Janet Yellen reassure the markets: there will be no conflict between the Fed and President Donald Trump. In its Congressional hearing today, the number one of the American Central Bank signaled that the increase in interest rates will come "relatively soon". Yellen has always specified that the climb will be gradual, but she also warned that stalling too long could be harmful to the economy. "It is my full intention to finish my mandate," he said, adding that he "doesn't envisage early resignations." These words helped to calm the stock markets, both in the US and in Europe.
In Milan the index Ftse Eb, down sharply until the last hour of trading, closed in parity. In the rest of Europe, Frankfurt gained 0,2%, Paris e London 0,6%. The Eurofirst index rose by 0,6%.
Italy returns to falter and lo spread it's scary, it rises to 184 basis points, a level never reached in the Renzi era. The yield of btp at ten years it rose by six basis points to 2,09%, the highest since 2015, while the Bund remained unchanged at 0,29%. Convincing purchases on the dollar, which rose to its highest level since December 2015 against the euro. The pound is also racing, reaching its highest level since September.
A Wall Street the S&P500 is up 0,3% and the Nasdaq up 0,2%. The Dow Jones, on the other hand, is on parity, held back by Wal-Mart, which is down 4% even though data for the third quarter, a period ending in October, came in overall better than expected. The only disappointment were revenues, which rose 0,7% to $118,2 billion, less than expected.
Brent oil is stable at $46,65 a barrel. Among the energetic Eni rises by 1,4%. Up as well Enel (+ 1,4%).
The Italian Stock Exchange was bent by the storm on bank stocks. The sub-fund's index lost 2,44% after falling 4%, to a five-week low. Conversely, the sector in Europe closed up 0,3%.
In Milan the rain of sales was triggered by Unicredit (-4,7%), on the wave of the news that the credit institution is preparing a capital increase of 13 billion euros and a securitization of non-performing loans worth 20 billion euros, as reported this morning by Il Sole 24 hours. Adjustments to non-performing loans for 7-8 billion are also on the way, at higher values than the current ones.
The hypothesis of aligning the bad debts of the entire system to the new level caused large reductions, partially corrected in the last hour of trading. Intesa Sanpaolo it thus recovered from the lows (-4%) to close at -1,1%; Where's Banca -1,7% Mount Paschi -3,3% Banco Popolare -5,5%.
Goes down Mediobanca (-2,2%). The company announced this morning an industrial plan to focus on asset management which provides for the purchase of the stake not yet owned in Banca Esperia.
Also Generali (-1,8%) halved the loss in the final. The Financial Times reports that Mediobanca is ready to sell part of its stake in the insurance company to finance its growth plans in new business areas. Banca Mediolanum drops 1,1% after selling its 50% stake in Banca Esperia.
Fiat Chrysler (-0,3%) falls into negative ground in the afternoon. Car registrations in October in Europe fell by 0,3% on the year, to 1,141 million, with the FCA group moving against the trend, reaching 75.108 vehicles sold, +6,6% on the year. Buzzi +3,2%. Brake Leonardo -2,1%.
