The shadow of the epidemic that has hit China is holding back the markets awaiting Donald Trump's intervention in Davos. Meanwhile, US Treasury Secretary Stephen Mnuchin has issued a warning to Great Britain and Italy on the digital tax: the two countries will have to deal with tariffs from the United States if they go ahead with the digital tax on companies like Alphabet and Facebook. “We are winning across the board – began Trump -. We are witnessing a new American renaissance” and, to witness an unexpected green spirit, he promised that the US will plant a billion trees, but he took it with the "prophets of doom", that is, environmentalists à la Greta Thurnberg.
The president's enthusiasm is not reflected in the price lists for now. Piazza Affari in the middle of the day leaves about 1% on the ground, around 23.700 points. One percentage point below Paris. The luxury continues pay a high price to the Chinese epidemic. Lvmh loses 3,5% which adds to yesterday's -2,2%. Moncler -2,3%. Ferragamo -3%. Brunello Cucinelli -3,7%. Safilo -3,4% was also affected by the opinion of Mediobanca Securities which lowered the rating from neutral to underperform by cutting the target price from 0,95 to 0,85 euro per share.
Airlines are also down: Air France, Lufthansa and IAG, which owns British Airways, are trading around 2% lower. Limit the damage Frankfurt -0,4% after the publication of the German Zew index relating to expectations on the trend of the German economy. The data calculated for the month of January largely exceeded consensus estimates, reaching 26,7 points, the highest since 2015. Economists were expecting 15 points, up from 10,7 in December.
Oil prices are falling by 1%. Eni down -1,5%, Saipem -0,1% a little better, Goldman Sachs upgraded the rating from Neutral to Buy. Modest bond purchases. 0,23-year German Bund -1,35% yield, BTP 156% with spread unchanged at 1,1085 basis points. The dollar is little moved: the cross with the euro is at 0,50. The golden age of Hellenic bonds continues. Five-year Greek government bonds yield 0,58% less than the corresponding Italian debt securities (XNUMX%).
Gold resets the initial gain, now trading at $1.555. The blue chips of Piazza Affari are almost all red, with the exception of some banks and Amplifon. In Piazza Affari, Autogrill is significantly down -2,7%. They correct Banca Mediolanum and Banca Generali. Nexi down -1,6%%: Moody's changes outlook to 'stable' from 'positive'. Among industrialists, Cnh Industrial loses 2,5%, followed by Prysmian -2%, Ferrari leaves the field with 1,1%.
