A few hours after starting the Fed meeting the destinies of the markets are divided: Europe advances in a (modest) recovery awaiting news on the Ukrainian front. Piazza Affari in particular, climbs above 26 points with an increase of approximately 0,3-0,4%. Wall Street, after the feverish recovery on Monday evening which brought the indices back into positive territory, is preparing to experience another heart-pounding session, announced by futures down between 1% of the Dow Jones and abundant 2% of the Nasdaq. In particular, Nvidia loses 3% in the pre-exchange after abandoning the purchase of the British Arm.
Why these different behaviors? The explanation lies in the attitude of central banks. The market assumes that Jerome Powell will announce tomorrow night the end of the “fed put”, that is, the bank's declared support for the stock exchange financed by abundant liquidity. On the contrary, the ECB resists in the zero interest rate policy to promote the post-Covid recovery. Philip Lane, the chief economist of Frankfurt, reiterated this this morning in an interview: “In the short term, the Omicron variant presents some risks but I think it is increasingly clear that the impact is only for a few weeks. I think in general terms the sense is that, between the public health measures and the other measures, it is finding that we can hope that the euro area can recover quite well from the pandemic. A study by the Deutsche Bank this morning gives a very probable first rate hike by the ECB for next December. “Wall Street's downward correction – comments Le Monde this morning – is a preview of what will happen in Europe in a few months”.
Meantime the Stoxx 600 index advances European by 0,76%. The increase in the German Ifo index in January to 95,7 (against 94 in December) contributed to favoring the rebound. The telecommunications sector continues to grow (Ericsson +8,3%), some techs rebound (+10,2% for the Swiss Logitech). Slow down in Zurich Swatch -1,17% despite a double-digit increase in sales.
The return of risk appetite slightly penalizes the Bund, which weakens to -0,07%, from -0,10% yesterday. 1,29-year BTP at XNUMX%.
At Piazza Affari Leonardo suffers -5,09% The stock was penalized by news of an investigation in Kuwait into an order for Eurofighter Typhoons supplied by the Italian defense group. Yesterday Kuwait deferred two soldiers on suspicion of corruption linked to this agreement.
Among the banking Unicredit goes up +2%, Intesa Sanpaolo is positive.
Strongly highlighted are the oil companies: Tenaris +3%, Eni and Saipem +2.5%. Well too utility led by A2A.
They bounce Stm, Ferrari and Pirelli +2,5, the Agnelli team still down.
In the meantime, diplomatic activity continues around theUkraine. Today you can see (online) Macron and Scholz. Tomorrow, the special adviser to the French president, Pierre Vimont, will be in Moscow to present a proposal for mediation. Russia, which has amassed a massive military deployment on its western border, says it's just exercises. The United States has placed 8.500 troops on alert. But the Russian ruble rebounds after three sessions in sharp declines.
