The brilliant week of the European stock markets closes on a positive note, after yesterday's pit stop. At the end of a cautious but progressing session, Piazza Affari appreciated by 0,41%, returning to 20.903 basis points, thanks to some better-than-expected quarterly results. The climate also remains favorable for bonds: the Btp-Bund spread remains at 118 basis points, while the Italian 0,63-year yield is approaching historic lows, +8%. The placement of the new 100-year Btp Futura, the 19% retail government bond dedicated to financing measures to deal with the emergency resulting from Covid-5,711, also went well. The amount issued was equal to 6,1 billion euros, slightly below the XNUMX billion of the previous edition (ten years) in July.
Demand, the Ministry of the Economy announces, was very strong on the first day both in terms of value and in the number of contracts, then recording a physiological drop over the following days. Savers seem willing to bet on the future of the country, despite the fact that the pandemic remains asphyxiating and the color of the boot is becoming uniform: even Campania and Tuscany turn red; while Marche, Emilia-Romagna and Friuli switch to orange. The enemy to beat remains the coronavirus and on Monday it was the news on the Pfizer and Biontech vaccine that gave the markets wings.
Fractional progress is archived Frankfurt +0,2%; Paris +0,33%; Madrid +0,76%. Vienna is more tonic, +1,12%, on the eve of a total lockdown that should be announced by the government tomorrow. In contrast, London -0,35%, grappling with a rather volatile pound, due to the uncertainty on post-divorce trade negotiations with the EU, while Dominic Cummings, the main and most controversial adviser to Prime Minister Boris Johnson, will leave office before the end of the year.
After the losses of the eve, Wall Street got off on the right foot, which is moving upwards in the wake of the accounts of Dinsey and Cisco, while the victory of the president-elect Joe Biden appears increasingly solid. We also look at possible new stimuli from the central bank in the light of yesterday's somewhat traumatic words by Jerome Powell, according to whom the development of a vaccine "is positive and welcome news for the medium term", but "the coming months could be tough,” and the current surge in US coronavirus cases is the “major risk” to the economy. For this too, further monetary and fiscal policy aid will probably be needed.
The euro-dollar exchange rate is around 1,182. Oil retreats, with Brent below 43 dollars a barrel, while gold regains momentum and is currently trading close to 1894 dollars an ounce (+0,85%).
In Milan, Pirelli rebounds +4,5%. Cnh +4,38% is also on the podium and Poste +3,3% is still strong after the results for the first nine months presented in recent days. Among the banks, Bper leaps +3,77%, in the light of the new agreement signed with Intesa Sanpaolo (+0,88%) on the branches purchased (the number of branches is higher, but the price is the same). Good Unicredit +1,55%.
Unipol moved little, +0,28%, while Unipolsai lost 0,18%, although the first nine months of the year showed a growth in profit, leading the company to confirm the targets of the plan. Progress for Fincantieri, +0,43%, with the trend better than the forecasts of the gross operating margin in the third quarter, he claims.
Atlantia marks the worst performance of the main list (-4,87%), on the fear that CDP will backtrack, after the news that emerged from the latest investigations by the judiciary. The scenario of a revocation of the motorway concessions has also returned to the fore. Amplifon is down -2,04%; Italgas -1,69%; Nexi -1,28%; Ferraris -1,05%.
