America is "first", but Europe also defends itself and closes positive, although the euro remains in the 1,24 area against the dollar. The best place is Paris, +0,87%, driven by the record figures of LVMH (+4,89%). Brilliant London +0,65%; recovery Frankfurt +0,31%; flat Madrid.
Piazza Affari gains 0,58%, reaching 23.856 points. Leonardo regains its share +2,21%, Buzzi climbs +2,01%. In and around the car, Fiat stands out, +1,96%, following the accounts; Exor +1,83%; Pirelli +1,56%. Well tuned Atlantia, +1,36%, on the day in which the Spanish government says yes to the purchase of Abertis shares if the takeover bid by the Italian group is successful. The decision allows Atlantia to compete with the rival offer from Acs. The financials are weak, even if Creval sparks: +23,42% and Intesa gains 1,23%.
Wall Street opens positive, updating its records and is starting to close the fourth week with growth, while Donald Trump, in Davos, reiterates "America first", while adding "not alone". However, the GDP figure for the fourth quarter of 2017 is lower than expected (+2,6% against +2,9% of forecasts). Stable oil: Brent 70,47 dollars a barrel. Gold is always in tune, above the threshold of 1353 dollars an ounce.
Looking at the negative side of the Ftse Mib, we see above all financial stocks: Azimut, -1,11%; Banca Generali -0,78%; Mediobanca -0,76%; Unicredit -0,72%. Among the worst blue chips is Telecom, -0,76%, on which Credit Suisse has lowered the target price for the group from 1 to 0,85 euro.
On the Star segment, Gima turns red, -3,9%, following some setbacks by the client Philip Morris. Indeed, the advisors of the Food and Drug Administration yesterday voted against two of the three "slogans" for the marketing of the IQOS product in the United States.
The session was weak for the Italian secondary: the 2,01-year yield returned to 137.80% and the spread with the Bund widened to 2,15 basis points, +XNUMX%. All in all, a little worrying trend, but one that shouldn't make us rest on our laurels. In fact, the latest report by the European Commission on public debt sustainability recalls that highly indebted EU countries (such as Italy) are more exposed to unfavorable economic shocks and to rising interest rates.
A permanent increase of one percentage point would lead (on unchanged policies) to a higher debt-to-GDP by 2028 of about 9%. A perspective that should lead to some reflection. Meanwhile, from Venice, the governor of Bank of Italy Ignazio Visco, a few weeks before the elections, sees positive signs for the economy and urges those who aspire to go to government to continue reducing the debt/GDP, currently around 132%.
