Stock exchanges uncertain on the day of the ECB, which confirms the end of quantitative easing starting from January XNUMXst, but which will buy back maturing securities for a long time yet, maintaining rates firm at least until summer 2019.
Piazza Affari closes positive, +0,54%, and regains 19.048 points. The Milanese price list does a bit of a race on its own, especially attentive to the negotiations with Brussels on the budget maneuver launched on the right track, with deficit reduced to 2,04 (from 2,4%) even if you have not arrived at your destination. "We are not there yet - says Commissioner Pierre Moscovici - there are still steps to be taken by both sides".
The banks celebrate first, then they go their own way. Bonds also improve, but reduce gains after Draghi. Weighing, according to Reuters, the disappointment for the fact that the ECB has discussed the Ltro (long-term refinancing plan) but without going into details. In any case, the yield on the 10-year BTP falls below the 3% threshold, to 2,97% and the spread with the Bund falls back to 267.90 points (-2,4%).
They stop slightly below parity Frankfurt -0,04% Paris -0,26% and London -0,04%. Madrid instead it stands out with an increase of 0,82%. It moves in random order too wall street, the Nasdaq is in the red after a well-tuned start. Volatility remains high, in this phase of truce between the US and China on tariffs, pending developments after the good signs of the last few days. Swing for a while the Petroleum, which eventually rose fractionally: Brent +0,4%, 60,39 dollars a barrel. Gold declined to 1243,13 dollars an ounce.
Investor attention today was all for Mario Draghi, who maintained an accommodating tone, assuring that reinvestments will take place "for a long time even after the rate increase and in any case as long as necessary to maintain favorable liquidity conditions and a large degree of monetary accommodation". However, the ECB has revised its growth estimates for the Eurozone downwards: 1,9% from 2% in 2018; 1,7% from 1,8% for 2019; stops at +1,7% for 2020 and +1,5% in 2021. Therefore, pay attention to the various risk factors, in particular protectionism, geopolitical scenarios, emerging countries and financial market vulnerabilities. Also keep an eye on budget margins, especially in high-debt countries "where full compliance with EU rules is crucial to guarantee sustainability". Always a perfect warning for Italy, especially at this stage.
In line with Draghi's forecasts, the euro touched a low against the dollar, to then recover, but below yesterday's threshold: at the moment, 1,135 dollars is needed for one euro.
In Piazza Affari the utilities continue to grind gains. In fact, among the 5 major increases of the day of the Ftse Mib there are Italgas, +1,93%; Enel, +1,8%; A2a +1,52%. Well the financials with Banca Mediolanum +1,85% and Unicredit +1,24%. Below Bpm bank -1,94%
On the rise Campari + 1,65%.
Sales are back up Saipem -4,59%. Ferragamo still slipping 1,97% after yesterday's plunge. Bad Buzzi -2,3% and Moncler -1,12%.
Outside the main price list they sink Ovs -31,73% (following the quarterly report) e Salini Impregilo -20,74% (ordered together with Sacyr, -25,03% in Madrid, to repay 848 million dollars to the Panama Canal Authority for the costs of doubling).
Down too Stefanel, -6,67%, which closed the accounts for the first nine months with a loss of 20,9 million euro, higher than the shareholders' equity which amounted to 7,5 million. After calling the meeting for January 16, the fashion company approved the new guidelines of the group reorganization project and announced that by tomorrow it will present the application for admission to the so-called blank or conditional composition.
