Piazza Affari confirmed its positive results at the end of an interlocutory session, with little movement in Europe and in New York. After yesterday's gains there is some profit taking, while the markets focus remains on inflation. Gold and oil plates.
In the panorama with little movement, it should be noted that the Benetton family has launched the new structure of the Edizione holding company.
BUSINESS PLACE TOWING STELLANTIS AND IVECO
Milano it appreciates by 0,47% to 27.844 points, thanks to the earnings of the Agnelli team. stellantis it is the best blue chip, +3,43%, with Jefferies analysts who have increased the target price of the automotive group from 22 euros to 25 euros and confirmed the indication to purchase the shares.
It is confirmed in money Iveco Group +3,26%, queen of the list in yesterday's session. Banca Akros notes that data on tractor registrations were released in December, well above expectations for the fourth quarter in North America: "Moderately positive and not obvious news", reads the daily.
Bene Cnh +2,18 ed Exor .
Earn a place on the podium stm, +3,06%, which looks to TSMC's better-than-expected quarterly report, while Credit Suisse analysts bring the target price of the stock to 60 euros from 49,5 euros.
Among the financial back to the fore Bper +1,76%, engaged in an attempt to purchase Carige (-0,59%), with possible involvement of Banca di Sondrio.
The situation favors the main shareholder of the Modena bank, Unipol + 1,73%.
In the sector it remains at a standstill Unicredit +0,31%, after yesterday's crash.
The budget of the day is heavy Diasorin-4,21%, despite the launch of a new version of the Simplexa Sars-CoV-2 Variants Direct test, a test for research use only, which allows the identification of mutations associated with the Omicron variant.
In decline Moncler -1,63%, which is in line with the wave of frost on the luxury sector throughout Europe. Also penalized Ferrari -1,94%. Goes down Interpump -1,99%.
On a day devoid of great ideas, the Benetton family stands out, launching the new structure of the holding Edition, with the appointment of Alessandro Benetton as president and Enrico Laghi as ad. The extraordinary shareholders' meeting of Edizione, reports a note, unanimously approved the transformation of the company into a joint stock company and the adoption of a new governance. The new statute "aims to renew the commitment to the stability of the group, confirming the mission of Edizione as a pure holding company and the strategic nature of its investments in subsidiaries Atlantia (+ 0,52%), Rest (-0,45%) and Benetton Group”. Among these, neither are mentioned Mediobanca (-0,75%) nor Generali (-0,05%), in which the approximately 4% of Edizione could also tip the balance in the spring meeting for the renewal of the board of directors.
In the rest of the continent, sales of titles from big names are in the red Paris -0,5%. They are just above parity Frankfurt + 0,06% Amsterdam +0,11% and London +0,15%. Better Madrid + 0,54%.
Overseas Wall Street it moves in random order, after a positive start. It is declining Nasdaq (-0,5%), while the Dow Jones earn 0,55%.
The macro data contributes to dictating the mood of the Stars and Stripes stock exchange, while the bond market appears to have moved little, with moderately lower prices and cautiously rising yields (1,734-year +XNUMX%).
NEW DATA ON US INFLATION IN CHIAROSCURO
After the record data on consumer prices seen yesterday, today US producer prices in December show two sides. The annual step is gigantic, +9,7%, but the monthly one +0,2% (against estimates for +0,4%) gives hope that inflation will begin to slow down.
Weekly new jobless claims unexpectedly rose by 23.000 to 230.000, versus estimates for a drop to 200.000; the overall number of workers receiving unemployment benefits fell by 194.000 to 1,559 million, the lowest level since 1973.
Returning to the timing and number of upcoming rate hikes, the president of the Philadelphia Fed, Patrick Hacker, in an interview with the FT, does not rule out more than three adjustments to the cost of money in 2022, starting in March. The exponent of the US central bank also defines the 7% annual jump in US inflation in December as "very high and very ugly".
DE GUINDOS, ECB: LESS TRANSITIONAL PEAK INFLATION
The question of the "transience" of inflation remains open in the euro area. According to the number two of Eurotower, Luis de Guindos, "inflation will not be as transient as expected just a few months ago" and the growth in prices this year is likely to exceed projections.
FOR S&P, THE ECB HAS NO REASON TO RAISE RATES
According to Sylvain Broyer, chief economist for Europe at S&P Global Ratings, the ECB has no reason to raise rates in 2022 in any case.
“There are growing indications that supply bottlenecks are gradually being resolved – Broyer argues – and, although the level of uncertainty remains high, inflation will decrease over the next few months. We have gone from a phase in which there was a risk of a deflationary scenario to a phase in which the medium-term inflation objective is more likely to be achieved”. Given the difference in the evolution of the macroeconomic situation in the USA, where core inflation appears increasingly extended to headline inflation, compared to Europe where it is above all linked to high energy costs while wage growth appears contained, the ECB is not forced to act immediately beyond the measures already announced in December but will have to make careful and effective use of communication.
Furthermore, according to the economist, there is no relationship between the increase in the spread between the BTP and the Bund seen in the last few years and the election of the President of the Republic, the important thing is that Italy does not disperse the current wealth of business and families.
SPREAD STABLE, BUT RATES ON THE RISE AT AUCTIONS
The session is also not moving much for the bond. The spread between the Italian and German ten-year bonds is confirmed at 135 basis points (-0,59%) with slightly lower yields: +1,21% and -0,13% respectively.
However, rates on the primary on three- and seven-year bonds assigned at auction by the Treasury are on the rise. For the third tranche of the 3-year BTP expiring on 15/12/2024, the yield rose by 24 cents, returning to positive for the first time since 2020 and settling at 0,14%.
As regards the third tranche of the 7-year BTP expiring on 15/02/2029, the yield is up by 29 cents on last month's auction, to 0,89%.
