Sandwiched between the plunge in Tokyo (-4%) and the volatile performance of Wall Street, European stock markets closed the last session of the week in the red, thanks to the drop in oil prices after the recent gains. The most exposed nerve, however, remains that of inflation risk, especially in the US, a fear that fuels the flight from bonds and pushes government bond yields up. A movement that, to tell the truth, today has suffered a setback.
Business Square it loses 0,93% and drops to 22.848 points, while on the secondary it is spread improves but remains above 100: 101 basis points (-0,64%), with a BTP rate of 0,75%.
In the rest of Europe Paris yields 1,4% and neither lvmh (-1,14%) escapes sales, after that Birkenstock announced the sale of a majority stake to the L Catterton fund, owned by Lvmh and Groupe Arnault. The German group, famous for its sandals, has not disclosed the financial details of the deal, but according to press sources the company is valued at around 4 billion euros.
Frankfurt limits damage to 0,7%, they do worse Madrid -1,12% Amsterdam, -2% and above London -2,6%. It was the pace that set the pace in the afternoon Wall Street which, after yesterday's losses, is match contrasted with the Nasdaq trying to rebound. At the moment the technology index has returned to the plus sign and is gaining more than one percentage point. The S&P 500 was also positive. In the bond sector, purchases of government securities are back and yields are down. The US 1,5-year bond shows a rate of around 1,6%. Yesterday it had exceeded 0,3%, reaching the highest levels for over a year. Among other things, the much-feared inflation appears to be under control at the moment, in the light of the PCE (personal consumption expenditures price index) data. In January, the increase was 1,5% over December, with an annual trend of 1.900%, therefore below the levels considered optimal by the US central bank for a healthy economy. Meanwhile, the US House of Representatives, with a Democratic majority, is aiming to approve President Joe Biden's $19 trillion aid plan. The debate could be long and animated, since most Republicans oppose the cost of the plan, which would cover the costs of vaccines, medical equipment in the fight against Covid-XNUMX and financial aid for families, small businesses and for state and local governments.
Profit-taking on raw materials weighs heavily on the lists, also weakened by the rise in the dollar.
Il Brent it dropped 1,45% and traded around 65,15 dollars a barrel, while Texan crude dropped 1,9%, 62,32 dollars a barrel.
Investors are selling oil futures, betting on increased supplies following next week's meeting of the Organization of Exporting and Allied Countries, a group known as OPEC+.
Despite today's decline, however, both Brent and US crude are starting to close the month up by about 20%, thanks to production stops in the United States and generalized optimism about the recovery in demand, fueled by vaccination programs against the Covid-19.
Evil metals: thegold (April 2021 contract) was down 3,1% to $1720,15 an ounce. The losses are even more substantial for the futures of thesilver (-5%), del palladium (-4,4%) and del copper (-3%).
On the currency market the euro-dollar is down, with the exchange rate falling to 1,2.
In Piazza Affari there are only five blue chips in green. Purchases privilege Ferrari +1,16%. Fractional earnings even for Inwit +0,47%; Moncler +0,31%; Prysmian +0,11%. You save Enel + 0,05%.
The most penalized stock in the list is Saipem, -3,17%, which pays the price for the drop in oil, but also for the disappointment with the 2020 accounts and the forecasts presented in recent days. In the sector they are also down Eni -2,05% and Tenaris -1,12%, the latter after yesterday's double-digit jump.
Fire red for Campari -3,04%. The banks are negative: Unicredit -2,22%; Bpm bank -1,89%. Monte dei Paschi it leaves 1,95% on the ground, but it started with declines close to 7%. The bank said yesterday evening that it is working to reduce legal risks and believes it can complete the capital strengthening process despite the "significant uncertainties" related to the fact that the EU should evaluate state intervention on the basis of stand-alone viability.
Benefits taken up Leonardo -2,44%, after the company's board of directors gave the go-ahead for the Wall Street listing of the company US subsidiary Drs.
Male Post -2,12%.
Out of the main basket Fincantieri shed 1,01%, after pushing itself in the session to gain up to 3% in the wake of the guidance and the above-expected quarterly accounts announced yesterday evening. The group also announced today, as prime contractor, an agreement for the construction of two new generation submarines for the Navy for a total value of 1,35 billion, with the option for a further two units. However, the news had already appeared in the newspapers in recent days. According to Mediobanca, both the shipbuilder's results and indications for the current year are higher than expected and could lead to an increase in analyst consensus.
