European markets close in no particular order, on the eve of the ECB meeting and Mario Draghi's press conference. Milan is moderately positive, thanks to Fiat (+4,27%), utilities and oil stocks. Eb phase +0,35%, 21.814 points; similar Paris, +0,29; more toned Frankfurt, +0,75%; while Madrid is in red, -0,48. Outside the Eurozone, London loses ground -0,25%.
Central banks dominate the scene this week: today it is the Bank of Canada that makes the first move, surprisingly bringing rates to 1%, with a rise of 0,25%. From the Fed comes the news of the resignation, "for personal reasons", of the vice president Stanley Fischer. In a letter to Donald Trump, Fischer reiterates: "we have made the financial system stronger and more resilient and better able to provide credit that is so important for the prosperity of families and businesses in our country", as if to say that a dismantling of Dodd -Frank, the financial reform wanted by Obama in 2010 is not a good idea.
Tomorrow it will be Mario Draghi's turn to explain Eurotower's next steps to the world. Germany is pressing: "The extraordinary monetary policy implies that it is not usual or normal, so it is necessary to return to a normal monetary policy", says the German finance minister, Wolfgang Schaeuble. For the number one of Deutche Bank, John Cryan "the era of low cost money must end, despite the strengthening of the euro".
Even today, the single currency advances by 0,25% against the dollar, cross 1,194, while gold exceeds the threshold of 1340 dollars an ounce. 10-year BTPs lose share compared to Bunds: yield 2,09%; spread 174.50 +1,63%. Wall Street opens timidly positive, but at the moment travels in contrast with the Nasdaq slightly down, while the Dow 30 and S&P 500 are up fractionally. Hurricane Harvey is behind us, but Irma is about to hit Florida.
Oil appreciates and Brent rises to 53,98 dollars a barrel, +1,12%. The good intonation of crude oil also positively affects oil stocks in Piazza Affari today: Saipem +2,82%; Tenaris +0,94%; Eni +0,75%. For the six-legged dog, the go-ahead from the Mozambique government has arrived for the sale to Exxon Mobil of 25% of exploration area 4 of the Rovuma basin. The price of the transaction, according to what was agreed in March, is 2,8 billion dollars and should include, according to what was declared a few days ago by the Minister of Economy of Mozambique, the payment of a tax of around 350 million on the realized capital gain .
The queen of the price list is again Fiat, promoted by Barclays to "overweight" from "equal weight", with a target price of 18 euros from the previous 13 euros.
The utilities are well bought, in particular A2a +2,18% and Italgas +1,23%. Mediaset recovered, +1,18%, after press rumors about a possible agreement with Vivendi in the Canal+ and Tim joint venture, to put an end to the ongoing legal dispute with the French. At the bottom of the list are Finecobank -1,15% and Bper -0,95% among the financial stocks.
The performance of Banca Generali -1,35% was in the opposite direction. Insurance companies in the red with Unipolsai -0,48%. He took profits on Leonardo, -0,67%, after the rally of recent days. Weak Cnh -0,47%. Outside the main basket, Banca Carige is still in great shape today, +6,05%; while Unieuro -5,4% and Caltagirone Editore -5,17% go deep in the red.
