Piazza Affari closes at the bottom of the European lists, -1,09%, at 19.449 points, on a weak day for almost all the main continental stock exchanges and with Wall Street starting in reverse, despite the fact that US industrial orders are growing. Investors' appetite for risk appears to be held back by geopolitical tensions in Asia and the climate that has arisen following President Donald Trump's accusations against his predecessor, Barack Obama and the signing of the new travel ban. A red start also for the General Motors stock, after the Detroit automaker formalized the sale of Opel to the French PSA Peugeot for 2,2 billion.
In Europe, Frankfurt fell by 0,57%, London -0,33%, Paris -0,46%. Float Madrid: +0,05%.
Milan sinks above all with the financial ones, after a series of exuberant sessions, thanks to the collapse of Deutsche Bank (-7,89%) in Frankfurt, for the new eight billion capital increase, the third since 2013. In the Ftse Mib only Poste Italiane shines, +4,61%, on the hypothesis of an extraordinary dividend of one billion to favor privatization and the news that the government is considering the transfer of the remaining 30% to Cassa Depositi e Prestiti. Fractional increases among utilities, especially Italgas +0,73%. Tonic luxury with Moncler +0,78% and Salvatore Ferragamo +0,79%. Ynap deflates: -2,04%.
The sore points concern: Banco Bpm -4,15%, worst stock of the day; Bper -2,72%; Unicredit -2,5%; Mediobanca -1,8%. Among the insurance companies, the worst is Generali: -1,72%.
Falling industrialists: Buzzi -2,43%; Leonardo -2,18%; Prysmian -2,75, Stm -2,24%. Brembo is down -1,44%, which also closed a year with growing results, higher than expected. Weak Fiat, -0,95%, which does not take advantage of the movements in the auto sector. Worse Ferrari: -2,07%.
Outside the Ftse Mib, however, it is necessary to register the exploit of Pininfarina which closes today's session with a rise of 24,06%. The design company controlled by Mahindra's Indians has been in the spotlight since last week thanks to the signing of a partnership agreement with the Chinese company Hybrid Kinetic Group, for the production of the electric car. The contract has a value of 65 million.
Oil companies in the red: Eni -1,05%, Saipem -1,45%, Tenaris -1,29%.
The spread between Italian and German XNUMX-year bonds widens: 180.40 basis points, +2,15%, yield 2.15. The increase in the differential is even more marked on the French map (+4,2%), given that Paris is at the center of the political scene, with former prime minister Alain Juppe who will not replace Francois Fillon for the presidential elections. A prospect that reinvigorates Marine Le Pen's quotations and the fears of an anti-euro drift.
On the government bond front, today is the news that the Ministry of Economy and Finance has entrusted Deutsche Bank AG, JP Morgan Securities, Monte dei Paschi di Siena Capital Services Banca per le Imprese, Societe Generale Inv. Banking and UBS the mandate for the syndicated placement of a new 10-year benchmark BTPeuroi – indexed to inflation in the euro area excluding tobacco products – with expiry on May 15, 2028. “The transaction – reports a note – will be carried out in the near future, in relation to market conditions”.
Finally, the single currency remains weak against the dollar, -0,25%, 1,058 and the hypothesis of a monetary tightening by the Fed in mid-March is strengthened. On the other hand, expectations are rising for the Governing Council of the European Central Bank, which will meet on Thursday and will have to evaluate the flare up of inflation in February. Brent without jolts: +0,02%, 55,91 dollars a barrel. Gold down: -0,62%, 1227,10 dollars an ounce.
