European markets in dust, with the positive start of Wall Street and after the confirmation of a cautious approach by Mario Draghi in reducing monetary stimulus. The euro loses share against the dollar and drops below 1,17, but the spread also decreases Piazza Affari is close to the highs of the year at 22.807 points, closing up 1,61%. At the top Stm, +11,96%, thanks to a quarterly and annual forecasts above expectations. Fiat is sailing, +2,92%, following a modest heeling. On the shields Campari +3,32% and Finecobank +2,91%. Enel hits its highest since January and closed at 5,29 euros per share, +3,32%. The mood is also comforted by the trend of the economy: according to Prometeia and Intesa, in fact, the Italian manufacturing industry in 2017 will exceed forecasts in terms of overall turnover.
Brilliant session for the bond: the yield on the 10-year BTP drops to 1,97% and the spread with the German bond loosens its grip by 1,35%, to 153.50 basis points. This is how the choices of the European Central Bank are celebrated: the maintenance of bond purchases at the current rate of 60 billion per month until the end of the year; therefore 30 billion a month from January to September, then the situation will be reassessed. The ECB will continue to reinvest in bonds of equal duration and quantity, the bonds that will come due. “This is not tapering – explains Draghi – but a reduction of stimulus measures in response to the feedback we have received from macroeconomic indicators”. Rates will remain at current levels for a long time and the plan will be extended if necessary, to facilitate the rise of inflation towards the 2% target in the medium term.
Speaking of central banks, today is also the day when Paolo Gentiloni, in a letter to the senior council of Bank of Italy, indicates and confirms Ignazio Visco in the role of Governor. The council will provide a non-binding opinion tomorrow, before the appointment by decree by the President of the Republic.
However, the game for Janet Yellen's succession at the Fed remains open, even if press rumors see the current president of the American central bank out of the game.
Meanwhile Wall Street opens higher again and gives a further positive boost to the European markets in the afternoon. Twitter shines, after the quarterly results and after the forecasts of a return to profit starting from the next quarter. Well Ford, after the math. Today giants such as Amazon, Alphabet, Intel and Microsoft will release the results.
Among the other European lists: Madrid leads the upside for most of the session, in the wake of the hypothesis that Catalonia would have called new elections. Then it folds back slightly to +1,9%, later the statement of the Catalan president Carles Puigdemont: "The Catalan Parliament will decide whether to proclaim independence, after having confirmed that it will not call elections due to not having received guarantees from the Spanish government".
Frankfurt posts growth of 1,39%; Paris +1,5%; London +0,53%.
Among the big names in Piazza Affari luxury stocks lose share, Moncler, -1,05%; Ynap -0,73%. Investors are still collecting on Saipem -0,63%. Sales on Leonardo, -0,46% and Telecom -0,4% prevail. Among the banks, Intesa climbs, +0,97% which announces that it has bought 16,525% of Cassa di Pistoia e della Lucchesia from the Fondazione Cassa Risparmio Pistoia e della Lucchesia, for 85,192 million, equal to 1,89 euros per share, reaching 99,5%.
Well Mps, which appreciates by 3,91% compared to yesterday's session, bringing the price to 4,728 euros per share. Banca Intermobiliare rebounds +17,34%, which partially recovers, after the crash on the eve.
