The expected rebound arrives on the European lists, thanks to the umpteenth change in sentiment on tariffs and the positive start of Wall Street. Even oil is celebrating, with the weekly drop in US inventories higher than expected and on the eve of the OPEC meeting. The future of Brent, February 20,20, jumps to 63,22 dollars per barrel (+3,95%).
Frankfurt closes up 1,17%, Paris +1,27%; Madrid +1,47%. London is more backward, +0,38%.
Piazza Affari gains 1,31% and recovers 23.000 points (23.034), thanks to a main list that is almost entirely green. The top ten blue chips range from Buzzi +3,45%, to Juventus +2,9%, yielding in recent days with the launch of the capital increase, to banks with Moody's suddenly positive on the prospects for Italian credit. The rating agency takes the outlook of Italian banks from negative to stable, "because – he explains in a report – impaired loans will continue to decrease, financing conditions will improve and the capital of institutions will remain stable". Although, observes Fabio Iannò, Moody's senior credit officer, one cannot forget that "their non-performing loan ratio of around 8% remains more than double the European average of 3% according to data from European Banking Authority".
In any case, a blade of light illuminates Banco Bpm +2,96% during the session; Ubi +2,51%; Agreement +2,05%. Good Unicredit, +1,92%, following the presentation of the plan to 2023 which promises a lot to shareholders, but also announces 8.000 redundancies (of which 5500 in Italy). A prospect that obviously alarms the trade union (Fabi), according to whom the concern should also be political: the group - it is argued - could aim to leave the country.
Money on Stm +2,3%; CNh +2,13%. The oil companies did well with Saipem +2,16% and Tenaris +2,12%. Asset management rises starting from Azmiut +2,17%.
Atlantia appreciates, +2,42%. The promotion of JP Morgan to "overweight" helps, as the stock's recent declines would offer an attractive level of risk-reward today. Atlantia has lost around 13% in the last 10 sessions. Sales are limited to Nexi -0,44%. Among the thin titles, Carraro goes into orbit, +14,44, thanks to the 420 million supply agreement with Ineos Automotive.
Even the secondary archives a session to be framed, with the spread between the ten-year Italian and German declining to 160 points (-4,11%) and the yield of the BTP falling to 1,28%. Well, even if the government majority remains divided on many issues, including the Save States mechanism, on which the president of the Eurogroup Mario Centeno is speaking today, according to which there are no reasons to change the text. The signing of the new treaty - he says - will take place "at the beginning of next year" after any adjustments deriving from the ongoing debate.
On the foreign exchange market the dollar loses its luster in line with the release of disappointing macro data, such as the growth of US employment in the private sector in November (67 jobs against estimates of 157) and the ISM services, an index that measures the performance of the tertiary sector, which fell to 53,9 points from 54,7 points in October and against forecasts at 54,5 points.
We also remain cautious on the question of duties, due to the many twists and turns that Donald Trump offers every day on the subject. Today optimism prevails again, after the president said that negotiations with Beijing to find an agreement are going well. Yesterday, however, he declared that it was probably better to find an agreement after the 2020 presidential vote. The euro-dollar cross is stable, at 1,108. Fractional gold retreated to $1478,65 an ounce.
