Eurozone stock markets close positive on Mario Draghi's day, who confirmed rates and monetary policy guidance (rates unchanged at least until the summer), however admitting that the area's economy continues to be weaker than expected and announcing that the March meeting will take stock of any consequences.
Digestion of Draghi's words was not easy for the markets. The price lists, after a growing morning, dropped in the second part of the session, to then recover in the last glimpse. A swing that ended with a rise of 0,85% for Milano (19.564 points), best place in Europe, driven by stm, +10,16%, celebrating after the fourth quarter 2018 accounts better than expected and despite the forecasts of declining revenues for the first quarter 2019. Stellar also Azimuth, + 7,6%.
Fractional earnings per Frankfurt, +0,53% and Paris +0,65%; more shy Madrid +0,23%. Outside the single currency area they lose London -0,34% and Zurich -0,15%.
He also proceeded to influence the price lists in the afternoon Wall Street, still uncertain, after a thwarted opening. The words of Wilbur Ross, US Secretary of Commerce, according to which there are still "miles and miles" to go before reaching a solution on tariffs between the US and China weigh heavily. For Ross it is "unrealistic" to think that there will be a breakthrough in the round of negotiations scheduled for next week in the American capital. Four days after the announcement that China's economy grew at its slowest pace since 2018 in 1990, traders and managers continue to question whether there will be a recession.
At the moment this drift is excluded in the eurozone, according to Draghi. For the number one of the ECB, however, "the persistence of uncertainty, in particular on geopolitical factors and on the risk of trade protectionism, are weighing on the climate". The slowdown "will clearly have" repercussions on future monetary policy decisions by the ECB and the Ltro and Ltro operations "have been very useful and very effective in restoring the transmission mechanisms of monetary policy" and if it were necessary to reactivate them, the ECB would be ready to do so, but "on the basis of monetary policy needs, not as a measure in favor of a given sector or country". We'll talk about it again in March, when the central bank will have new data available. Then even a correction of the interest rate outlook, if necessary, cannot be ruled out.
Following Draghi, theeuro it began to lose altitude against the dollar, it is now around 1,134. Bonds, on the other hand, strengthened: the Italian 2,67-year yield falls to XNUMX% and the spread with the Bund it takes a small step back, at 249.00 basis points (-0,88%). The raw materials moved little. flat line forgold, around 1282,78 dollars an ounce. I waver the Petroleum which does not seem too sensitive to the Venezuelan crisis, nor to the higher-than-expected US weekly inventories. Brent slightly down to 60,99 dollars a barrel (-0,25).
In Piazza Affari, apart from the hangover for purchases on Stm, Azimut stands out among the blue chips. The announcement of the new method for calculating performance fees on Luxembourg funds, which will produce a reduction in variable costs for customers, has increased the appeal of the stock. Simultaneously with the adoption of the new method, Websim analysts underline, "the fixed commissions will increase by about 50 basis points".
Bene Leonardo, +2,53%; Ferrari +2,27%; Moncler +1,93%. The recovery of also continues Telecom + 1%.
Fight the banks. They are weak Ubi -2,04% and Bpm bank, -1,69%, good Unicredit +0,78%. Below Recordati -1,73%; Bpm bank -1,6%; Buzzi -1,53%; Saipem -0,79%.
Off the main list it is appreciated Mediaset (+1,99%) that in Spain fly (+5,77%). The Spanish subsidiary has launched a 200 million buyback plan to raise up to 9,9% of equity capital and has confirmed its intention to distribute 50% of profits as a dividend to shareholders again this year. Chapter of Tod’s, -5,94%, after the accounts presented yesterday.
