The last session of the week for the European equity lists begins in the negative. After the umpteenth fall of the Nasdaq, which continues to give worrying signs (yesterday -3,5%), European stock exchanges also open in red: the loss range for Piazza Affari, Paris and Frankfurt is around half a percentage point. The fall in Tokyo was heavier, which closed with -4% in the Italian night, the worst fall for four years.
To make the climate heavy on the markets is the specter of inflation and above all the possibility that pressure on prices will lead central banks to withdraw the current ultra-accommodative conditions, which instead had greatly favored some sectors. The orientation of international investors in this phase is that of an escape from government bonds, whose yields continue to fall: in the USA the yield on the XNUMX-year Treasury bond the benchmark fell back below 1,5% after hitting a one-year high of 1,614% following a coldly received bid by the market.
In Milan there are very few positive titles on the Ftse Mib: Ferrari stands out among these, which earns more than 1% and goes against the trend after a particularly difficult start to 2021, and some energy companies such as Enel and Terna, with minimal percentages. On the other hand, the industrial and technological sectors are bad: Buzzi is the worst stock, Stmicroelectronics also loses almost 1%, Stellantis in the red and Atlantia again, around parity Cnh Industrial and Diasorin too, after the rise in Thursday's session but still far from the peaks of the end of January. Leonardo's Board of Directors has given the definitive go-ahead for the listing of Drs on Wall Street: the operation will be completed by the end of April and Alessandro Profumo's group will collect 1 billion. The title Leonardo he had benefited a lot in recent times, but today he too is losing, over 1%.
Contrasted, but almost all in difficulty, the banks: Banca Generali is among the few securities to float, while Unicredit and Finecobank are among the worst, with losses of around or greater than 1% at the beginning of the morning. Intesa Sanpaolo -0,7%, Mediobanca and Banco Bpm also in the red. Outside the Ftse things are bad Monte dei Paschi di Siena, which dropped more than 2% at lunchtime after being suspended shortly after the start of the session, with a theoretical drop of more than 5%. The uncertainty of the EU Antitrust, which supervises the intervention of the Italian state in the recapitalization, still hangs over the strengthening project launched by the CDA. Without a structural solution, i.e. a merger with a more solid institution, the capital plan submitted to the ECB - recalls the Sienese bank - envisages a capital increase of 2,5 billion euros "at market conditions and with pro-rata participation of the Italian state".
Some negative signals, even if not worrying, come from BTP-Bund spread: after having reached a 6-year low in the days of Mario Draghi's inauguration at Palazzo Chigi, the differential is now back above 100 points, further increasing the gap from 103 points at Thursday's closing. The euro depreciates, today trading at 1.2152 dollars. Down the Petroleum: WTI falls below 63 dollars a barrel, while Brent returns towards the "low" 66 dollars. In Thursday's session, oil stocks had been the main protagonists: Saipem down, exploits by Tenaris. Today both travel in the red, with losses of around 1%.
Out of the main basket, the good performance of Fincantieri, which earns over 2% after posting i 2020 accounts: in the conference call the CEO Giuseppe Bono spoke of a return to profit already in 2021, with distribution of the dividend in 2022. In the meantime the company has also signed an important order, worth 1,35 billion for the supply of two submarines for the Navy. In slightly negative territory instead The Sun 24 hours, following the presentation of the new industrial plan to 2024: starting from 16 March, the newspaper will come out with a new format.
