Inflation soars in the United States in December and runs at the fastest pace since 1982. Meanwhile, the Monetary Fund forecasts a more uncertain 2022 worldwide, in which the momentum of the recovery will be weaker; finally, the data on industrial production in the euro area in November disappoints: the rich macroeconomic picture of the day does not however slow down the markets, which remain optimistic and close positively in Europe, while overseas Wall Street, in tune at the start, is moving in cautious progress.
Yesterday's words from Fed Chairman Jerome Powell, ready to tighten monetary policy to deal with price tensions, but inclined to believe that inflation will reach a peak in the middle of the year and then slow down, also contribute to instilling confidence. The central banker also kept his hands free by not specifying the times and methods of a tightening or the start date of the reduction of the central bank's balance sheet. A masterpiece of balance from which he also benefited Tokyo (+1,92%) this morning, returning from three sessions in the red.
Risk appetite has also put the turbo into the engine of oil which has regained levels for Omicron, while the euro rises against the dollar.
PIAZZA AFFARI IS APPRECIATED, BUT UNICREDIT COLLAPSES
Piazza Affari grew by 0,65% to 27.714 points, supported by Iveco +5,71%, on which Intesa Sanpaolo analysts have started covering with a target price of 16,9 euros and a buy indication.
Asset management still shines today, starting with Azimuth +4,22%, after the indication of a record 2021 profit of 600 million and above the guidance. In the wake Finecobank +3,71%. Well Diasorin + 2,66%, while Omicron goes crazy and tampons multiply.
Among the banks it stands out Understanding +2,56% and among the oil companies it is full of purchases Eni +1,89%. In the car the queen is stellantis + 1,89%.
The market fails instead Unicredit -3,23%, on the basis of press rumors that see the bank led by Andrea Orcel interested in buying the Russian Otkritie. Jefferies believes that any acquisition would be met with caution and skepticism by investors due to the complicated political situation and the size of the potential transaction.
Red is also on for Amplifon -2,41%. Leonardo it is negative, -0,24%, although the Fitch agency has improved the outlook on the company's rating, bringing it to stable from negative. The aerospace company's long-term debt rating was confirmed at “BBB-”.
Telecom yields 0,2%. Economic Development Minister Giancarlo Giorgetti claims that the Italian government intends to protect the assets it deems strategic in the event that Kkr proceeds with a takeover bid on the telephone company.
Out of the main basket Giglio Group (+20,51%) closes a pyrotechnic session following the announcement of the opening of the new “Giglio Meta” business unit dedicated to the development of Metaverse and NFT (non-fungible token) projects.
THE SPREAD GOES DOWN
The pressure on Italian government bonds is easing somewhat. The spread with the German 135-year bond it returns to 2,65 basis points (-1,26) and yields drop slightly, +0,1% for the Btp; -XNUMX% for the Bund.
On the other hand, the yield on the annual Treasury bonds increased slightly: -0,444%, up 2 cents compared to the previous month's auction. auction falls on the next 14 January.
IN EUROPE, AMSTERDAM TOPES
It stands out in European equities Amsterdam, +1,03%, where Accelormittal, Prosus and Just Eat shine. On the other hand, Philips collapsed, -15,2% after having expected a drop in core profit for the fourth quarter of about 40%, due to the global shortage of components and after having recalled some respirators. The Dutch health technology company also announced a new provision of 225 million euros to recall the product, given the need to repair more devices than initially planned.
Progress is fractional a Frankfurt +0,43%; Paris +0,75%; Madrid +0,16%. Well London +0,81%, indifferent to political vicissitudes by Prime Minister Boris Johnson.
INDUSTRIAL PRODUCTION IN THE EURO ZONE SLOWS DOWN
Risk appetite does not appear too disturbed by signs of a slowdown from the eurozone in November. In particular, industrial production disappoints expectations and rises by 2,3% on a month, but falls by 1,5% on an annual basis. The surprise drop was caused by a 9,8% plunge in capital goods production, which pushed down the overall Eurostat reading despite a 4,4% increase in consumer durables and a 6,1% increase of non-durable consumer goods
US INFLATION: RUNNING AT THE FASTEST PACE IN 40 YEARS
In the meantime, US inflation is running, where consumer prices in December increased by 7% on an annual basis. This is the largest increase since June 1982, albeit expected and largely due to energy prices.
Opposite scenario in China, where consumer prices increased by 1,5% on an annual basis in December, a level lower than the +1,8% expected by the consensus.
EURO RISES AND OIL ON THE RUN
After the data on US inflation, the euro regained strength and the exchange rate is currently around 1,142.
Travel supported on Petroleum, with US stocks dropping last eighth for the seventh consecutive time and doing so more than what experts expected: Brent +0,93%, 84,5 dollars a barrel; Wti +1,46%, $82,41.
