After waiting for the perfect Greek storm (which didn't happen), the markets are declining in expectation of the next market movers: today the first Fed meeting of the year (and as usual tomorrow at 20 the press release is expected) and the season of US quarterly (The accounts of about 30% of the S&P 50 companies will be released in the next four days). In Italy, all eyes are on the election of the new Head of State, although there are some financial matches that manage to warm up spirits much more.
"It is easier to choose the President of the Republic than the director of Corriere della Sera", commented yesterday Carlo Cimbri, CEO of Unipol Sai, a 4,6% shareholder of RCS. The share of the group that publishes Corriere della Sera today rose by 4,2% with sustained volumes.
The main European markets travel weakly in negative territory: Milan leads the declines and loses 1%, Paris -0,57%, London -0,32%, Frankfurt -0,62%. Tokyo closed up 1,7%. However, Athens travels in a decided downward trend, losing around 4%.
THEMoscow Micex index rose by 1,2% after the negative start in the wake of the decision, communicated last night after markets were closed, by S&P to downgrade the country's rating to junk level. For Moscow, the decision by the Standard & Poor's agency to downgrade Russia's rating was taken by direct order from Washington: "The fact that this decision was taken today is not surprising - said the Deputy Minister of Foreign Affairs, Vasily Nebenzia, to the Ria Novosti news agency. -it didn't happen by a strange coincidence, but it corresponds with a new wave of anti-Russian hysteria. I have no doubt that it was taken not on suggestion, but on direct orders from Washington."
I government bonds continue to benefit from the abundant liquidity, especially after the announcement of quantitative easing. Today, the Italian Treasury recorded strong demand and a new one historic low for the Ctz awarded at auction in the first placement after the start of QE by the ECB. In detail, the ninth tranche of the two billion Ctz expiring on 30 August 2016 recorded a demand of 3,17 billion. The ratio between supply and demand stood at 1,59. New all-time low for the yield, down 21 basis points to 0,281%. However, the Btp-bund spread rose to 116 basis points.
“Read the numbers, Italy is not violating the European deficit rules, is currently under the preventive arm of economic governance and we comply with the rules better than other countries despite the high debt for which we make every effort to keep it on a path of reduction, we are making structural reforms that strengthen sustainability ", he the economy minister said today Pier Carlo Padoan responding to an MEP who spoke of Italy as a country that does not respect the stability pact. Padoan also underlined that the economic governance of the Eurozone is not satisfactory and proposed 5 steps to be taken to adapt the entire governance architecture to the needs of the current phase characterized by the risk of deflation and the need to closely coordinate all the dimensions of economic policy.
On the macroeconomic front Britain in the fourth quarter GDP rose by 0,5% in the quarter and 2,7% tendential. These are the preliminary estimates released today by the British Statistics Institute. The results are slightly lower than analysts' expectations which indicated an increase of 0,6% at the economic level and 2,8% at the trend level.
Now the markets are looking at the data coming from the USA (dealing with a major snowstorm): December's Durable Goods Orders, January's Markit Services PMI, January's Conference Board Consumer Confidence Index, and New Home Sales December.
At Piazza Affari they move against the tide at the top of the Ftse Mib A2A +1,7%, Gtech +1,5%, Autogrill +1,3%, Mediolanum +1,08% and Saipem +1%. Today il Messaggero wrote that the sale by the group of 52% of the Cepav Due consortium, the general contractor that is building the high-speed railway between Milan and Verona, to the Pizzarotti group is being finalised.
At the bottom of the Ftse Mib lose ground FCa -2,7% which falls back on profit-taking pending the 2014 accounts. Banks down too including the Popolari, in the eye of the storm for governance reform. Pm -2,4%,Bper -2,2%. You would merge -2,3%. Finmeccanica also bad -2,4% waiting for the Board of Directors which must approve the 2015-2019 industrial plan wanted by the CEO Mauro Moretti and choose whether to open the exclusive negotiation for the sale of all the Ansaldo Breda plants with the Japanese Hitachi or the Chinese Insigma. Hitachi seems to be the favorite in the match.
