Volatile session, but ultimately positive for eurozone stock exchanges: Business Square it rose by 0,31% to 26.411 basis points, after a morning that had given hope for better and a declining afternoon. In addition to the general mood, the list has been affected some quarterly. Overall the banks did well, the utilities suffered, while massive sales returned Saipem -3,9%. In the rest of Europe the best square is Madrid, +1,3%, driven by the banks. I'm warmer Frankfurt +0,26% and Paris +0,27%, is flat Amsterdam e London yields 0,11%.
In New York, after a mixed start, the three main indices have decisively taken the road to the upside. The financial sector is tonic, but the energy sector remains in decline. Pfizer is in the red, following accounts in line with expectations and in the expectation that the pandemic has now reached its peak. Nvidia finds the strength to go positive, despite the failure to purchase Arm due to the opposition of the regulatory authorities and the doubts of the British company's most important customers. Meta (Facebook) has not re-emerged from the abyss of losses in which it ended last week and is down slightly today, after announcing that Peter Thiel, co-founder of PayPal and tech investor, will leave the board of directors this year.
Prudence in anticipation of US inflation
Uncertainty prevails both in Europe and in the USA as we await the next restrictive moves by the central banks starting with the Fed. During the week, the US labor department will publish January consumer prices; experts forecast a 7,2% hike, which would be the fastest pace since February 1982 and would give the Federal Reserve one more reason to move decisively and quickly. Yesterday, Bank of America reiterated its call for the Fed to raise rates by 1,75 points, or seven times, over the course of 2022. The chances that in March the intervention will be 50 basis points and not 25 have increased In this sentence.
Thus prices fall and yields of T-Bonds rise, with the 1,969-year rate at 2,75, up by 2019%, the top since November XNUMX.
On the Italian secondary it spread, after a worrying start, closes at 154 basis points, but rates are up: 1,77% for the Btp (from 1,74% yesterday) and +0,23% for the Bund (from +0,19%) .
According to S&P, it is unlikely that net purchases of bonds by the ECB will reach zero before September 2022. The investment bank therefore sees a first potential rate hike in December 2022, unlike those who already assume two hikes during the year. Frankfurt could make a change in the monetary policy normalization process as early as the March meeting on the basis of the new macroeconomic forecasts and in the light of the new information received in the meantime on energy costs, exchange rate and wage trends, but" the normalization of the budget it will take time,” notes the rating company. “We expect the ECB to reinvest its PEPPs until the end of 2024, and the APP reinvestments could likely last longer.” Given that the average duration of the ECB's bond portfolio is 7 years, the passive normalization of the balance sheet could continue until 2031”.
Still in the area of central banks, today the Polish institution announced a rise in its main reference rate to 2,75%, against the previous level of 2,25%. This is the fifth consecutive rise in five months aimed at fighting inflation.
Oil is back
On the foreign exchange market theeuro is in modest hi on the dollar around 1,141.
Among the raw materials, the decline of the Petroleum already seen yesterday, following the indirect US-Iran talks which could even lead to the reopening of international markets to Iranian oil. Black gold, after hitting a seven-year high last Friday, sees Brent move down 2,5% around $90,30 a barrel and WTI lose 2,6%, to $88,96 .
Sprint of the banks in Piazza Affari
Tonic banks in Milan, with the Ftse MIb led by the rises of Bper +4,71% awaiting quarterly accounts. Well Mediobanca +2,98%; Bpm bank +2,61%, with a profit beyond expectations in 2021; Unicredit +2,33%; Understanding +2,01%. Boom by Ps, +6,67% with the change at the top. The results of the fourth quarter of the bank of Siena show a loss of 79 million against the profit of 186 million in the previous quarter. The Equita broker points out that "the net loss is above expectations", but yesterday the bank appointed the new CEO, Luigi Lovaglio, in place of Guido Bastianini and perhaps the market appreciates him.
Among the financial go up Unipol +1,89% and Finecobank +1,6%. In the industry it bounces Leonardo + 2,43 %
Closes among the best Cnh, +2,45%, after discarding a 2021 with a profit of 1,76 billion dollars, against a loss in 2020.
Iveco it is instead among the worst and records a drop of 3,66%.
Among the titles in red Amplifon -2,72%.
They still go down utility, A2a -2,05%, Hera -1,99%, Enel -1,55%.
Outside the main basket, Saras gains 7,56%, on expectations of growth in refining margins.
