Stock market in fractional progress and spreads in decline: yellow on the outcome of the Italian political crisis is still unresolved, but the outcome does not scare Business Square which closed the session up by 0,43%, at 22.743 points, while on the secondary side the yield differential between the Italian and German ten-year bonds fell to 112 basis points (-1,67%) and the BTP rate rewinds the tape after yesterday's rise, stopping at +0,56%.
Italia Viva will soon lift the veil on its intentions, after the premier, Giuseppe Conte went up to the Quirinale for an interlocutory meeting. However, the market seems to be betting on a solution that avoids the crisis or at least the elections.
Christine Lagarde contributed to improving the climate, in a still volatile session at European level. The president of the ECB is ready to "recalibrate" the firepower of the pandemic emergency programme, the Pepp, which today amounts to 1.850 billion euros. On the occasion of the Reuters Next Forum, Lagarde said that the GDP estimates published by the central bank in December remain valid (+3,9% in 2021 and +4,2% in 2022) but that the forecasts will depend both on the speed in preparing the budget stimulus of the Next Generation Eu package, both from the speed in vaccinations and from the developments of the pandemic. Current estimates are in fact based on the assumption that the national lockdown measures will be withdrawn by the end of March.
The end of the session is also similar for the other places in the euro area, even if Milan is the best: Frankfurt +0,16%; Paris +0,214%; Madrid +0,17%. In the rest of Europe they are declining London E-0,12 Zurich -0,28%.
In the meantime, it has started slowly overseas Wall Street, which moves cautiously awaiting the start of the quarterly season and on the day of the vote in the chamber on the impeachment of President Donald Trump "for inciting insurrection". According to press sources, the impeachment is meeting with the approval of a growing number of representatives of the Republican party. In the economic sphere, however, the data on inflation was awaited. In December, consumer prices in the US increased by 0,4%, as expected; even the "core" data respected the analysts' estimates, with an increase of 0,1%. On an annual basis, the general figure recorded +1,4%, more than the 1,2% in November, with the "core" figure remaining at 1,6%.
Il dollar maintains a positive intonation. The exchange rate between the greenback single currency is in the 1,215 area.
As for the virtual coins the Bitcoin is down slightly to $34.678, while Christine Lagarde calls for caution on this "highly speculative" asset and says tighter global regulation is needed.
Among the raw materials, the Petroleum. Brent is down 0,57% and trades at 56,26 dollars a barrel. Gold futures, on the other hand, are up. The February 2021 contract is worth $1857,60 an ounce, (+0,73%).
In Piazza Affari it is confirmed in cash Azimuth, +3,87%, after the numbers announced yesterday and with Kepler Cheuvreux which raised its target price to 20 euros from the previous 17 euros. In the sector, however, profit-taking penalizes Banca Mediolanum -1,23%.
He takes a leap Hera, +2,93%, with the new plan strategy which envisages investments of 3,2 billion euro and estimates of reaching a gross operating margin of 1,3 billion euro by 2024. As regards the dividend policy, the coupon of 10,5 cents on 2020 is confirmed with the prospect of an increase of up to 12,5 cents in the last year of the plan. The utility sector did well with the progress of Italgas +2,79%; A2a +2,3%; Enel +1,39%. Shop on Diasorin + 2,7%.
Positive Inwit, +0,64%, in the wake of the sale of the Telefonica towers to American Tower.
The worst blue chip of the day is Leonardo, -1,91%, the injured party in an investigation by the Milan prosecutor's office into alleged international bribes. Ten employees of the company are in fact accused of corruption because they allegedly took bribes from a small supplier company. Since the beginning of the year, the stock is in the red by 0,7%, but it comes from a 2020 in which it lost more than 47% due to fears related to Brexit.
Banks close in red: Bper -1,23%; Bpm bank -1,09%: Unicredit -0,88%. Today the board should have discussed the progress towards identifying a new CEO. For the Financial Times in pole position are Andrea Orcel, former UBS bank director from November 2014 to September 2018 and former Credit Suisse chief executive officer Tidjane Thiam.
Down Ps (-0,71%), with the plan that would foresee a loss of over 500 million for 2021, to return to profit the following year.
Among the oil companies Tenaris it dropped 1,4%.
