway about a possible increase to 9,5 billion. For Aspi there is also the proposal made by ACS, by Florentino Perez, invited by Atlantia to express more concrete interest after the letter in which she said she was ready to consider the purchase.
Industrial and utility stocks hurt. Prysmian, -3,17%, records the greatest losses. Leonardo dropped 2,13%, after the announcement of an agreement for the acquisition of 25,1% of Hensoldt at a price of approximately 606 million, 23 euros per share. The agreement is with Square Lux Holding II, indirectly of Kkr. “Hensoldt is Germany's leading sensor company for defense and security applications, with an ever-expanding portfolio in cyber security, data management and robotics. Once the deal is closed, in the second half of 2021, Leonardo will become Hensoldt's largest shareholder together with Kreditanstalt für Wiederaufba, 80% owned by the Federal Republic of Germany, which has agreed to acquire a 25,1% stake in Hensoldt in March 2021.
In decline Enel -1,09% Campari -0,68% stellantis -0,21% Post -0,37%.
Out of the main basket it takes a leap Technogym, +8,24%, which looks to the reopening of the gyms and the positive opinion of an investment bank.
In the oil sector, tonic Maire Tecnimont (+3,86%) which was awarded a approximately $450 million contract in India. A leading Italian broker points out that with this new contract, Maire Tecnimont's order intake since the beginning of the year should have reached approximately 2,2 billion euro.
Bonds, on the other hand, closed in the red after the confirmation of the rating by S&P last Friday. The spread between Italian and German ten-year bonds it rises to 105 basis points (+1,7%) and the BTP rate closes at +0,79%. For Moody's, which has dedicated a report to our country, the reopening of businesses in force from today and the new provisions for travel between regions in Italy should "support economic growth in the short term" before the effects of the Recovery plan even if not they are risk free.
Meanwhile, the Treasury is preparing for one new issue in dollars. The placement, which will arrive shortly, introduces the unprecedented three-year deadline, and returns to the longer one of 30. The announcement arrived in the morning, and indicates Citigroup, Deutsche Bank and Morgan Stanley as Lead Managers of the operation.
As for the purchases of the ECB in the Pepp program: they were 22,49 billion euros last week against 16,29 the previous week. Total Pepp purchases thus rise to 998,83 billion out of a total budget of 1.850 billion. As regards the quantitative easing program, net purchases of government bonds were positive by 8,06 billion (from +0,474) to 2.391,321 billion while purchases of corporate bonds increased by 1,46 billion (from + 1,40) to 271,243 billion. Finally, in the period, net purchases of covered bonds increased by 0,547 billion (from -1,097 billion) to 288,900 billion, while those of ABS decreased by 0,336 billion (from -0,06) to 28,447 billion.
According to Fabio Panetta, a member of the ECB board, Frankfurt should not reduce aggressive stimulus measures until the euro zone economy reaches its growth potential and inflation has returned to 2%. "The data suggest that we should avoid withdrawing supportive policies, either deliberately or by tolerating adverse spillovers, until the output gap is closed and inflation has returned steadily to 2%." This means “that we will have to maintain very favorable financing conditions well beyond the end of the pandemic period”.
On the market currency the euro-dollar moved slightly, around 1,2. In fractional decline the Petroleum, with Brent (July 2021 contract) at $65 a barrel.
