Le European stock exchanges they close the first day of a key week weakly for central banks, with the Fed, the ECB and the Bank of England set to pronounce on their monetary policy on Wednesday and Thursday.
Milano loses 0,38%, together with Amsterdam -0,78% Paris -0,21% Frankfurt -0,14% Madrid -0,11%. It stands out from the group London + 0,27%.
The mood is also unstable at Wall Street, all the more so as the octave in progress presents itself full of uncertainty for the quarterly reports of Mega Tech Usa (such as Apple, Meta, Alphabet, Amazon) which will arrive in the coming days and which will weigh on investor sentiment as much as the choices of Jerome Powell and Christine Lagarde, if not more. Technology stocks are currently the best sellers and the Nasdaq is down more than 1%.
On the currency market the euro-dollar section stable at around 1,087. In energy, oil and gas have little movement.
Piazza Affari is in red, but Telecom is on the shields
Business Square is in the red, but remains well over 26 basis points, stopping at 26.335 also thanks to the rally of Tim, +4,64%, which leads the main list driven by press rumors on the single network. The hypothesis is that CDP presents a non-binding offer for the second half of February (after the results and the plan) on a valuation of 24 billion, but for Vivendi this estimate is "very far" from that deemed appropriate for the infrastructure . However, the market likes the challenge and Tim shares are the queens of the day.
In the rest of the list, oil stocks are contrasted, with Saipem up 1,15%, but Tenaris (-1,52%) ed Eni (-0,85%) weak.
Shine health with Recordati +1,2%. In the industry it's still in the money Leonardo +0,71%, which takes advantage of the possibility that Italy and France make a joint purchase of 700 Aster-30 surface-to-air missiles produced by MBDA for the Mamba Samp-T defense system destined for Ukraine (however, the Italian government has denied ). The value of the order, Equita analysts write, for Mbda "would be 2 billion, to be spread over 3 years". And Leonardo's 25% stake in the consortium is "worth around 1 billion". According to Banca Akros, the press hypothesis of an Egyptian order, which was allegedly discussed by the Italian foreign minister Antonio Tajani during his recent visit, also contributed to today's performance. At the center would be the imminent transfer of 24 Eurofighters to Al Sisi's air force for 3 billion.
Banks are contrasted, with Unicredit +0,24% which closes with timid progress awaiting the quarterly report which will be presented tomorrow. Out of the main basket Ps leaps by 6,2%, after the promotion of the rating by Barclays to 'equal-weight' from 'underweight', with a target price of 2,4 euros from 0,4 euros.
The blue chip in black jersey is Diasorin -3,17%, followed by Interpump -2,22% Ivy -2,07% Iveco -1,61% stellantis -1,21%.
Among the titles of football retreats the Juventus -2,45% defeated by Monza in the league and weighed down by motivations of the Court of Appeal of the FIGC, who penalized the team by 15 points in the current season, speaking of a "fraudulent system" and "intentionality underlying the alteration of transfer operations and related values". It's in deep red too Lazio, -4,82%, after last Friday's leap.
Spreads and yields are rising
The session is also negative for bonds. The fear that Christine Lagarde will raise rates by 50 basis points (which seems almost obvious) and still use aggressive tones looking to the future, weigh down the Italian paper.
The rate of ten-year BTP is indicated up by closing at +4,19%, against +2,26% for the Bund with the same duration, for one spread up to 192 basis points (+2,24%).
Macro data in chiaroscuro
European equities and bonds had to take measures today even with mixed macroeconomic data. A flash of light comes from the recovery of economic sentiment: in January, the Esi indicator recorded an increase in the euro area (+2,8 points, to 99,9) and in the EU-27 (+2,3 points, to 98). The European Commission points out that this is the "third consecutive increase" and that it brings the index closer "to the long-term average".
THEGerman economy however it unexpectedly contracted in the fourth quarter of last year (-0,2%) and this suggests a recession for Germany, largely due to the energy problem and the war in Ukraine. Over the year, the change is 1,1%.
Finally, worry aboutSpanish inflation: in the Iberian peninsula consumer prices in Spain fell by 0,3% per month in January but annual inflation is estimated at 5,8%, surprisingly accelerating compared to December. Expectations were around 5%.
Central banks coming
As we said, three major central banks will meet on Wednesday and Thursday. On the first of February, when the markets will already be closed in Europe, the Fed expected to announce a 25bps hike in Fed Funds rates to 4.50-4.75%; from the ECB, expected on Thursday, a 50bps rise in the rate on deposits is expected (to 2,50%); always for Candlemas there Bank of England should bring the rate to 4%.
