From Paris, Fed Governor Janet Yellen speaks dovishly in her first outing after the Republican victory in Congress, confirming that a supportive monetary policy remains necessary given the slow and unbalanced economic recovery.
However, the European stock exchanges are unable to recover: Milan closes down by 0,99% while the Btp-bund spread rises to 155 basis points, Madrid -1,32% is worse, while Paris loses 0,89% and Frankfurt 0,91 .0,25%. London snatches a closure in positive territory at +XNUMX%.
In Europe, meanwhile, comments on Draghi's words by the German hawks are starting with the statements of the president of the Bundesbank Jens Weidmann who pointed out that the ECB's willingness to expand its balance sheet by one thousand billion euros is a hypothesis and not a goal . The markets are also wondering about the situation of the EU Commission, with President Juncker in distress over the Luxembourg tax scandal.
Even Wall Street is uncertain and at the end of Europe remains weak around parity: Dow Jones +0,04%, S&P500 +0,04% while the Nasdaq drops 0,3%. The data on the labor market has arrived from the USA. While the unemployment rate in October fell beyond estimates to 5,8% from 5,9%, the lowest value since July 2008, 214 jobs were created, less than the 233 expected by the consensus. However, this is an increase of more than 200 thousand units for the ninth consecutive month.
Speaking at the Banque de France conference "Central Banking: The Way Forward," Yellen promised transparency in communicating her intentions but warned that normalizing monetary policy "could lead to increased volatility" in financial markets. No comment on today's employment data but the Fed's number one confirmed that a supportive monetary policy remains necessary.
After Yellen's words, purchases of ten-year US securities accelerated. The euro-dollar exchange rate, after weakening briefly, closed up 0,34%, at 1,2417. During the day, the euro touched a record high against the ruble above 60. WTI oil recovered by 1,33% to 78,95 dollars a barrel. Gold climbed 1,99% to $1165 an ounce.
In Piazza Affari the sales on banks are confirmed, in line with the general weakness of the sector in Europe: the worst stock of the Ftse Mib is Unicredit which loses 3,34%, followed by Azimut -3,33%, Bper -3,23 %, Banco Popolare -2,89%. Enel also down -2,75%.
In the red, after the morning's purchases, also Telecom Italia -1,54% which today published its accounts where the group indicated better prospects for the domestic market after years of difficulty. Also today, CEO Patuano noted that he believes it is "mandatory to explore the possibility of this strategically significant opportunity", referring to a possible merger with Oi of the subsidiary Tim Brasil.
Going against the trend among the blue chips, Saipem +4,95%, Prysmian +3,40%, which yesterday published falling profits but confirmed today its core profit estimates. Yoox +3,12%, Moncler +2,62%. Autogrill also confirmed the increases +2,38% after yesterday's announcement of new orders in the United Kingdom.
Purchases also on the Telecom Italia stock which this morning published its quarterly accounts in which it spoke of better prospects for the domestic market (asphyxiated for many years). Among the minor stocks, Snai confirms the leap +16,51% while Cattolica Assicurazioni collapses -17,43% after the announcement of the conditions of the capital increase of 500 million starting on Monday.
