The good intonation of Piazza Affari continues, which closes positively in a multi-speed European context. The Ftse Mib scores +0,64%, 23.305 points with Saipem +3,65%, Tenaris +2,55% and Fineco +2,39% on the podium. The money continues to pour into Fiat, which rises by 2,26% to 19 euros per share. Well Stm, +2,2%. Banks are up, the true barometer of the stock market, after yesterday's rally. The best is Unicredit +1,82%.
Also noteworthy is the strengthening of the euro and the nosedive spread. Among the events that marked the day, mention should be made of the minutes of the meeting of the Governing Council of the ECB last December. “The language relating to various dimensions of the monetary policy position and the guidance on the future – says Frankfurt – could be revised at the beginning” of 2018. Investors, always attentive to Eurotower's rhetoric, immediately pricked up their antennas.
A change in guidance, i.e. in the mechanism by which the ECB communicates to the markets and directs interest rate expectations, could translate into a more hawkish central bank than seen so far. Moral, after the news, the euro changed course against the dollar and took the upward path, the cross is currently around 1,204; then the sales on the Bunds took off, with the yield over 0,5%. The yield on 10-year BTPs also rose slightly, reaching 2,06%, but the spread with the German rival collapsed by 6,52%, to 146.20 basis points.
Raw materials are in shape: gold exceeds 1322 dollars an ounce, while Brent is getting closer and closer to 70 dollars. It is currently $69,8 a barrel.
Black gold encourages energetics, which push Milan, but also Wall Street, in an excellent mood, after yesterday's break, with Dow Jones and Nasdaq even reaching new intraday records. Optimism seems to prevail in view of the start of the new quarterly season, which formally begins tomorrow with the accounts of JP Morgan, Wells Fargo and BlackRock. Pressure on T-bonds has eased, after China denied the rumors that emerged yesterday about a possible withdrawal by Beijing from buying US government bonds.
As regards the European lists, the worst is Frankfurt -0,59%, weak Paris -0,29%; good London +0,19%; flat Madrid +0,07.
Milan, even tonight, is the best. Pirelli did well, +1,68%, which successfully concluded the sale of the investment in Mediobanca, equal to approximately 1,78% of the capital, obtaining net income of approximately 152,8 million.
The negative side of the price list is largely occupied by fashion: Ynap -3,58%; Moncler -1,64%; Ferragamo -1,53%. Weak Buzzi -1,15% and Prysmian -1,05%.
