Stock markets euphoric in Europe today, with London leading the rises and closing with a bang, +3,45%. The squares of the euro zone are tonic, on the day in which the EMA has given the green light to Moderna's anti-Covid vaccine: Milan rises by 2,4% to 22.734 points; Frankfurt +1,72%; Paris +1,19%; Madrid +3,11%. Wall Street, after a mixed start, is making clear progress. The Dow Jones gains 1,5% and even the Nasdaq (+0,3%) adjusts to the climate of general optimism. In the stands, people still watch the match between Republicans and Democrats in Georgia for the Senate, but the result is now becoming clear and it seems the Democrats have won the last two seats, useful for giving them a majority, albeit narrow.
The outcome, far from triggering a flight from the stock market, rather triggered a rotation on securities, favoring banks and construction, with investors who bet on new economic aid to the benefit of companies in the sectors most in difficulty in 2020. Facebook, Apple, Amazon, Netflix, Google are holding back, with a view to stricter regulation for the tech sector, but without panic. Tesla runs. As far as government bonds are concerned, the yield on ten-year T-bonds is back above 1%, a rate not seen since last March, while the dollar remains weak. The euro-dollar showed little movement, at 1,228, while the single currency rose against the pound to 0,904 (+0,2%).
The oil stocks also contribute to giving sprint to the lists the agreement reached by OPEC+ and above all thanks to the surprise of Saudi Arabia which decided to voluntarily cut its production by 1 million barrels per day both in February and in March. For the rest, the agreement announced yesterday, after 48 hours of negotiations, provides for the maintenance of January production levels for February and March for all Opec countries and independent producers with the exception of Russia and Kazakhstan which will be able to slightly increase their levels extraction, but only to face the rigors of winter. Brent quickly exceeds 54 dollars a barrel, with an increase of almost 2%. Risk appetite, on the other hand, weighs on gold and the February 2021 future leaves more than 2% on the ground and trades around 1908,50 dollars an ounce.
In the business square Buzzi goes into orbit +7,96% which celebrates, with the construction sector in Europe, the possibility of greater investments in US infrastructure. Cnh appreciates by 6,64%, driven by press rumors about the resumption of talks with the Chinese Faw for the possible sale of Iveco.
Fireworks also for banks: Unicredit +6,09% is queen of the sector, with the intensification of news around the possible marriage with Mps, +3,65%. Reuters sources report that a transfer of non-performing loans for a nominal value of 14 billion from the second largest Italian bank to Amco is being studied. The asset manager led by Marina Natale would take over the substantial package of non-performing loans from Unicredit but also 'high risk' loans, with a high risk of deterioration, from MPS. The measure would be under study as part of an incentive package that the Treasury and advisers BofA and Orrick are examining in order to be able to enter into negotiations with Unicredit for the sale of the 64% stake held in the Tuscan bank. In the wake of the bench Bpm +5,68% and Bper +5,33%.
Mediobanca rises by 3,79%, following the news that Delfin, the holding headed by Leonardo del Vecchio, has purchased 8,16 million shares of the Piazzetta Cuccia institute, equal to approximately 0,919% of the capital , coming to hold just under 12% of the capital. Energy securities in cash: Enel +6,36%, which set a new capitalization record exceeding 90 billion euros; Tenaris +5,35%; Saipem +5%. Among the insurance companies: Generali +4,2%. In the daily top ten Telecom +4,18%.
Stocks in the pharmaceutical sector were instead penalised: Diasorin -3,98%; Recorded -3,54%. Male Inwit -3,41%. Fiat closes in the red -2,1%, two days after the go-ahead for the merger with Peugeot and awaiting the debut on the price lists of the new Stellantis group, on January 18 in Milan and Paris and on the 19th in New York. Bonds were positive: the spread between 108-year BTPs and Bunds of the same duration fell to 2,25 basis points (-0,53%); the rate of the Italian security is slightly up at +XNUMX%.
