Banks bounce and Business Square flies, +1,63%, going back to 19.477 points, the best European list. Bonds are picking up steam, also following the reassurances of Mario Draghi, that he will use the tools at his disposal in the event of a recession. Confidence is also reawakened after the excellent reception of the new 15-year BTP placed yesterday. The Italian 2,76-year yield falls to XNUMX% and lo spread with the Bund falling back to 253.50 basis points (-4,23%). Two- and five-year bonds performed particularly well, with yields falling to their lowest levels since the end of May and July respectively.
Mixed the rest of the continent. Closes fractionally higher Frankfurt +0,36%, where it stands out Deutsche Bank +8,27%, while Bloomberg writes that the ECB would prefer the merger of the German bank with a large European institution rather than with Commerzbank.
Bene Paris +0,51% and Madrid + 0,71%. London, -0,47% is negative after the rejection of the agreement on Brexit by the British Parliament and awaiting the outcome of the vote of no confidence in Theresa May tonight.
Wall Street it is in the green for the second consecutive day, insensitive to the interminable shutdown and paying for the results of large banks such as Goldman Sachs and Bank of America, which presented higher-than-expected quarterly accounts. At the moment, BlackRock is also appreciating, which has decided to raise the coupon, despite lower-than-expected profits and the collapse of more than 60% in quarterly profits.
The change euro dollar it is little moved, in area 1,14. The pound was also stable. The Petroleum Brent type rises by 0,4%, 60,88 dollars a barrel, -0,36%. Positive gold, close to $1295 an ounce.
In Piazza Affari the banks raise their heads, after the great fear linked to the ECB's grip on NPLs. The leading institutes have gradually communicated of not see significant impacts on the targets from the new indications. Among the big names, the best in session are Unicredit, +5,82%; Ubi +3,81%; Understanding +3,73%. Purchases also on asset management securities in the wake of the news that the implementing decree will be ready by February which will make the new Pir operational, on the basis of the provisions of the 2019 Budget Law. Finecobank +5,63%; General Bank + 3,08%.
Sales are limited to Campari -1,36%; Pirelli -0,69%; Terna -0,67% (which reached an all-time high yesterday); Amplifon -0,62%; Snam -0,27%.
In the bond market, it is recalled that yesterday the Treasury placed the 15-year BTP (maturity in March 2035) in a syndicate for a record amount of 10 billion euros after having collected orders for 35 billion, another figure never reached before, a sign of a return interest from investors for Italian sovereign debt. The yield was set at 3,41% (with a coupon of 3,35) not far from that of the BTP used as a benchmark expiring in September 2033, which has a yield of 3,23% (coupon 2,45) . Foreign investors bought 64% of the issue.
However, Pimco, the world's leading bond manager, sees a dark future for Italy also following the global economic slowdown and maintains an underweight of BTPs in the average portfolio.
