I US macroeconomic data, in particular the unexpectedly rising consumer confidence, support the strengthening of European lists and trading on Wall Street. Milan gains 0,91% despite the sales affecting some banking stocks and the reiterated negative judgment by S&P analysts who confirmed that the outlook on Italy's sovereign rating, currently at BBB, remains negative "because we are not sure that current economic and policy trends may consolidate”.
Paris + 0,98% Frankfurt + 0,62% London +0,33%. The Btp bund spread closes at around 217 basis points. The Ctz auction of 31/12/2015 performed well for 2,5 billion euro of securities against a demand of 4,44 billion and a yield down by 32 basis points on the previous auction, to 1,031%, an all-time low. Interest also fell for Madrid which placed 3 and 9 month bonds for 3,1 billion euros at lower interest rates than those of the previous auction held on 17 December last year.
Markets look to tomorrow's Fed meeting. The data arriving today from the macroeconomic front seem to confirm the expectations that the Fed, in the last meeting led by Ben Bernanke, will reduce the monthly purchases of securities by another ten billion dollars. At the same time, the stock markets react positively overall, especially to the surprise increase in confidence, hoping that the economy will be strong enough to support the reduction in stimuli now launched at the December meeting, albeit in a mini version.
In detail, in January the consumer confidence index measured by the Conference Board stood at 80,7 points, marking an increase compared to 77,5 in December while the consensus of economists expected a decline. Home prices in the 20 largest US cities, as measured by the Case-Schiller index, rose 13,71% in November, the largest increase since February 2006.
They negatively surprised them durable goods orders which fell 4,3% against expectations for a 1,8% increase. The data triggered a rally in Treasury prices. Wall Street is mixed with the Dow Jones rising by 0,22%, the S&P500 by 0,27% while the Nasdaq is down by 0,10%. On the technology stock market, Apple did badly, opening down 7,5% towards $500 per share after a disappointing quarterly performance. Revenues and profits turned out to be above expectations but disappointed in terms of the number of iPhones sold and those on revenues for the current quarter. On the quarterly front, a large majority of companies released results above expectations. WTI oil jumped 1,79% to 97,43 dollars a barrel. The euro-dollar exchange rate stood at 1,3657 and gold rose by 0,87% to 1.252 dollars an ounce.
Yoox shines in Piazza Affari with a leap of 10,99% after the achievements of the past few weeks, Mediaset +6,29% in the wake of a report by Deutsche Bank which confirmed the buy and raised the target price from 4,5 to 5 euro on the improvement of margin estimates for the next few years. Azimut +4,2%, A2A +3,45% and Mediolanum +3,41%.
At the bottom of the Ftse Mib Banco Popolare -3,8%, Mps -3,31%, Bpm -1,89%. Mediobanca limits the damages with a drop of 0,75% after the investigations by Consob and the Guardia di Finanza to "verify potential market abuses possibly committed in 2013 in the context of transactions for which Mediobanca acted as a negotiating intermediary", writes the Consob in a note. Up by 1,62% instead Unicredit, +2,07% Ubi, Intesa +1,13%.
Eataly moves towards the quotation. But there is no hurry on the times. “We will do it at the right time, we still have to cover a couple of big cities in Europe”. Founder Oscar Farinetti said so on the sidelines of a press conference, indicating 2016-2017. Farinetti, who will turn 24 on September 60, said he expects to retire from operational roles "soon" and remain chairman of the company.
