Caution continues to dominate trading on the financial markets, in a framework of economic and pandemic uncertainty in Europe which today is also sinking oil. The euro lost 0,35% against the dollar and the exchange rate moved around 1,177. Piazza Affari resets losses in the final and closes flat +0,04%, balancing gains in utilities and losses in energy, while many companies' 2021 annual accounts and forecasts affect the appeal of various stocks. The publishing industry remains in ferment.
The seat is pale red on the secondary: the spread between Italian and German 96-year bonds rises to XNUMX basis points (+1,79), while the BTP rate drops to +0,58%. Meanwhile, the first auction of the Short Term BTPs, the new bond issued by the Italian Treasury to replace the Ctz. In the first placement, the short-term bond with maturity set at 29/11/2022 totaled a total demand of 5,6 billion against an issued amount of 4 billion euro and a supply/demand ratio of 1,41 . The yield stood at -0,39 percent. In the rest of Europe: Frankfurt +0,1%; Paris +0,08%; Madrid -0,41%; Amsterdam -0,12%; London -0,54%.
Wall Street moves cautiously higher, after a negative start, as Joe Biden holds his first formal press conference at the White House. The president is expected to announce a new goal for US vaccines against Covid-19, an official told NBC, namely 200 million doses of the vaccine in his first 100 days in office, given that the initial goal of 100 million doses was reached last Friday. Biden could also unveil a gigantic infrastructure plan, to be financed with an increase in tax revenue.
Meanwhile, the star-spangled economy is giving new signs. The fourth quarter GDP was revised from +4,1% to +4,3%, so 2020 closed 3,5% down compared to 2019. It is the worst post-war figure, but better than expected. In addition, new jobless claims fell by 97.000 to 684.000, the best number since the start of the pandemic. Meanwhile Jerome Powell, after two days of congressional hearings, reiterated in an interview on the Morning Edition program of National Public Radio that any change to the Federal Reserve policy currently in force will come "gradually and with full transparency" and only after the complete recovery of the economy.
The performance of financial stocks and that of energy stocks initially slowed down the lists. On the other hand, oil is in retreat: Brent loses 3,7% and falls to 62 dollars a barrel; the WTI is trading around 58,40, down by around 4,6%. The blockade of the Suez Canal continues and weighs on world trade, but it is not enough in today's session to push purchases of black gold, which seems to be suffering rather from fears about demand after the new lockdowns imposed in Europe.
Also the Piazza Affa sessioni is therefore characterized by a rotation on securities. Loss today Tenaris -2,67%, Saipem -1,37%, Eni -1,31% after the surge in the previous session. The worst blue chip on the list is Buzzi -4,37%, which accelerated downwards during the session after the release of the closed 2020 accounts with a group net profit up 45,2% to 560 million and with the proposal of a coupon of 25 cents. On 2021. The group then spoke of a probable decrease in the recurring EBITDA. In the red Nexi -3,3%.
Leonardo sales continue (-1,02%), following a heavy crash due to the suspension of the IPO project for the US subsidiary Drs, as the adverse market conditions did not allow for an adequate evaluation. Weak banks. In particular Banco Bpm -0,77% and Bper -0,75%.
However, Moody's revised its outlook on the Italian banking system upwards from 'negative' to 'stable'. The decision, explains the rating agency, reflects expectations that the Italian economy will return to growth this year after the sharp contraction in 2020 triggered by the coronavirus pandemic. The top of the list is instead conquered by utilities: Hera + 3,4%, which celebrates 2020 results in line with expectations and forecasts for 2021 with an improvement. A2a also performed well +1,27%; Terna +1,11%; Snam +0,97%.
Progress for Diasorin +1,64%; Stellantis +1,41%; Prismian +1,56%. Telecom appreciates by 0,99%, with the Minister of Economic Development, Giancarlo Giorgetti, who urged the parties involved in the single network project to clarify "before Easter".
Out of the main basket, the publishing sector remains in the spotlight, following the agreement between Google, 13 Italian publishers and 76 titles for the News Showcase, the program launched last year by the internet giant to make in-depth content of the various newspapers available to readers and to allow the latter to be recognized for a contribution and to benefit from tools to increase traffic on their sites. In particular we appreciate Class +23,87%: Gambero Rosso +12,15%; Monref +9,47%; Il Fatto publishing company +5,07%; Il Sole 24 hours +4,79%.
