The boost to peripheral countries that came from Draghi's statements supports the price lists of Milano e Madrid and government debt spreads. Piazza Affari closes the first session of 2015 up by 0,62%, accompanied by Madrid, which scores +0,8%, while the rest of the main European indices are down: London -0,28% Paris -0,48% and Frankfurt -0,42%.
After a positive start, European stock markets lost ground slipping into negative territory in the wake of the data on manufacturing output in the euro area: the PMI index settled in December at 50,6 points below the flash estimate which indicated 50,8. The contraction is confirmed in France and Italy, with the index at 48,4, the lowest for 19 months, while Germany still records modest growth in production.
The peripheral squares, however, were supported by words by Mario Draghi who in an interview with the German newspaper Handelsblatt stated that the risk of deflation is not excluded and that the ECB is "in the technical stage of preparation to change the size, speed and composition of our measures at the beginning of 2015, if these were to be necessary, to react to too long a period of low inflation”. Phrases that suggest an increase in the probability of a short-term launch of the purchase of government securities on a large scale (Quantotative leasing).
Draghi's words have had repercussions on the peripheral spreads with the Btp-bund down to 125 basis points and the yield at a new historic low since the introduction of the euro at 1,8%, while the spread between the Bund and Bonos fell below 100. But also the bond yield at five years old, it dropped below zero for the first time.
The second effect was had on theeuro, which weakened again against the dollar. The euro-dollar exchange rate fell to 1,2011 (-0,77%) updating the new lows against the dollar for over four and a half years. The strengthening of the dollar weighed down the trend in the price of the dollar in the afternoon Petroleum: in the afternoon the Wti fell to 52,03 dollars a barrel, marking the lowest level since the beginning of May 2009. Brent also updated new lows, falling to 55,48 dollars, also at its lowest level since May 2009. The news from China, where December's PMI dropped to a year low, and Libya, where a port has returned to normal, offer speculative cues. During the afternoon, the WTI regained ground and at the end of Europe it was up 0,30% to 53,43 dollars a barrel.
After a successful start, Wall Street reversed course, leaving room for profit-taking on a day of below-expected macro data. The Dow Jones fell 0,13% and the S&P500 0,20%. Surprisingly, construction spending in the United States recorded a decline in November 2014, dropping by 0,3% compared to the previous month, against expectations for a growth of 0,4%q. The ISM manufacturing index in December was also disappointing, stopping at 55,5 points.
In Piazza Affari they run bpm (+ 5,07%), Ps (+ 2,43%) and Banco Popolare (+2,39%). In evidence Atlantia, second best stock in the Ftse Mib (+3,16%), and Autogrill (+2,16%). Instead, it deflates wdf (+1,88%) which in the session had been pushed over 3% by an indiscretion spread by the Reuters agency, according to which the Benetton family would be willing to dilute its stake even below 30% of the capital to facilitate the integration with an industrial partner.
Among the smaller capitalization stocks it earns Bialetti (+5,46%) after the debt restructuring agreement with the creditor banks, which also includes a capital increase of 14,2 million euros (of which Bialetti Holding will subscribe up to 9,1 million). Today the company announced that "all the conditions precedent have been fulfilled and the agreement has therefore become effective according to the established terms". Among the worst of the Ftse Mib are noted Campari (-2,23%), Yoox (-2,07%) And Cnh Industrial (-1,72%).
