Donald Trump's optimism injects some antibodies into the markets, but it is not enough to change the fate of a weak session in Europe, in the wake of the thud of Asian stock markets, in turn weakened by fears of a pandemic of Sars-like viral pneumonia, after six deaths in China and reports of a case in Taiwan, Australia, the Philippines.
Piazza Affari closes down by 0,65%, halving the losses since the morning, but leaving 24 points and stopping at 23.845. Purchases reward some banks (Mps are snapped up, +9,39%) and pharmaceutical stocks, while sales sink industrial, travel and luxury goods. The script is similar to Paris -0,54%, Madrid -0,56% and London -0,52%. Frankfurt stable, thanks to the unexpected improvement in expectations on the economic situation (Zew index for January). In contrast Zurich +0,35%, despite the collapse of UBS (-4,5%), in the wake of financial data below expectations.
Also Wall Street opens lower, with airlines in a nosedive, although currently the trend is mixed and the Nasdaq trades on parity. The American stock market returns to trading, after the records of the last eighth and yesterday's party, on the day of the start of the impeachment trial in the Senate against President Trump. Meanwhile, the occupant of the White House is at the World Economic Forum in Davos, Switzerland, and boasts that things are going well and the growth of the US economy is "spectacular", while environmentalists should stop pretending to misfortune.
In the background the question of duties remains, after the US Secretary of the Treasury, Steven Mnuchin, told the WSJ that 'phase two' of the trade agreement with China may not result in the removal of all fares in force between Washington and Beijing and Trump warns Europe again: if there is no agreement on the web tax, the tariffs on important cars from the Old Continent will start.
In Europe, therefore, the session does not find great opportunities to regain confidence and resist the fear of a spread of the coronavirus, precisely in the period of the lunar new year which should encourage purchases and travel. In this context, gold is not moving much and trades slightly down currently at 1557,45 dollars an ounce, Brent-type oil falls back to 64,72 dollars a barrel (-0,74%). The euro dollar is stable at 1,109, while the yen strengthens and the yuan loses altitude.
On the main price list of Piazza Affari two banks stand out: Banco Bpm +2,38% and Bper +1,27%, slightly behind Unicredit +0,57%. Outside the Ftse Mib, Monte dei Paschi di Siena archives a rally session after press rumors according to which a government agreement with Europe on the derisking plan that should lead to the state leaving the capital is closer. In the healthcare sector, Recordati did well +0,92% (also thanks to the positive opinion of Jefferies, which started hedging the stock with a buy and a target price of 46,5 euro) and Amplifon +0,84%.
Sales penalize Moncler -2,22%. Down Cnh -2,45%; Atlantia -1,92%; Prysmian -2,24% and utilities starting from Terna -1,65%. Nexi loses 1,56%, with Moody's worsening the rating outlook for the next quarters, taking them from “Positive” to “Stable”. Spreads slightly up, with Bunds outperforming BTPs: the spread between Italian and German ten-year bonds rises to 164 basis points (+1,85%).
