While waiting for Donald Trump to reveal to the world how much and how he will cut taxes, the dollar is still recovering ground and the European stock exchanges closed higher with the banks launching at full throttle. Piazza Affari gains 0,85%, 22.622 points, thanks to credit institutions, but also to Yoox, +3,62%, supported by rumors about a potential suitor.
Out of the main basket travel on the Fincantieri swing, which in the end closed moderately negative, -0,36%, on the day of the Italy-France summit for Stx. The share takes the downward path when the rumors of Le Monde are confirmed, according to which the division of the capital will be 50% and 50%, but the Trieste group will have the majority thanks to a 1% stake that the French state will lend to the Italian company for 12 years and which it will be able to request back only in the event that the company led by Giuseppe Bono does not respect the agreed industrial commitments.
The other squares: fractional increases in Frankfurt +0,41% and Paris +0,25%, also galvanized by the merger between Alstom and Siemens. Similar trend for London, +0,38%, while the brightest star is Madrid, +1,83%, on the hypothesis of a recomposition with Barcelona after the friction generated by the referendum for the autonomy of Catalonia.
Wall Street opens in tune, even if at the moment it travels more uncertain. Investors, having digested Janet Yellen's words, according to which it would be "imprudent" to keep monetary policy firm while waiting for inflation to rise again to the annual rate of 2%, are shuddering waiting to know the details of the tax reform promised by the US president. According to a draft seen by Reuters, Republicans will propose a 20% rate for taxes on corporate turnover and a reduced top rate of 35% for the wealthiest American citizens.
The euro-dollar exchange rate drops to 1,17493, -0,36%. Gold loses appeal, -0,64%, settling at 1285,345 dollars an ounce. Weak oil, despite a better than expected data on US weekly inventories. Brent 57,4 dollars a barrel, -0,38%.
On the secondary side, the yields of the 10-year BTP rise to 2,22%, but the surge is higher for the Bund and therefore the spread narrows to 174.70 points, -1,74%. Meanwhile, this morning the Italian Treasury placed 6 billion six-monthly BOTs at a rate of -0,382%, a new all-time low, after the one marked by the CTZ at auction yesterday.
In Piazza Affari the climate tends to be positive, also supported by the Istat data on business confidence, at its highest level in ten years.
At the top of the list we find Banco Bpm +4,2%; Ubi +3,93%; Bfor +2,95%; UniCredit +2,74%. Yoox Net-A-Porter Group stands out in luxury. According to what was reported by the English site voxmarkets, but which finds no further confirmation, the private equity operator KKR would have made an offer for Ynap of 37 euros per share.
Moncler suffers again today, -0,62%, downgraded to “hold” by Deutsche Bank. They occupy the bottom of the basket are utilities: Snam -1,25%; Italgas -0,75%; Terna -0,45%. Among the oil companies, Eni loses share -0,43%.
