The Bull reappears on the markets, in the aftermath of a weak session: the European lists close positive, Wall Street returns to its maximum levels and Piazza Affari, which danced by itself yesterday, proves to be even more tonic: +1,01%. 25.477 basis points. The Italian banks take a breath, after the fireworks on the eve (the exceptions are Banco Bpm +1,74% and, outside the main basket, Mps, +11,99%) but the mood of the Ftse Mib contributes to keeping up the rebound of Stm +4,6% and Moncler, +3,72%, as well as the jump of Pirelli +3,33%, rewarded by purchases after the industrial plan, which sees margins increase to 18-19% by 2022.
The market instead rejects Campari, -3,39%, after the accounts. The board has announced its intention to transfer the company's headquarters to the Netherlands and the shareholders will be asked to decide on March 27th. Those who prefer can exercise the right of withdrawal and receive 8,376 euros for each Campari share, a price lower than the current stock market value.
The propensity for risk also returns to the other European lists, in the wake of the good news from the Asian ones. Frankfurt +0,76%, Paris +0,9%, Madrid +0,74%, London +1,04%. Wall Street regains momentum to hit new records, thanks to technology stocks, after fears over Apple's sales alarm.
Clearing away the clouds on the spread of the Chinese epidemic is the fact that, apparently, the number of people recovered has exceeded the number of newly infected for the first time in China. It seems like little consolation, but the market is also looking at Beijing's moves to support the economy and some sectors, starting with the aviation sector. According to Bloomberg, the Chinese authorities are considering whether to bring the smallest carriers to a wedding with the major ones, or directly save the companies with state interventions, given that the sector is experiencing a tremendous crisis, with global companies having landed eight out of ten flights reducing China's vast airspace to a market smaller than Portugal.
On the macro front, pending the minutes of the last Fed meeting, the data on producer prices also helped the US stock exchange, which in January grew beyond expectations on a monthly basis (+0,5% against +0,2%) and at a rate higher than that established by the Fed on an annual basis (+2,1%). Still on the macroeconomic front, new construction sites started in the United States in January decreased but less than expected (-3,6% vs -11,1%) while building permits recorded a monthly increase of 9,2% (against expectations for +1,0%).
On the currency market, the euro remains flat against the dollar and trades little moved at 1,0798. Gold is still ahead and moving at 1609,45 dollars an ounce. Oil wakes up full of optimism, with Brent up 2,35% to 59,11 dollars a barrel.
Returning to Piazza Affari, Prysmian stands out +3,26%. Hera +2,48%, which launched an attack on A2a's rival for Ascopiave, writing a paid intervention in the Veneto newspapers and saying that "A2a is wrong in form and substance" and thus explaining the point of view of the Bolognese multiutility. Finecobank recovers, +3,23%. Nexi +2,13%, promoted by Citigroup which raised the target price on the payment company from 13,7 to 20 euros and confirmed the "buy".
On the warmer front, that ofOps launched by Entente (+0,13%) on Ubi (+0,3%, after yesterday's leap) today we remain more cautious, after the board of the latter has given a mandate to the managing director Victor Massiah to appoint the financial advisors and lawyers who will assist the bank in evaluating the offer, with the "possible alternatives". Reuters writes that tomorrow the CAR, Ubi's consultation pact which aggregates about 18% of the institute's capital, will meet for an initial evaluation of the offer launched by Intesa. Bper still suffers (-0,34%), after the bad crash yesterday following the news that it will increase its capital to purchase 400-500 branches at the end of the operation, if it goes through. Good Unipol +2,77% which should instead take over the insurance pole.
At the bottom of the list: Juventus -1,96% Leonardo -1,19%; Atlantia -0,48%. The secondary remains in the red: spread at 135 basis points (+1,23%) and yield at 0,93%. For Angela Merkel the negotiations for the definition of the first budget of the European Union after the exit of the United Kingdom will be "very tough and complicated".
