Euro in dust, contrasted banks, broken down cars and rising spreads. The penultimate session of the year, contained in volumes due to the holidays, shows a weak Italian secondary and Piazza Affari which closes down, -0,36%, reaching 22.120 points, in line with the other European price lists. Frankfurt -0,69%; Paris -0,55%; Madrid -0,71%. Flat London +0,03%. No stimulus comes from Wall Street, which also opens in tune and is currently in positive territory, with Apple recovering.
The dollar is losing share against the euro, while the economy is growing in both reference continents. According to the ECB the recovery in the Eurozone continues "at a sustained pace" with a "significant improvement in growth prospects". However “a large degree of monetary stimulus remains necessary”, in the face of inflation that remains moderate and has yet to show “convincing signals of a continued uptrend”. On the other hand, the Chicago index reveals that things are better than expected in the region. The single currency appreciates by 0,44% against the greenback and you need 1,195 dollars to buy it.
Oil remains at its highest level since 2015, even if it slips slightly: Brent $65,86 a barrel -0,2. US weekly inventories data is better than expected. The march of gold continues, 1294,9655 dollars an ounce, +0,61%. But copper is the protagonist of these end-of-year sessions and continues to improve his results, reaching a 4-year high.
On the government bond front the rise in the yield of the ten-year BTP is recorded, 1,96% and the surge in the spread with the Bund to 150.50 points, +4,44%, in line with the rest of the European sector. The unknowns of 2018 are many, especially for Italy, starting from the political ones with the elections in a few months. Today the Prime Minister Paolo Gentiloni went up to the Quirinale to start the process of dissolving the Chambers.
The blue chip protagonists of the session, positively, are the banks, formerly popular: Bper +2,75%; Bench Bpm +2,07%. In no particular order are the other lenders. Unicredit rises a bit +0,25%; Entente loses -0,99%; Ubi retreats slightly -0,27%. Off the main list, Banca Carige reversed its trend, gaining 1,22% after yesterday's collapse, exceeding 6%.
Among the big stocks, Generali +0,92% and Pirelli +0,84% are good. Moncler stands out again +1,07%, which rises to 26,4 euros per share. The other side of the coin shows FCA, -1,68%, at the bottom of the basket. However, it is worth remembering that the Italian-American company is the one that has earned the most on the Ftse Mib in the space of a year. In the wake of Ferrari -0,79% and Cnh -0,88%. Weak energy with Enel -0,95% and Tenaris -0,89%.
