The European lists archive a moderately positive session, dragged by Frankfurt (+1,31%) which updates its historical highs thanks to the titles of the car manufacturers. In slipstream the engines run well Piazza Affari, which rises by 0,33% with Stellantis +2,98%, Cnh +3,75%;,Exor +1,48%. Growth is fractional in Paris +0,13%; Amsterdam +0,25%; Madrid +0,32%; London +0,24%. The EMA's decision on the AstraZeneca vaccine deemed "safe and effective", but arrived at the end of the session, appears to be irrelevant. The whey is currently suspended in several countries, including Italy, as a precaution. Overseas Wall Street started out in no particular order, after the peaks of the eve reached on the wings of a dove Fed.
At the moment the Dow Jones is in further progress, but the Nasdaq is down almost 1,5%. the 1,75-year T-Bond rate rises to XNUMX%. In the stock market, stocks linked to the recovery, banks and industry, are on the rise, while technological stocks, which suffer from competition from government bonds and see the economic recovery and reopenings as the loss of part of the juicy deals achieved during the lockdown, are on the rise. The star-striped economy will do great this year, guaranteed Jerome Powell: the 2012 GDP estimate went from +4,2% to +6,5% in three months, unemployment remains high but declining, l inflation could go up to 2,4%, but only temporarily.
Then a it will not change the accommodative policy of the central bank which does not expect a rate hike before the end of 2023. For Powell "It is not yet the time to start talking about tapering". In chiaroscuro are the macroeconomic data of the day: the number of weekly jobless claims increased unexpectedly, while the Philadelphia Fed's business index jumped more than expected to its highest level since 1973. However, all this is not loosening its grip on Treasuries.
The outlook pushes the dollar higher: the euro changes to area 1,19. The single currency also lost share against the pound (0,8558), while the BoE, at the end of its meeting, confirmed its policy and did not intend to withdraw its stimulus programme. Indeed, the British central bank sees signs of recovery in the British economy thanks to the rapid pace of vaccinations, but considers the scenario unclear, curbing speculation about a possible reversal of its massive expansive policy.
In this week, enlivened by central bank meetings, the voice of the president of the ECB was also heard today Christine Lagarde, who reiterated speaking to the European Parliament that “the economic situation looks better” than it was a year ago, “and we can expect it to improve in 2021. In the short term, however, the economic outlook for the euro area remains surrounded by uncertainty due to the dynamics of the pandemic and the speed of vaccination campaigns.
The serious impact that the pandemic continues to have not only on the economy, but on all aspects of the lives of many Europeans, does not allow us to "celebrate" the anniversary of the PEPP". Among the raw materials oil goes down, pressured by the rising dollar, the unexpected increase in US weekly inventories and the slow vaccination campaign in Europe. Black gold loses share for the fifth consecutive session and the May 2021 Brent contract loses about 5%, trading at 64,55 dollars a barrel.
In the business square the oil companies feel the pinch, but Eni (+0,37%) has reason to celebrate after yesterday afternoon the Court of Milan acquitted all the defendants, including CEO Claudio Descalzi for the alleged bribes paid by the oil group and Shell in Nigeria. "The full acquittal sentence eliminates a source of risk that has hung over the stock for several years", writes Equita in the daily. According to the broker Bestinver, "the news is positive for Eni, but it has no significant impact on the stock because the market had always given little weight to the case".
Nexi -2,68% stops at the bottom of the list; Amplifon -1,72%; Terna -1,64%; Atlantia -1,42%. Enel drops by 1,2%, on the day of the final 2020 results, which are disseminated to closed markets. They slow down i banking, always well tuned in the last few sessions. Banca Mediolanum shines +2,52%. Well understood +1,57%. Banco Bpm +0,9% remains in evidence in the centre, with Bper -0,73% of aggregation hypotheses, as well as Unicredit +0,39% and Mediobanca (+0,04%).
Weak Snam (-0,24%), which started well in the morning in the wake of upward revision of the guidance on adjusted net profit for 2021, to 1,17 billion euros from the approximately 1,13 billion estimated in November 2020. The group closed last year with revenues and adjusted Ebitda growing. According to Equita, “the results are better than the estimates both at an operating and net profit level, also thanks to one-offs”.
Out of the main basket publishing titles rise after the accounts. Mediaset +1,2% expects revenues to grow slightly ("low single digit") this year and an Ebitda margin between 11% and 12% from 13,2% in 2020. Reuters writes that the Biscione, according to a source made a preliminary bid for Bertelsmann's stake in French TV station M6, but the Italian company declined to comment.
Rcs it appreciates by 2,82%, despite having closed 2020 with a net profit of 31,7 million, more than halved compared to 68,5 million in 2019 and an Ebitda of 83,1 million (from 153,3 in a year previously), impacted by net non-recurring charges of 15 million. For the current year, the publishing group "believes that it is possible to set itself the objective of achieving higher margins (Ebitda) compared to those achieved in 2020 and a consequent further significant reduction in financial debt", well the full achievement of these target depends on the evolution of the health emergency and the situation of the economy and the reference sectors.
Bonds are doing well: the spread between Italian and German ten-year bonds falls again to 95 basis points (-4,36%) and the BTP rates closed at +0,69%. "The state is there" said Prime Minister Mario Draghi in Bergamo, on the national day dedicated to the victims of Covid-19.
