Putin gives gas to European stock exchanges, which thus recover the losses of the day before: Milan is close to 26 thousand points, with an increase of 1,51%, in line with Frankfurt +1,86%, Paris +1,65%, Amsterdam +2,10%, Madrid +2,14% and London +1,2%. In the afternoon, the good start of Wall Street contributed to toning up the stock markets, driven by better-than-expected data on unemployment benefits and the debt truce, which should avoid the bankruptcy of the Stars and Stripes administration at least until December.
Some reasons for concern, which have weighed heavily in recent weeks, have therefore diminished, keeping the volatility rate high. In particular, European gas futures are moving away from record highs after Russia made itself available to increase supplies to Europe to stabilize the market. Oil prices also deflated slightly yesterday, on the back of unexpected increases in US crude inventories and as Biden is considering drawing on strategic reserves to curb rising gasoline prices. Right now, however, Brent and WTI futures are again in fractional progress.
On the currency market breath the dollar and the euro is stable in the 1,156 area. Buys are moving away from North American government bonds, while the 1,557-year yield rises to 104%, ahead of tomorrow's jobs report which may provide guidance to the Fed on the timing and pace of tapering. The closure on the Italian secondary is of the opposite sign. The spread between ten-year BTPs and Bunds fell to 3,15 basis points (-0,85%) and the Italian bond rate dropped to +XNUMX%. The "inflation-monetary policy" theme is obviously hot in the euro area as well. In fact, the minutes of the last ECB meeting show that the board discussed the dynamics of inflation and a greater reduction in the pace of pandemic purchases, however, ultimately deeming it necessary to maintain an expansive orientation.
According to Bloomberg, among other things, the European Central Bank is also studying a new bond purchase program to prevent any turbulence on the markets once the 1.850 billion euro emergency program is over. The new plan should act as a buffer in the event that the end of the PEPP (expected in March) causes negative repercussions on the government bonds of riskier countries, with purchases that would be conducted "selectively", writes the agency
In the stock market of Piazza Affari industrial stocks and utilities are roaring again. Rebound Stellantis +3,8% (which drags Exor +2,81%), Buzzi +2,95%, Interpump +2,65%. Enel makes a leap +2,6%, in an effervescent sector throughout Europe. Attention was mainly focused on the Spanish groups after the newspapers wrote that the government is rethinking the "shock plan" to contain electricity bills. Endesa, a subsidiary of Enel, appreciates by 4,7% on the Madrid stock exchange.
Good luxury with Moncler +1,93%. The sector was put in the spotlight by a report by HSBC, which raised the recommendation on the French Hermes to "hold", bringing the target price to 1.250 euros from the previous 1.000. Financial stocks Nexi +2,28% and Banca Generali +2,13% rose. Among the banks, Intesa stands out +1,41%, while Banco Bpm -0,32% suffers from some profit taking. Sales penalize oil stocks such as Saipem -1,51% and Eni -0,67%. The six-legged dog has started the process of the initial public offering of the business that integrates retail gas&power and renewables.
