The European stock markets closed with little movement, below the highs reached in the session, thanks to the cautious performance of Wall Street after a disappointing job report and some lackluster quarterly reports, such as GM and Starbucks. On the other hand, Alphabet and Advanced Micro Devices (chip manufacturer) are on the rise in the wake of solid quarterly results, while Meta and Amazon are restless waiting to show their numbers. But the collapse of Paypal, the giant of digital payments, is striking, losing 25% in one sitting due to competition from Ebay.
In Europe the best square is Milano, which appreciated by 0,6% (in tandem with London) to 27.388 points, almost completely erasing January's losses thanks to the progress of the banks. They are further back, just a few minutes from closing, Amsterdam +0,16% and Paris +0,36%. Flat Madrid +0,01% and Frankfurt.
The yields on government bonds in the Eurozone remain in the spotlight, pending tomorrow's ECB meeting: the 0,052-year Bund rises to +1,437, the BTP of the same duration rises slightly to XNUMX, by one spread stable at 136 basis points.
Investor interest in the words che is on the rise Christine Lagarde he will pronounce tomorrow, at the end of the directorate, from which no news should emerge. Inflation continues to run in the euro area, as confirmed by today's data and this will help the reasons of the hawks, every hint of the president can therefore be read in one key or another in view of possible future actions. “The European Central Bank's stance on more persistent inflation will be crucial,” Commerzbank rate strategists argue in a note.
In this context theeuro maintains good pitch against the dollar and tries to grab the 1,13 level.
The BoE also meets tomorrow.
Superstar banks in Piazza Affari
The banks have been supporting the mood of the main index of Piazza Affari for at least three sessions, thanks to the newfound political stability after the confirmation of Sergio Mattarella at the Quirinale (the president will be sworn in tomorrow afternoon) and the prospect of a change of pace by the central banks , despite some tension on government bonds.
Vola Unicredit +3,23%, closely followed by Bpm bank + 2,38% Understanding + 1,01% Banking Mediolanum + 1,38% Mediobanca + 1,02% Ps (+ 2,04%).
They are confirmed in money Amplifon + 3,17% Interpump + 2,01% Buzzi + 1,22%.
Ferrari closes its race with an increase of 1,59%, after having remained in breakdown for a short time, following the presentation of the accounts of the fourth quarter 2021, with record deliveries of 11.155 cars. Last year, said Ferrari CEO Benedetto Vigna, revenues rose "for the first time above 4 billion euros". With these results, the prancing horse is on the right track to reach the Ebitda targets for 2023. In 2021, due to the pandemic, Ferrari had moved the targets of the plan presented in 2022 by one year - from 2023 to 2018. For the profits are expected to grow for the current year.
Titles in red start at Iveco -2,15%. Some lame profit taking nexi -0,98%, after yesterday's leap.
Saipem, -1,24%, does not find the strength to recover after the very heavy losses of recent days.
The market is waiting for news on the financial restructuring process, after the announcement of 2021 losses exceeding one third of the capital.
Eni, the engineering company's main shareholder, dropped 0,74% in a sluggish environment for the European oil sector.
Maire Tecnimont limits the damage to 0,33%, after rumors about an old Treasury project that would be dusted off with the aim of integrating the two oil companies (Saipem and Maire), with the help of Cdp, to thus create an Italian pole of the 'engineering. "At the moment we do not consider the hypothesis credible," says Bestinver.
Record inflation in January in the Eurozone
Eurostat estimates that inflation in the euro area in January will reach a record +5,1% (from 5% in December) mainly due to sharp increases in energy costs (+28,6% from 25,9% the previous month ). Food, alcohol and tobacco run fast, but light years apart (+3,6%).
The flare-up touches Italy, where the leap is the largest for 26 years: +1,6% on a monthly basis, +4,8% on an annual basis (from 3,9% in December). Energies mark +38,6%. This was noted by Istat, according to which "growing inflationary tensions are also manifesting themselves in other product sectors". Meanwhile the institute change the basket and introduces consumer goods such as tampons. Among the news for 2022 there are therefore the costs for a PC chair, air fryer, oximeter (or pulse oximeter), individual psychotherapy, serological, molecular and rapid tests for Covid, poke take away and streaming of musical content.
The disappointing ADP report on employment in the private sector in January also comes from the USA: -301 jobs, against expectations of +200. This is the first drop since December 2020 and the worst drop since April 2020, a sign that the Omicron variant has hit jobs more than expected. The employment report for the first month of 2022 will arrive on Friday to clarify, but already yesterday the White House said it expected a figure strongly influenced by the new pandemic variant.
Oil in the red, OPEC+ confirms increases
Oil travels in reverse at the moment, even if OPEC+ has not changed its decisions, confirming the increase of a further 400 barrels in March. The oil injection strategy remains gradual, in line with what was decided last year, until returning to pre-pandemic levels, while there were those who were pushing for more substantial moves, given the price tensions. Brent yields 0,5 and trades around 88,70 dollars a barrel; Wti -0,7%, 87,57 dollars a barrel.
