Piazza Affari continued the week up and closed the session with an increase of 0,81% to 21.935 basis points supported by banks and industrial stocks, in a mixed European context. Frankfurt is the best place, +1,05%, thanks to the leap of Volkswagen +6%; Paris (+0,5%) and Madrid (0,13%) have moved little, while London (-0,25%) and Zurich (-0,31%) are down. A slight improvement in sentiment was seen in the last hours of trading, following Wall Street's opening bell as Apple climbed 4%, boosted by a report in which it expects to increase iPhone production by 30% in the first half of 2021.
The markets oscillate between optimism and pessimism, moved on the one hand by confidence in vaccines and on the other by the ferocity of the pandemic and the consequent Christmas restrictions. We are fighting against Covid 19 and Europe too, urged by Germany (in lockdown from tomorrow) is accelerating on vaccines: the European medicines agency (EMA) will hold an extraordinary meeting on December 21 (and not on 29 as previously decided), to give the possible green light to the anticovid product developed by BioNTech and Pfizer, which is already being administered in Great Britain and the USA.
The United States goes further and from documents published today it appears that members of the US FDA have not signaled serious fears even about the use of Moderna's vaccine. The bipartisan plan for new anti-crisis aid presented to Congress also supports the mood of American price lists; the initial $908 billion project was split in two, to increase the chances of approval, separating the $748 billion intended for small businesses and the unemployed from the more controversial measures relating to corporate liability and state aid.
Risk appetite pushes oil and Brent crosses the $50 threshold again, trading up almost 1% to $50,80 a barrel. Gold also made progress, with spot gold appreciating by 1.13% to 1848,57 dollars an ounce.
The currency market sees the euro-dollar stalled at an exchange rate of 1,215. The single currency instead fell against the pound by 0,6% and exchanged at 0,905. British Prime Minister Boris Johnson reiterated to ministers today that the most likely outcome of post-Brexit trade talks with the European Union is a 'no deal', even if his team will try to reach an agreement.
In this panorama full of hopes, but also of unknowns, the Italian secondary is rallying, despite the public debt in October reaching a new record at 2.587,0 billion, an increase of 3,2 billion compared to the previous month and while it remains the verification of the majority is pending, due to the postponement of the expected face-to-face Renzi-Conte due to the absence of the minister of Iv. Bellanova.
The spread between the Italian and German ten-year bonds fell to 109 basis points (-2,89%) and the yield on the Italian ten-year bond narrowed to a minimum of +0,48%. A euphoria that also affects the Spanish Bonos: the 0,02-year Iberian rate reaches a negative yield of -59% (spread of XNUMX points with the Bund of the same term).
The main stock exchange on Piazza Affari is led by Stm, +4,25%, followed by Apple. Banks are progressing, awaiting the decision of the European Central Bank on the distribution of dividends, suspended since last March when the stop was also established for institutions to buy treasury shares.
In pole position is Mediobanca, +3,29%, but Unicredit +2,55% and Intesa +1,85% also recorded excellent performances.
Among the ten biggest increases today is Leonardo +3,04%, which after a period of volatility benefits from rumors about an increase in Italian defense spending in 2021.
Atlantia rebounds, +3,03%, after the slide on the eve following indiscretions on the value, lower than expected, that the consortium led by Cdp would attribute to Autostrade per l'Italia. The board has called an extraordinary shareholders' meeting for January 15 to deliberate on the ASPI spin-off project, while Reuters writes that the government says it is confident that Atlantia can reach an agreement with Cassa Depositi e Prestiti on the sale of 88% of the company before of mid-January, according to a political source. In the daily Equita underlines that "the agreement with CDP would eliminate the political risk, solve the debt problem in the holding (4,5 billion) and ensure financial flexibility for Atlantia".
Cars did well with Fiat +2,21% and Ferrari +1,51%, with the prospects of new incentives in 2021. Volkswagen's leap in Frankfurt also helps the sector at European level. The novelty is that Herbert Diess, number one of the German group, has received the full support of his work from the supervisory board. An agreement has also been found for Lamborghini and Ducati to remain part of the group, while Bentley passes under the management of Audi.
Cnh, +3,16%: the broker Deutsche Bank raised its target price to 16 dollars from 12 dollars on the stock listed on the New York Stock Exchange. Still in evidence Moncler +1,92%. Little move Telecom, +0,31%, which in Brazil wins Oi.
The sell-off hit defensive stocks, pharmaceuticals and utilities. The biggest reductions are from Recordati -2,97%; Amplifon -2,29%; A2a -2,46%. Negative Campri -2,31%. Pirelli sells 1,98%, following the placement of a 500 million euro convertible bond with a conversion price set at 6,235 euro per share.
