Piazza Affari appreciates and the spread decreases in the first session after the election of the President of the Republic Sergio Mattarella, who strengthens Mario Draghi's leadership in government. Under the motto "the winning team does not change", investors reward the Ftse Eb (rising to 26.814 points) an increase of 0,94% since Friday's close. A progress mainly due to financial stocks and achieved despite the collapse of Saipem, -30,18%, which estimates losses of over a third of the capital in the 2021 budget.
The climate is mixed in the rest of Europe. Frankfurt + 1,01% Paris + 0,48% Amsterdam + 1,47% Madrid + 0,2, London -0,03%.
Lisbon gains 0,48% after the surprise victory of the socialists in the elections, which won an absolute majority.
Technological stocks rebound, also following the strong results of Apple Lossless Audio CODEC (ALAC), seen on the weekend. However, the thorn in the side of the Ukrainian crisis remains, and it hurts, fraught with consequences also in terms of energy, while the results of the meetings of the executives of the ECB and the BoE are awaited this week. Meanwhile, inflation in Germany is running higher than expected and Italy's 2021 GDP is shining.
The euro rears its head, trading in progress against the dollar, once again crossing the threshold of 1,12. Runs the Petroleum: Brent moves above $91 a barrel; the WTI is at 87,36 dollars.
Overseas Wall Street is positive after a sluggish start and is preparing to archive the worst month since 2020. The Nasdaq is running in particular. Netflix it appreciates about 8% thanks to Citi, which raised its rating on the stock because, after the recent losses, the value does not reflect its growth prospects. Tesla also shines, on which Credit Suisse has raised its rating in anticipation of a rebound, given the approximately 20% loss since the beginning of the year.
Saipem in panic in Piazza Affari
Right from the start, the session was scary for Saipem, forced to withdraw its 2021 guidance, admitting that the accounts turned out to be worse than expected in the second half both in terms of revenues and margins. The company is therefore preparing for a new financial maneuver after the 2016 capital increase. The pandemic has contributed to creating a traffic jam, together with the increase in raw material costs and logistics problems. Based on the review, the Saipem's 2021 financial statements should close with losses exceeding a third of the share capital and therefore the shareholders are called into question, Eni e CDP, in order to also verify their willingness to participate in a timely and adequate financial manoeuvre, which will then be a capital increase. The stock of the six-legged dog consequently leaves 1,96% in the field. In the wake Tenaris -0,97%. The few other bad blue chips are Leonardo, -1,21%; stellantis -57%; A2a -0,47%.
In the upper part of the price list leads the recovery Amplifon +4,63%, they follow Post + 3,95% Prysmian + 3,7% stm + 3,14%.
Even the banks are celebrating the newfound political stability and the decline in the spread. Leading the rises in the sector is Bpm bank + 3,08%. Telecom +2,29%, appreciates the picture in a context of important choices to pursue.
Generali scores a gain of 1,73%, after Caltagirone's farewell to the consultation pact with De Vecchio and the Crt Foundation.
The spread falls, the Bund tends to zero
The session is brilliant in the Italian secondary, in light of Mattarella's confirmation at the Quirinale and the fact that Draghi remains at Palazzo Chigi. For S&P Global, the re-election of the president should support the continuity of Italian politics and favor a slight reduction in the level of debt. According to Reuters the market expects the Treasury to issue a long syndicated bond this week taking advantage of the positive momentum.
Meanwhile, today, the yield differential between the Italian and German ten-year yields decreased to 131 basis points (-4,47%).
The BTP rate is stable at +1,29% (from +1,28%), but the Bund rises closer to zero and goes from -0,08% to -0,02%.
Inflation runs high in Germany
The higher risk propensity of the session contributed to fueling the sales of the German bond, but also the data on German inflation. Indeed, in January, consumer prices in Germany rose by 0,4% on the month and 4,9% on the year, according to preliminary estimates. The results are higher than the expectations of economists who indicated, at a cyclical level, a decline of 0,2% and at a trend level, an increase of 4,3%.
Also today, Istat confirmed the estimate of one record recovery for Italy in 2021: +6,5% GDP, after a drop of 8,9% in 2020 due to the pandemic. This is an increase not seen for almost 50 years (+6,6% in 1976), even if growth appeared more sluggish in the fourth quarter.
