Good for the automotive and energy stocks, bad Telecom (-2,71%) and banks, although Ps remains on the shields (+7,98%): the first session of the week closes with a fractional drop of 0,55% at 27.597 basis points Business Square, a day with an interlocutory aftertaste throughout Europe due to the Wall Street holiday.
The climate is similar to that of Milan a Madrid -0,56% Amsterdam, -0,32%, Paris -0,16%. Frankfurt is flat, while London it appreciates by 0,12%.
Geopolitical tensions are holding back the Bull
The Bull takes a breath today, also trying to understand the evolution of the geopolitical situation, after the US-China tensions rekindled by the war in Ukraine and the surprise visit of President Joe Biden to Kiev on the eve of the anniversary of the Russian invasion.
On the currency side the euro-dollar is stable around 1,065, while the markets second Reuters, are betting on the European Central Bank rate peaking at around 3,75% by the end of the summer, up from estimates of around 3,4% earlier this month.
In an interview with a German newspaper, the governor of the Finnish central bank Olli Rehn said that Frankfurt should continue to raise interest rates beyond March and peak rates should be reached during the summer.
Il Petroleum it is moving forward, betting on a recovery of the Chinese economy, on cuts and on Russian plans to reduce supply. OPEC+ agreed in October to cut its crude oil production targets by two million barrels a day through the end of 2023, while Moscow will cut its production by 5%, to the extent of 500 barrels a day, in response to the cap on prices of its products decided by Western countries.
The future Brent, maturing in April 2023, rose by 0,67% to 83,61 dollars a barrel, while the wtf same expiry, it rose by 0,73% to 77,11 dollars a barrel.
In Piazza Affari, Saipem and Stellantis stand out
The main list of Piazza Affari defends itself today with purchases of energy stocks such as Saipem + 3,23% Italgas + 0,83% Eni + 0,35%.
It also stands out in the top ten of the day stellantis, +1,18% (16,138 euros per share), which according to some observers is benefiting from the positive outlook of the Forvia (Faurecia) components group, awaiting the presentation of the quarterly report and 2023 forecasts in two days' time. In a report today, which looks at the release of the new models of the main manufacturers, Bank of America analysts confirm the "neutral" recommendation on the stock with a target of 16 euros
In the Milanese automotive sector it is also on the rise pirelli, +0,74%, while profit-taking sends, for one day, Iveco ko (-2,52%).
The session is negative for financial stocks, reduced from a well tuned octave. I'm in red Unicredit -2,85% Bpm bank -2,47% General Bank -2,47% Banca Mediolanum -2,18%. Among the mid caps, however, Mps shines, with the market betting on a relaunch of the oldest bank in Italy and on a good marriage.
Telecom is back, on which there are many expectations of battles, but at the moment there is no news.
Out of the main basket made fireworks Bioera, which closes with a theoretical increase of 46,83%, on the launch day of the almost 10 million euro capital increase. The new shares are offered in the ratio of 15 for each Bioera share held at a price of 0,20 euro.
Stable spreads
The session closed with little movement also for government bonds: the spread between ten-year BTPs and Bunds on the same evening closed at 178 basis points, with rates slightly down to +4,2% and +2,42% respectively.
