Banks and utilities favor the rebound of Business Square, which closes up by 0,74% (to 23.940 points) and amply recovers the previous day's losses. The other European price lists are mixed, while Wall Street remains on the crest of the wave and the S&P 500 exceeds 3.300 points for the first time in history, after gains on the watch.
Frankfurt it is flat -0,02%; not far Paris +0,11%; Madrid +0,58%; down London, -0,39%.
After leaving Asian price lists rather cold, the "phase one" trade agreement between the United States and China does not even warm up the Old Continent, given the many still open questions and the risk of duties on European goods. Donald Trump's choices, on the other hand, are liked by Wall Street, which is also celebrating the publication of new quarterly reports. In particular Morgan Stanley fills up on purchases (+7,65%) after higher-than-expected earnings in the last quarter of the year and the improvement of the objectives. Technologists rallied, driven by Apple (+0,8%) and chip makers.
The good performance of US financial stocks has positive repercussions in Europe. In Milan Ubi +3,93% is the queen of the list, followed by Bpm bank +2,25%. More backward Unicredit +0,51%. Well mps, +0,83%, which yesterday placed a 2 million euro tier 400 subordinated bond.
Purchasing is also encouraged by a report by Goldman Sachs where it is said that the main Italian securities in the sector have not yet fully benefited from the decrease in the spread compared to the peak reached after the political elections. The investment bank then believes that mergers and acquisitions between medium-small banks are more probable and hypothesizes a merger between Banco Bpm and Ubi. Finally, it promotes Ubi, which passes from 'Neutral' to 'Buy', with a price target of 4,25 euros (from 3,25 euros) and confirms that Banco Bpm and Unicredit, (price targets from 17,5 to 18 euros ) are to “buy”. On the other hand, he suggests selling Intesa Sanpaolo shares (+0,11% today), but increases the target price from 2,15 to 2,2 euros.
Among the best blue chips today there are also Enel +2,56% ed Ivy +1,39%. Highly ranked Campari +1,93%; Cnh +1,83%. Unipol achieves a partial recovery +1,19%. Breathe Atlantia, +1,17%: Prime Minister Giuseppe Conte says that the question of the concession to Autostrade per l'Italia will not be on the agenda of a Council of Ministers to be convened for tomorrow.
The sales side opens with Diasorin -2,82% and Recordati -2,06%. Pardon Juventus -1,53%; Amplifon -1,96%. fca it lost 0,14%, at the end of a volatile session, marked by the data on European registrations, worse than the general average: in December +13,8% compared to a year earlier, against +21,4% for the market; for the whole of 2019, -7,3%, against +1,2% overall.
Bonds remain in the red: lo spread between Italian and German ten-year bonds, it rises to 167 basis points (+3,27%) and the BTP yield rises to 1,42%.
However, the data from via XX Settembre confirm the great success of the BTP at 30 years, which attracted orders for around 45 billion, an absolute record for an Italian syndicated issue. Of the seven billion placed, foreign investors were awarded over two thirds, i.e. 68,1%, while the remaining 31,9% went to the Italians.
During the day, the minutes of the ECB meeting of 12 December were released, the first chaired by Christine Lagarde. At that meeting the Governing Council reaffirmed its determination to achieve the inflation target and confirmed its intention to allow time for monetary accommodation measures to take effect. However, some governors are concerned about the collateral damage of extraordinary measures and the impact of negative rates on families.
On the currency market the dollar is recovering, also driven by macro data: the US Mid-Atlantic region's manufacturing activity indicator rebounded in January, reaching an eight-month high and prompting rosy forecasts, according to the Philadelphia Federal Reserve.
THEeuro it loses ground and the exchange rate drops to around 1,128. Among the raw materials tarnishes thegold, which is currently trading at $1550,25 an ounce. Finally the Petroleum: Brent +1,34%, $64,86 a barrel.
