Take a breather in Piazza Affari, after the rally triggered by Mario Draghi's attempt to form a new government. The hypothesis (which will become reality in a few days) is very popular with the markets and it was understood right away, given that since the former president of the ECB was appointed, the Ftse Mib index has exceeded 23.000 points. with the Btp-Bund spread below 100 points. Today the differential is confirmed in that range (zone 96 points in mid-morning) and the stock index also defends the 23.000 points, but turns red. The other European markets are also on the same wavelength as Milan, with the Frankfurt Dax losing about half a percentage point, while Paris is doing a little better, around parity.
The construction and utility sectors suffer in Piazza Affari, with Buzzi and Enel among the worst stocks in the morning. Financial stocks, on the other hand, contrasted: Finecobank and Unipol are among the worst, on the other hand Bper appears positive and, outside the main basket, Credito Valtellinese after the doubling of profits and the return to the dividend. Intesa Sanpaolo and Unicredit are also weak: the latter is awaited by the crucial Board of Directors meeting on Wednesday 10 February, which in addition to formalizing Mustier's farewell and the arrival of Andrea Orcel, will also have to designate the new general manager. The health sector is keeping the Ftse Mib up, with Diasorin to lead the increases, on the rumors relating to a proposal for integration put forward by the American Quidel, followed by Amplifon.
Well sold also Moncler and Eni: the six-legged dog is expected by the Board of Directors on 18 February which will approve the 2020 accounts. The preliminary estimates published on the company website indicate for the fourth quarter 2020 a negative adjusted operating profit of approximately 450 million euro and a negative adjusted net profit of around 40 million euro. The French "sister" Total closed the 2020 budget with a net loss of 7,2 billion dollars, against a profit of 11,2 billion in 2019, attributable to the consequences of the pandemic on oil prices and energy consumption. The group, which also announced plans to change its name to TotalEnergies, nonetheless reported adjusted net profit – which excludes exceptional items – down 66% to $4,06 billion.
Meanwhile, an expected but no less negative figure arrives in the world of the real economy from Istat: industrial production in 2020, due to Covid, it dropped by 11,4% compared to 2019. This is the second worst result since the beginning of the historical series, after the fall recorded in 2009. The decline extended to all the main groupings of industries and, in the case of consumer goods, is the largest ever recorded. "The progressive recovery after the collapse of March and April has suffered a setback in recent months, preventing a return to production levels prior to the health emergency", writes the National Institute of Statistics.
On the currency front, the euro appreciates against the dollar, trading at 1.21 by mid-morning. As for the raw materials, the oil rally continues, with Brent confirming itself firmly above 60 dollars a barrel in the morning, and the Wti hooking up to 58 dollars a barrel. Gold also rose, slowly sailing towards 2.000 dollars an ounce and recovering after last week's collapse, rising to 1843.32 dollars an ounce.
