The smoke for the election of the President of the Republic remains black, but Piazza Affari still finds the right rhythm and closes with a clear increase, even better than the others european squares, after a nervous and volatile start to the week, agitated by the Russia-Ukraine crisis and by the wait for the Fed's choices. Milano it appreciates by 2,27% to 26.619 points; Paris +2,11%; Frankfurt +2,19%; Amsterdam +1,7%; Madrid +1,63%; London +1,34%. Travel-related stocks and mining stocks rose, while Biontech gained 6,23% after announcing, with Pfizer, the start of a clinical trial to test a version of the vaccine calibrated on the Omicron variant.
The climate appears more serene even at Wall Street, which moves in recovery especially with the Nasdaq and technology stocks, dragged by the big Microsoft and Apple, while Tesla runs a few hours after the disclosure of the fourth quarter accounts.
Focus on the Fed
A momentarily reassuring picture, in view of the press conference Jerome Powell in the early US afternoon, following the two-day meeting of the central bank's monetary policy arm. Today the bowls should remain firm and the Fed should proceed with a first rate hike in March, followed by two other subsequent interventions, as hypothesized by Powell a few weeks. However, some observers think that the increases could be 4 or perhaps 5 if inflation continues to run higher than expected. The central bank will not provide updated economic projections today and it will therefore be up to Powell alone to explain how and at what pace he intends to fight more vigorously against soaring prices.
In this context, the T-bond market, while the dollar confirms its two-week high and the euro loses ground. The exchange rate moves in the 1,128 area.
Salt on Petroleum, returned to a seven-year high following geopolitical tensions in Europe and the Middle East. Brent marks +1,84%, 89,83 dollars a barrel; Wti +1,81%, 87,15 dollars a barrel.
Piazza Affari toned with oil banks and Stellantis
On the main list of Piazza Affari, among the best performances there are still those of the poil: Tenaris +4,46%; Saipem +3,69%. Shopping is back banks, Bfor +4,56%; UniCredit +3,61%.
Raise your head there Agnelli galaxy, starting from Stellantis +4,83%, queen of the list. Cnh +4,34%, Iveco +3,38%, Exor +3,19% shine. Industrials in dust with Prysmian +3,85% and Interpump +3,33%.
I am alone five titles in red: Recordati -0,94%; Pirelli -0,58%; Campari -0,5%; Snam -0,52%; Inwit -0,07%. Outside the main basket, the race of Eprice continues +22,64%. Between mid cap Tod's flies, +15,81%, rewarded in the light of the accounts, with 2021 revenues higher than expected.
Today there was also the expected virtual meeting of the president Vladimir Putin with the managers of some Italian companies. Eni (+2,98%) did not participate in the appointment, while representatives of Intesa (+3,03%) and Generali (+0,87%) and the top management of Enel +0,74% and Unicredit were present.
The president called Russia a “reliable gas supplier” for Italian consumers and Italian energy companies, which "continue to work with Gazprom on the basis of long-term contracts and are now able to purchase gas at lower prices, I would say much lower than market prices, the so-called spot prices of market, which have increased significantly amid the cold winter and supply shortages”.
Spreads up, rates on the primary rise
Closes slightly higher the spread between ten-year Italian and German: 143 basis points (+1,82%), with rates rising to +1,32% and -0,11%.
They go up the yields also on the primary, for short-term BTPs and those indexed to inflation.
In detail, the Treasury issued the first tranche of the 2-year BTP expiring on 29/11/2023 for €3,75 billion against a request of €5,3 billion. The yield rose by 13 cents to -0,13%. The 11th tranche of the 5-year BTP-i maturing on 15/05/2026 was also placed: against requests for 1,250 billion, the amount issued was equal to 590,59 million while the yield stood at -1,18% . Finally, the 36th tranche of the 30-year Bop-I expiring on 15/09/2041, assigned for 409,41 million against a total demand of 873,08 billion, achieved a gross yield of 0,04%. The auction regulation falls on the next 28 January.
