Government bond yields are rising and the stock exchanges remain nervous, while in Italy the pandemic is once again frightening. Piazza Affari closed slightly down and lost 0,16%, falling to 23.046 points, despite the purchases on banks. Amplifon sinks (-8,35%) after the 2020 accounts and utilities are in deep red. The spread rose to 104 basis points (+0,96%) and the 0,75-year BTP rate grew to +0,65%, from +XNUMX% at the start of trading. The yield of the Bund also rose to -0,3% (from -0,33%). The same scenario is taking place overseas where the Treasury rate approaches 1,49% with a jump of 5,26% compared to yesterday's close (but still far from last week's 1,6%), waiting for Jerome Powell on Thursday to comment on the current trend.
Among the macroeconomic data, employment in the private sector disappoints. The jobs created last month are 117 thousand against expectations of 225 thousand. Wall Street is thus a thwarted game and is still proceeding mixed, with the Dow Jones up and the Nasdaq down 0,8%. As the hours went by, the optimism that had spread in the pre-market thanks to the acceleration of the US vaccination plan waned. The entry into the scene of the third serum, the single dose of Johnson & Johnson, which will also be produced by Merck & Co, makes President Joe Biden say that every American adult will be vaccinated by the end of May.
On the other hand, the climate that hovers in Italy regarding the pandemic is of a different kind. The loudest cry of alarm is that of the president of the Emilia-Romagna region Stefano Bonaccini, "we risk being overwhelmed", he says and from tomorrow Bologna and Modena will enter the red zone due to the growing number of infections. For the consultant of the Lombardy region for the vaccination plan, Guido Bertolaso, on the other hand all of Italy risks ending up in the red zone. Furthermore, according to the WHO, Italy is among the 5 countries in the world which, last week, recorded the highest number of new cases of Covid-19.
In the rest of Europe the closure is contrasted: London rises by 0,88%; Paris +0,35%; Frankfurt +0,28%. In fractional decrease Madrid -0,3%. Flat Amsterdam. On the currency market the euro-dollar is unfavorable to the single currency, but the change doesn't stray far from 1,2. According to Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington, asked by Reuters “What the market is looking at today are the growth differentials between the recovering US and a more turbulent Europe.
Wednesday's data would lead one to think that the euro zone economy is "almost certainly in a double-dip recession" as the Covid 19 lockdowns continue to hammer the service industry. The eurozone PMI for the services sector rises to 45,7 in February from 45,4 in January, remains below the Piave line of 50 that separates expansion and contraction, but goes beyond the preliminary estimate of 44,7 , according to data released by IHS Markit. The composite index of production, a weighted average of the PMI for services and manufacturing production, rose to 48,8 from 47,8 in the previous month. In the meantime, the EU Commission recommends keep the Stability Pact suspended also in 2022, and to continue with public support to the economy until 2023. "Preliminary indications suggest continuing to apply the safeguard clause in 2022 and deactivating it from 2023", writes Brussels in its communication on the fiscal stance.
Among the raw materials there is oil, awaiting the decisions of OPEC+: Brent gains almost 2% and trades at 63,94 dollars a barrel; the Wti flies by 2,6% to 61,30 dollars. It goes down to them, with the April 2021 contract losing 0,9% and priced at $1717,95 an ounce.
The main list of Piazza Affari is supported by the banks: Unicredit stands out +2,52%, followed by Intesa +2,25% and Banco Bpm +1,89%. Spotlights on Mediobanca +1,43% and Generali +0,98%, also due to the news that Francesco Gaetano Caltagirone entered the capital of Piazzetta Cuccia with the 2012 Financial Institute and a 1,014% stake purchased on 23 February, according to what emerges from the communications to Consob. Caltagirone is one of the historical partners of Generali and has often been considered an "ally" of Leonardo Del Vecchio. Now he also seems to be moving on Mediobanca and thus support Del Vecchio in the match on Piazzetta Cuccia. Caltagirone has a direct stake of 5,647% in Generali, subject to continuous rounding in recent years. Del Vecchio for his part, has a 5% stake in Generali and 13% in Mediobanca which, in turn, is the first shareholder of Leone with 13% of the capital.
Buzzi shields +2,3%. Eni's purchases return +1,77%, while Saipem -0,45% rebound fails. Stellantis closes with little movement (-0,19%), after announcing estimates for the current year e the 2020 results of Peugeot and Fiat Chrysler. In the session, the share reached 14,34 euros, the highest since the end of June 2018 before falling back. In addition to the storm on Amplifon, sales penalized Nexi -2,88%; Inwit -2,73%: A2a -2,53%: Enel -2,26%.
Green today is the success of the first Italian Btp Green, expiring in April 2045. The Treasury has closed the placement, setting the amount at 8,5 billion euros and, according to press sources, has collected a demand of more than 80 billion of Euro. The yield was set at 12 basis points above the BTP maturing March 2041, narrowing the initial guidance by 15 points. The bond was placed by a pool of banks made up of Bnp Paribas, Jp Morgan, NatWest Markets, Crédit Agricole and Intesa Sanpaolo, with the latter two institutions also acting as structuring advisor.
