Little moved day on the markets, after the euphoria of a few days ago. Piazza Affari is still confidently awaiting the formation of Mario Draghi's government, which inevitably shook the price lists even before taking office: the Btp Bund spread is confirmed firmly below 100 and the Ftse Mib is stable above 23.000 points.
In the spotlight there inevitably goes Unicredit, which around 10,30 lost about 2,5% in the 8,5 euro per share area, after the devaluations bequeathed by the mustier management they caused a 2020 billion red in 2,78. However, the bank in Piazza Gae Aulenti expects to return to profit this year, over 3 billion. And from April the new CEO Andrea Orcel takes office.
The other banks are doing better: Intesa Sanpaolo travels just above parity. Today they were published Fideuram – Intesa Sanpaolo Private Banking accounts, which highlight in 2020 the new historic record for assets under administration, above 257 billion euros, thanks to net inflows of 11,7 billion, achieved in the scenario we know. Operating margin was in line with 2019 at €1,34 billion, while net profit was down from €906 million to €817 million, although the company claims it is due to non-recurring charges. Finally, a solid capitalization was confirmed, with the Common Equity Tier 1 Ratio at 21,9%.
The best bank at the opening of the session was Mediobanca (+1,9%), Nexi also did well (+1,3%) and the technology stocks, with Stmicroelectronics in good evidence (+2%). Banca Generali also did well, after the accounts published yesterday, which was followed by the promotion of Equita, Kepler Cheuvreux, Mediobanca, Intermonte, all of which raised their rating. Outside the Ftse Mib the rally by Fincantieri should be noted (+5%). The rise was expected by analysts, but it could once again be a sign of the turning point coming with Draghi, also and above all on investments in infrastructure and transport.
Be careful too the other European lists: Frankfurt flat, in very slight progress, while Paris scores an almost stalemate, just below parity. London is also without ideas, which does not show significant changes in prices, even if the cold shower has arrived for the Ftse 100: as the Financial Times wrote, the English Stock Exchange is no longer the first in Europe for volumes traded. Among the effects of Brexit there was in fact a migration of transactions towards continental financial markets, in particular Amsterdam which has just placed the overtaking: in January it traded 9,2 billion euros of shares every day, against 8,6 billion London.
As for the raw materials slow down the run of oil: today Brent is down to 61 dollars a barrel (from 61,5 at yesterday's close), and Wti is just above 58 dollars a barrel. Gold is flat at 1842.53 dollars an ounce, while the euro is also stable, trading at 1.212 dollars.
