Commodities are rallying, but stock exchanges show various shades of red in the first session of the week: European stocks close slightly down, after last Friday's tailspin, and Wall Street moves negative, weighed down by the Nasdaq which loses 1,5% and the reverse trend of big tech. However, the Dow Jones is rising and is currently flat.
Business Square loses 0,55%, but maintains the 23 thousand basis points, with the leap of Atlantia (+ 4,62%), Pirelli (+3,97%) and oil stocks. The black jersey in Europe belongs to Amsterdam -0,99%, better Frankfurt -0,14% Madrid -0,52% Paris -0,11%. Outside the eurozone London yields 0,14%.
The inflation risk, which recently drove up government bond yields, would still be disturbing the markets. The 1,36-year Treasury is back to its highest level in about a year (0,52%), although it is down slightly today. In the last three weeks, the yield on the ten-year Bund has risen from -0,31% to -0,35% (today -0,65%) and even in Italy, despite the confidence in Mario Draghi's action, Btp rates in ten years they have come close to XNUMX%, bringing it spread in area 95 points. Today's close is at 94 basis points, with an Italian benchmark stock rate of 0,59%.
On the other hand, raw materials linked to the economic recovery are registering sharp increases: the Copper in recent sessions he has reached a nine-year high and the Petroleum it went over 61 dollars a barrel. At present, Brent is up 2,7% to 63,82 dollars a barrel; Texan crude trades at 61,15 dollars, up 3,14%. It is also in progress : the April 2021 contract is moving around $1810,80 an ounce, up 1,9%.
On the macroeconomic front, the news is encouraging, although the US has reached half a million deaths from Covid and the EU has problems hoarding vaccines. The immunization of an ever-increasing number of people is keeping economic morale quite high: the Ifo index, which measures the confidence of German businesses, recorded a better-than-expected improvement in February, rising from 90,3 to 92,4 points . Overseas, the data on US domestic economic activity compiled by the Federal Reserve of Chicago rose from 0,41 in December to 0,66 points, against expectations for a drop to 0,15 points. The index is a weighted basket of 85 indicators from various economic sectors and a value above 0 indicates that the economy is expanding. The index which measures the average of the last three months rose from 0,47 to 0,60
The picture is in the attention of the central banks: the ECB is "closely monitoring" the nominal yields of government bonds: "As part of the broad set of indicators that we monitor to assess whether the financing conditions are still favourable, rates overnight swaps and sovereign yields are particularly important – says Christine Lagarde – as a result, the ECB is closely monitoring the evolution of nominal yields on longer-term bonds”. However, the president of the European central bank also underlines that the pandemic is not over yet and the alignment of unprecedented policies' of the public response to the crisis (starting from monetary policy and fiscal policy) "will continue to be an imperative for what we wait” so that “our policies can continue to reinforce each other in addressing two common challenges: protecting the economy and subsequently transforming it”. In the US, however, the intervention of the president of the Fed is expected, tomorrow and the day after tomorrow, in the House and in the Senate, while Treasury Secretary Janet Yellen is still spending herself in favor of the 1900 trillion dollar aid plan under discussion in Congress.
In Piazza Affari, the sector stocks benefit from the exuberance of oil: Tenaris + 3,76% Eni + 1,72% Saipem +3,49%. The services and solutions company for the energy and infrastructure sector is also celebrating the award of a contract from Qatargas worth approximately 1,7 billion dollars. The project concerns the offshore development of the North Field Production Sustainability Project, off the northeastern coast of the Qatar peninsula.
Queen of the list, however, is Atlantia, on press rumors that CDP is ready to formulate a binding offer for 88% of Autostrade per l'Italia together with the Macquarie and Blackstone funds, at a price placed in the upper part of the range of 8,5-9,5 billion of Euro. Furthermore, over the weekend the Gavio family, with the Ardian fund, unexpectedly announced a takeover bid on its own Asthma (+27,63%), putting the price of 25,6 euros per share on the plate.
Money up too Pirelli; Post +262%; Cnh + 1,83%.
The worst performance is for pharmaceutical stocks: Diasorin -3,38% and Recordati -3,38%, after the 2020 accounts with declining revenues.
Profit-taking penalizes Moncler -2,66%, after the exploit of the last eighth following the results.
In decline stm -2,28% and nexi -1,93%.
Weak banks, starting with Bper -1,45%.
On the foreign exchange market'EUR it appreciates against the dollar and the exchange rate is above 1,215.
It deflates a bit bitcoin, after yet another weekend high at $58.3323,26. The exchange rate is currently down 7,4% to $53.483,6. For Janet Yellen, bitcoin remains a "highly speculative" asset, "inefficient" for transactions and used for "illicit".
