The winds of war keep the Bull away, but do not overwhelm the European stock exchanges. The prices improve in the afternoon, after the opening of Wall Street and limit the damage to fractional declines. Indeed, geopolitical tensions cause uncertainty on the one hand, but create opportunities on the other.
Business Square drops 0,51%, stopping at 23.581 points, with Leonardo queen of the price list +2,79%. The stock of the aerospace group benefits from the potential increase in defense budgets by the United States also following the escalation of tension between Washington and Tehran. On the rise Eni, +1,49%, thanks to the surge in crude oil and the improvement in the target price (from 19 to 20 euros) by Goldman Sachs. The US bank's analysts also maintain their "buy" rating on the stock. In pole position Tenaris +0,59% and Saipem, +0,23%, although geopolitical tensions in the Middle East are penalizing oil servicers. Well Enel +0,21%. To pay the highest price are the banks and securities such as nexi -3,93% ed stm -2,28%, which have grown a lot in recent months. Among the bankers Unicredit loses 1,85%, Bpm bank -2,35%; Bper -2,05%.
In the rest of Europe: Frankfurt -0,68%; Paris -0,51%; Madrid -0,47%; London -0,62%.
Wall Street, after a jarring opening, continues in no particular order, with the energy sector on the rise: il Dow Jones drops 0,2%, while the Nasdaq is above parity (+0,17%). On the macro front, the services PMI for December is positive, beyond expectations, confirming a still expansive phase: 52,8 from 51,6 in November.
In anticipation of the US-China trade agreement, the attention of the markets is catalysed by relations between Washington and Tehran, following the blitz by the Americans and the killing of Iranian general Qasem Soleimani in Baghdad. Tensions are high, with the Iraqi Parliament calling on the government to oust the US-led international anti-ISIS coalition and Iran withdrawing from the 2015 nuclear agreements. A critical picture, which adds to the Libyan one that is not very reassuring.
In this context, safe-haven assets and oil took off in the morning, but in these hours the gains seem to be reducing. L'gold it is currently progressing by 0,74%, moving to 1563,95 dollars an ounce, after having gone beyond 1588 dollars (a seven-year high). The Petroleum, like Brent, rose by 0,58% to 69 dollars a barrel, after having exceeded even 70 dollars in the previous hours.
The foreign exchange market also settles down and safe haven currencies such as the yen and the Swiss franc lose some share. L'euro dollar is moderately favorable to the single currency, the exchange rate is around 1,1187.
Among government bonds, in a still thin market, the spread between Italian and German ten-year bonds, it rises by 0,97% to 164 basis points, with the yield on the BTP at 1,34%.
Returning to Piazza Affari, the sales hit Pirelli -1,23% and fca -1,36%. About the Ingot, the sun 24 hours, wrote on Saturday that the majority shareholders of the Italian American company and the French PSA, viz Exor (-1,05%) and the Peugeot family, are reportedly working on a shareholder agreement to secure control of the new group, in view of the merger. The agreement would bind 22,5% of FCA-Psa.
Down Atlantia, -0,74%, after the downward revision of the rating of the parent company (from Ba1 to Ba2) and of the subsidiaries Aeroporti di Roma (from Baa2 to baa3) and Autostrade per l'Italia (from Baa3 to Ba1) by Moody's . Furthermore, all ratings are under observation for further downgrades. The decision - explains Moody's - "reflects the increase in political pressure on the Atlantia group and the growing downside risks" linked to the Milleproroghe "in which the Italian government retroactively and unilaterally modified the terms and conditions of the motorway concessions, including that of Aspi ”.
