On Mario Draghi day the spread drops to its lowest since the beginning of the year, but the euro flies and the stock market wobbles. At the end of the day, the financial centers of the Eurozone closed modestly lower, with Milan in the red by 0,19%, 21.438 points, Paris -0,32%, Madrid -0,22%, Frankfurt -0,04%. On the macro front, consumer confidence dropped unexpectedly in July, after the marked increase in the previous month.
The trend in London was quite different, +0,77%, with the pound weak against the single currency and the dollar. Wall Street opens uncertainly and continues on that path, with a series of positive macro figures and mixed quarterly results, on the one hand Bank of New York Mellon exceeding expectations and on the other Philip Morris disappointing.
They are especially the central banks, however, to attract attention of investors in today's session. In the morning, the Bank of Japan postponed the annual inflation target of 2% to March 2020.
In the afternoon the ECB confirmed the accommodating policy followed up to now, receiving the subsequent approval of the Monetary Fund: interest rates unchanged and confirmation of the quantitative easing plan, 60 billion euros per month, possibly to be expanded as a "size or duration" in the event of a worsening of the economy. The central bank's board unanimously decided not to set a precise date to evaluate changes to the stimulus program. "Patience and perseverance are needed because the time has not yet" are the exact words of the president. The comparison could take place in the autumn, but at the moment no committee has been tasked with working on new options. Meanwhile, Draghi observes, the recovery must not be strangled and "a substantial degree" of accommodative monetary policy is "still necessary" to favor inflation.
The context restores appeal to Italian paper: the 2,12-year yield drops to 158.40%, the spread with the German Bund drops to 3,53 points, -XNUMX%. Even the euro, however, gradually gained points in the afternoon and the cross with the dollar reaches 1,164 (+1,08%), top since January 2015.
The weakness of the greenback encourages gold: +0,42%, 1246.015 dollars an ounce. Oil first proceeds cautiously, then turns red: Brent -0,56%, 49,42 dollars a barrel. In Piazza Affari Ferrari still shines, +1,78%, but the brightest stars are Ferragamo +2,97% and Recordati +2,73%, which yesterday obtained from the European Commission the marketing authorization for the anti-psychotic drug Reagila.
Italgas +1,61% and Buzzi Unicem +1,64% also did well. At the bottom of the list is Cnh, -2,59%. Consistent losses for Exor -2,18%. Discounts the uncertainties of the Telecom sector -1,98%. Sales on Unipolsai -1,79% and Tenaris -1,69%. Outside of Ftse Mib, purchases reward Fincantieri +3,58%: profits taken on Poligrafici Editoriale -7,83% and Monrif -6,91%.
