Pause for reflection on European price lists after two days on the "roller coaster". Monday's pessimism and yesterday's hopes for a diplomatic solution to the Ukrainian crisis today gave way to caution, especially after NATO and the United States questioned Moscow's real intentions.
The closure is thwarted, while risk aversion reappeared also following the negative start of Wall Street.
Piazza Affari is colourless and closed at 26.969 basis points, penalized by sales on bank stocks, but supported by purchases of Prysmian (+3,04%) and oil stocks. There are few moves, but negative, Frankfurt -0,26%; Paris -0,21%; London -0,06%. Up Amsterdam +0,5% and Madrid +0,25%. Moscow +1,28% is convinced.
At New York the American stock exchange it is proceeding downwards after a series of macro data and awaiting, later, the reading of the minutes of the last meeting of the Fed, from which to draw indications on the intensity of the rate adjustment expected in March. On the other hand, the US government bond market appears calm with the 10-year yield declining slightly. In recent days there has been an inversion of the curve (the rate on the XNUMX-year Treasury exceeded that of the two-year bond), a movement which is traditionally considered a harbinger of an economic crisis.
Between Raw materials, after yesterday's sales, oil rebounds: Brent +2,85%, around 96 dollars a barrel. Gold appreciates, trading in the area at 1865 dollars an ounce.
On the currency, the euro-dollar moved little, with the exchange rate around 1,137.
In Piazza Affari the oil companies are at the top
The main price list of Piazza Affari closes practically in equilibrium. It stands on the green pan of the balance Prysmian, which marks the largest increase, following the above-expected results of the French competitor Nexans.
They are making a comeback oil stocks with increases in crude oil: Tenaris +2,29%; Saipem +1,09%; Eni +1,03%. In particular, Saipem would be supported by a certain optimism of investors regarding the next business plan currently being prepared. According to Sun 24 Hours, the strategic review by Alessandro Puliti, the manager who arrived from Eni, provides for a refocusing on the group's traditional business. Furthermore, an improvement in the situation should derive from the capital increase, which according to the newspaper amounts to 1,5 billion, and from the restructuring of the debt with the banks. “We believe that the necessary steps to restore financial balance have been initiated with the arrival of the new managers and the formulation of the strategic and restructuring plan”, comments Equita in a note.
Also good nexi + 1,88%.
The lower part of the Ftse Mib is occupied instead by banks, after the leap on the eve: Entente -2,17%; Banco Bpm -1,87%; Unicredit -1,65%; Bper -1,29%.
In 'automotive Pirelli -2,17% and Ferrari -1,48% fall back; Stellantis tonic +0,93%.
Out of the main basket Mps loses 4,74% after denying the rumors about the need for a 3,5 billion euro capital increase.
Leone Film Group flies instead, +10,94%, with the preliminary accounts for 2021. The film company closed last year with revenues of 98,1 million, up 35% compared to 72,5 million in 2020; ebitda 48,1 million, up 72% compared to 28 million in 2020.
Generali: Galateri is not running again
At the top of the price list it finds space Generals, +1,42% in the light of the communication read by the president of the company, Gabriele Galateri of Genoa, to the board of directors on the item on the agenda relating to the short list. The manager will not reapply upon expiration. The long experience in Generali, he says, "leads me to fully share the desire for renewal of the Board which I believe is ultimately the basis of the assessment of the lack of independence from the Corporate Governance Code, as a fact precluding my permanence in the office of chairman. I will therefore leave the Council in complete serenity and unity of purpose, thanking the colleagues who have generously spoken to me and all the employees of the Group for the extraordinary and passionate work they have done over the years”.
According to a trader, “the news suggests that something is brewing on governance, even if I believe that the Del Vecchio-Caltagirone question is the classic mountain that gives birth to the little mouse”.
Spreads down
The Italian secondary school closes in green e the spread between 10-year BTPs and Bunds for the same duration, it fell by 163 basis points (-2,49%), with rates decreasing by +1,9% and +0,27%. In the morning, the Italian stock had exceeded 2%, for the first time since May 2020.
Weighing on the Italian paper are some statements by important members of the ECB. Yesterday the president of the Bank of France, Francois Villeroy de Galhau, in a speech at the London School of Economics, said that Frankfurt could terminate conventional 'App' program asset purchases already in the third quarter of 2022.
Today, at Financial Times, Isabel Schnabel, argued that Frankfurt it cannot ignore an "unprecedented" rise in prices of homes when it faces inflation estimates, which are unlikely to fall below 2% this year. “It is increasingly probable – he stated – that inflation will stabilize around our objective of 2% in the medium term. This means that we should start thinking about a gradual normalization of our politics."
Inflation at 30-year high in the UK
Price tensions are also strong beyond the borders of the euro area. In Great Britain, the annual rate of consumer prices rose to 5,5% in January, the highest since March 1992, against the expectations of analysts who predicted a 5,4% as recorded in December. This pressure opens the door to a new rate hike by the BoE, which could be the third in a row.
In Use a series of macro data lead the way to reading the Fed's minutes on the European evening: +2% import prices in January, the biggest increase since April 2011; +3,8% retail sales in January, above estimates; +1,4% industrial production in January, above forecasts.
Secondo Eurostat industrial production in the eurozone also recorded a much more solid result than expected in December (+1,2% month-on-month, +1,6% year-on-year) and finished 2021 very well, despite the restrictions due to the Omicron variant of the coronaviruses that slowed growth and in the fourth quarter.
