Jerome Powell's reassurances to the US Congress on the Fed's monetary policy limit, but do not curb, sales on Wall Street's technology stocks, which also weigh on the mood of European stock markets. The US stock market is down and the Nasdaq it fell by more than one percentage point, while the markets of the Old Continent closed in contrast, after many fluctuations during the session. At the extremes they are placed Amsterdam -1,15% and Madrid +1,71%. Minus sign for Frankfurt -0,62% and Milano -0,3%, while Paris e London show progress of 0,22% and 0,21% respectively.
Investors' focus remains on inflation and the increase in government bond yields, especially in the US, but signs of a recovery in prices have also arrived today from the euro area. In fact, the annual inflation rate of the area stood at 0,9% in January 2021, compared to -0,3% in December. The previous year, however, it was 1,4%. The annual inflation rate for the European Union was 1,2% in January 2021, up from 0,3% in December. A year earlier it was 1,7%. In any case, these are numbers that are far from the ECB's target, even if yesterday the president Christine Lagarde, in light of the pressure on the yields of sovereign bonds, said that the situation is being monitored closely.
Overseas, where signs of recovery and price dynamics appear much more lively, Fed Chairman Powell throws water on the fire and says that the US economic outlook is still "highly uncertain" and inflationary pressures are "not a threat".
“After the significant falls in the spring – he maintains – prices have partially rebounded in the rest of the year. For some sectors particularly affected by the pandemic, however, prices remain particularly weak. Overall, on a year-over-year basis, inflation remains below our long-term 2% target. The Fed, on the other hand, in recent months has revised its approach to inflation, which could exceed 2% for a period of time without monetary tightening being adopted. As for the important parameter represented by the labor market, Powell says it will still be some time before it is fully restored. Moral: the economy will improve in 2021, but there are no changes in sight in the Fed's monetary policy.
In the stock market, a rotation on stocks is in any case underway and the technological ones, bought a lot in recent months, are currently the target of sales. On the contrary airlines, travel and tourism start again and breathe.
The Faangs are currently continuing the session down. Sales also hit Tesla, -2,3%, after yesterday's crash also following the volatility of bitcoin, the cryptocurrency in which Elon Musk's company recently invested 1,5 billion dollars.
Il bitcoin today it came down 17%, with investors nervous about extremely high valuations, triggering the liquidation of leveraged bets and a subsequent sell-off in the cryptocurrency markets. For the largest cryptocurrency in the world, the worst daily drop in a month is outlined, with a low at $45.000. With today's contraction, bitcoin has lost more than a fifth compared to the record of $58.354 reached on Sunday, highlighting the volatility of the emerging asset, which is still up about 60% since the beginning of the year.
On the foreign exchange market theeuro-dollar it moved little, in the 1,216 area, while the pound continues to strengthen, which has moved to its highest level for about three years. over 1,4 against the greenback. The powerful vaccination campaign implemented in Great Britain is giving sprint to his majesty's currency, which gives hope for a rapid recovery of the economy.
Le raw material are slightly down, after the great progress of the last few sessions. Brent crude moved above $64,1 a barrel, while spot gold traded down to $1804,30 an ounce.
In Piazza Affari it is confirmed as the queen of the price list Atlantia, +3,17%, pending the binding offer of CDP-Fondi for 88% of ASPI. Yesterday the meeting of the Cdp board of directors remained open to continue this afternoon "in order to allow the contextuality of the decisions of all the members of the consortium". The stock was also affected by the positive effect of Gavio's takeover bid on Asthma, at 25,6 euros per share. After yesterday's exploit, today the stock closes slightly below the offer price at 25,54 euros per share (-0,55%).
Sparks fly between the banks Unicredit +2,15%. positive Understanding + 0,57%.
Shop on Unipol + 1,59%.
Recommended Exor +1,77%, with stellantis which records a progress of 0,51%.
Leonardo it closed with a gain of 1,15%, after going higher on the expectation of a board of directors who will turn on the green light for the listing on the Nyse of the American subsidiary Drs.
Oil stocks are mixed: Eni +0,73%; Saipem -2,69%.
At the bottom of the list they are still Amplifon -4,61% and Diasorin -2,8%. stm loses 2,69%, driven by declines in technology. Profit taking is killing asset management, while utilities are mixed.
Outside the main basket it goes down Bialetti -28%.
It dates back to it spread at 96 basis points, between Italian and German ten-year bonds (+2,85%) and the BTP rate closed at +0,64%.
