The ECB effect does not end the day after theDraghi announcement. In the middle of the day, the single currency drops to 1,1166 dollars, falling below 1,12 dollars for the first time since September 2003. Meanwhile, the main European markets continue their race, also supported by yesterday's positive reactions from Wall Street and this morning of the Asian markets (Tokyo rose by around 1% and Hong Kong by 1,34%). The exception is China, held back by the contraction of the manufacturing index, down for the second in a row, with the Shenzhen Stock Exchange losing 1,04%.
In Europe Paris salt of 2,06%, Frankfurt 1,66%, Madrid of 1,16%, while it is more cautious London, with a +0,24%. Milano it is more volatile and, after a brief downturn, rises by 0,6% at the end of the session. However, yesterday the Ftse Mib was the index that achieved the most consistent rally following the announcement of Draghi's Qe. The list is weighed down by the banks, the worst title of the Ftse Mib is Ps (-4,41%), closely followed by the popular banks where the gains started after the increases of the last few days and where the controversy is raging after the government's decision to intervene on the captain's vote of the popular banks: Popular bank -4,16% Bper -3,97% bpm -3,66%.
Lo BTP-Bund spread the descent continues, reaching 109 points, with a yield of 1,5%. Angela Merkel, at the end of the bilateral summit with Prime Minister Matteo Renzi, said she was reassured by the reform process underway in Italy. On the Greek case, the chancellor said she was convinced that "we will calmly find solutions" with the government that will be formed after the elections. Meanwhile, the spread of the Greek country has fallen below 800 basis points, from the thousand at the beginning of January. The Qe of the ECB, under certain conditions, could also support Athens.
The Eurozone today also manages to "celebrate" also on the macroeconomic front: the PMI manufacturing index in January did not disappoint expectations, reaching 51 as expected by analysts, and at the highest level for six months. Well too the composite PMI index, which rose to 52,2 from 51,4 in December, a five-month high. The PMI Services index rose to 52,3 from 51,6 in December, the highest point in three months. The German composite index did not disappoint either, rising again in January to 52,6 from 52 in December, the highest level for three months.
Now the markets look to the data coming from the USA in the afternoon: the Markit manufacturing index of SMEs (preliminary data for January; the leading index for December and sales of existing homes for December. Meanwhile, oil was up 0,95% to 46,75 dollars a barrel in follows the expectations of a change of policy by OPEC (which so far has not wanted to lower oil production) after the death of King Abdullah of Saudi Arabia, 90, who has already been replaced by his brother Salman, 79.
At Piazza Affari the stocks that benefit from the fall of the euro are put in the spotlight, such as the luxury of Tod’s e Ferragamo but also Fiat Chrysler. Telecom Italy up 2,72% on expectations of positive evolution on the Oi-Tim Brasil front. Today the telecommunications sector was shaken by the news that Hutchison Whampoa, the giant led by Li-Ka-Shing which holds control of "3" in Italy, bought (for 10,2 billion pounds) the majority of Telefonica 02, the second English mobile operator, thus becoming the market leader across the Channel.
