November ends with a highly volatile session for European price lists, alarmed in the morning by the declarations of Moderna's CEO on the dubious effectiveness of vaccines against the Omicron variant and then reassured by Biontech's different point of view. Finally, the closure is flaming red, following the losses of Wall Street and the statements by Fed Chairman Jerome Powell, according to which inflation is no longer "transitional" and the US central bank will discuss a faster withdrawal of stimuli at its next meeting.
“Right now – says Powell – the economy is very strong and inflationary pressures are higher. Therefore, it is appropriate to consider ending the tapering a few months ahead of schedule. I expect we will discuss this at the next meeting."
Taurus thus re-enters the stars, like writes Ugo Bertone, and investors are fleeing equities and turning to bonds. The prices of T-Bonds rise, while yields fall (1,47% for the XNUMX-year Treasury). The dollar changes course and regains strength (1,127 the exchange rate with the euro), while the prices of Petroleum they go down. Brent loses about 3,5%, 70,89 dollars a barrel; the WTI loses 3,8%, 67,3 dollars.
In this context, the main price list of Business Square retreats 0,87%, to 25.814 basis points, in line with Paris -0,81% and London -0,78%, better than Frankfurt -1,21% Madrid -1,72% Amsterdam -1,22%.
Queen of the Milanese blue chips is Diasorin, -1,97%, the diagnostic company that sees an inevitable business opportunity with swabs in the resurgence of the pandemic. Well among pharmaceuticals Recordati + 0,87%.
Utilities with are appreciated Terna + 1,23%.
It shines among the bankers Unicredit +1,14%, pending the new industrial plan that the institute will present on 9 December, an opportunity to shed light on the strategies of the new CEO Andrea Orcel. salt Mediobanca + 0,47%.
The biggest sales are for oil stocks such as Tenaris -2,91% Saipem -1,81% ed Eni -1,34%.
Among the industrialists Stallentis leaves 2,75% on the ground after signing an agreement with the US Factorial Energy to develop solid-state batteries for electric vehicles. The shareholder Exor loses 1,5%, on the day of the meeting with investors. Exor – CEO John Elkann tells reporters – will have approx 9 billion euros for investments next year, once the divestment of PartnerRe is completed. Investments will focus on companies already owned by the Agnelli family holding company and in luxury, healthcare and technology, but there is no interest in the Armani luxury group. “We have an excellent relationship with Giorgio Armani, personal and professional – he says – The company is not for sale and it is important that the rumors of an interest from Exor stop” circulating.
About the Juventus (+0,46%), overwhelmed by a judicial investigation, the company's collaboration with the investigators is maximum: "Juventus is a great club and there are all intentions that it will remain so".
Telecom shed 2,36% in the stall on the possible takeover bid by KKR, despite the idea that Iliad could be involved. Sources close to the situation quoted by Reuters confirm JP Morgan should guarantee the financing of the operation of the US fund.
According to Il Messaggero, Jp Morgan would be willing to raise the financial commitment beyond 45 billion should the price of the offer rise with respect to the 0,505 euro per share communicated. "Today's news flow highlights KKR's commitment to a deal and the potential for European consolidation but also confirms that opposition from Vivendi and the unions remain key issues," Intesa Sanpaolo comments in a statement.
The clasp is practically colorless to the secondary: lo spread between the ten-year Italian and German it is around 129 basis points; the BTP rate +0,91%; that of the Bund -0,38%.
Meanwhile, the demand and yields for Btp and CcTeu assigned at auction by the Treasury were good. For the ninth tranche of the 5-year BTP, the yield fell by 9 basis points, settling at +0,19%. For the third tranche of the 10-year BTP, the drop is 2 cents compared to last month's auction at +1,02%. The eighth tranche of the CcTeu expiring on 15/04/2029, assigned for 1,5 billion, achieved a gross yield of 0,02%, (+3 cents on the previous auction).
Inflation is viewed with concern, however, also in the Eurozone, given that an all-time high was reached in November, +4,9%, mainly due to the increase in energy prices (+27,4%). Some observers believe this is a peak before a slow decline. For Italy, Istat estimates +0,7% in November and +3,8% year on year, the highest level since 2008.
