The European lists close mixed, while Wall Street improves its records in the first hours of trade, on the day of the signing of the "phase one" trade agreements with China.
Piazza Affari is the worst, -0,69%, 23.763 points, penalized by tonfo Unipol -2,81% and Atlantia -2,62%, still poised on the revocation of the concessions to ASPI. In contrast Moncler, +2,72, which rises to 42,72 euros per share. Banks in the red and rising spreads complete the picture of a weak session. The yield differential between 10-year BTPs and Bunds of the same duration rose to 162 basis points (+1,65%), with the Italian 1,37-year rate at XNUMX%. However, there is a boom in orders for the new 30-year BTP benchmark maturity 01/09/2050 that the Treasury announced yesterday and launched today on the market through a syndicate of banks. The new thirtieth anniversary has garnered record demand, amounting to approximately 45 billion.
In the rest of Europe: Frankfurt -0,22%; Paris -0,14%; Madrid -0,24%; London +0,27%. Moscow, +0,09%, remains at the window after resignation of Prime Minister Dmitri Medvedev and his government. A "right decision", claims Medvedev himself, which will leave room for maneuver for President Vladimir Putin to amend the Constitution
Overseas the Dow Jones travels over 29.100 points, even if big banks are mixed after quarterly results. Bank of America and Goldman Sachs disappoint, while BlackRock is in the money, after a strong quarter.
However, attention remains catalysed by the signing of trade agreements, which bring a first sigh of relief even if they still leave many unresolved issues. Washington will not eliminate 25% tariffs on 250 billion dollars of Chinese imports, while on 120 billion of products the tariffs will be reduced to 7,5% (from the current 15%). The real end of tariffs is therefore postponed to phase two, after the 2020 elections, when the nodes in the technological and cyber-security fields will have to be resolved, while the US will monitor compliance with the commitments made during this period. The partial disappointment sinks oil, with Brent losing 0,84% and falling to 63,95 dollars a barrel. Gold up to 1550,95 dollars an ounce. Until 17,30, the time when the agreements were expected to be signed, the dollar was also declining. The euro moves slightly higher against the greenback and trades at 1,15.
Among the many macroeconomic data today it should be noted that Germany's GDP grew by only 2019% in 0,6, while in the euro area, in November, industrial production resumed (+0,2%) after the slowdown of the previous month (-0,9 %). Year on year, however, the decline was 1,5%.
In Piazza Affari Moncler updates its highs also supported by yesterday's Ubs report. In recovery Banca Generali +2,14%, Amplifon did well +2,08% and Recordati +1,58%. The pharmaceutical company announced that the EU executive has approved the marketing of the orphan drug, Isturisa (osilodrostat), indicated for the treatment of endogenous Cushing's syndrome in adults.
Historic record for Terna, at 6,1 euros per share (+0,86%), in the wake of today's publications by financial analysts. This morning Intermonte increased its target price by 20 €/cents. Bernstein has expressed an Outperform recommendation on the stock with a target price of €6,3/share, placing Terna among his favorite stocks for 2020. Terna's listing on the Stock Exchange took place on June 23, 2004, with a placement price of 1,7. XNUMX euros per share.
Rain of sales instead on Atlantia, sandwiched between the risk of concessions and the rating agencies' ratings cut on the debt, in the light of a negative net financial position of almost 38 million euro. Unipol falls heavily; Ferragamo -2,37%; Buzzi, -2,58%; Stm -1,99%; Fiat -1,89%.
Between the banks the worst are Unicredit -2,6%, Ubi -1,74% and Banco Bpm -1,62%. According to S&P, the Italian banking system needs further consolidation. Mirko Sanna, Director Financial Institutions of S&P said today as he presented the "banking outlook" for 2020 in Milan.
Weak Eni -0,55% and Saipem -0,07%, even if the judicial news is good: the second Court of Appeal of Milan has in fact acquitted the two companies and all the defendants at the end of the second instance trial on the alleged bribes paid for contracts in Algeria.
