Closure in progress for the main European lists, after a slight afternoon volatility that breathed from Wall Street. Nothing alarming though, because, after a positive start, the New York Stock Exchange continues in green with GE (+9,8%) rallying thanks to the quarterly report. The news on the Chinese coronavirus remains alarming and the consequences are being felt on several fronts, but in the end, confidence seems to prevail on the stock exchange, awaiting the decisions of the US central bank tonight.
Piazza Affari, +0,52%, 24.153 points, hits the highest since 2018, while the spread continued to decrease: the differential with the Bund at the end is 133 basis points. However, a wave of optimism about Italy was felt on the primary market: this morning the Treasury sold all 6,5 billion euro of semi-annual BOTs, against a demand for over 11 billion. The yield dropped to -0,355% from -0,221% at the December 23 auction. The growth of the beautiful country remains weak, warns the Monetary Fund, +0,5% in 2020, +0,6-0,7% in 2021, the lowest in the EU and sensitive to shocks. However, consumer confidence and that of manufacturing increased in January.
In the rest of Europe the best place is Madrid, +0,61%, dragged by Banco Santander (+4,5%) after the accounts. Toned Paris +0,49%, even if luxury, damaged by the consequences of the pandemic risk, remains in contrast. Well Frankfurt, +0,17%, with the German government which has revised upwards its GDP forecasts for the current year (+1,1% against the previous 1%). Flat London +0,05%, a few days before farewell to the European Union. Wall Street is currently posting fractional gains, with Apple up 2,8% after the record quarterly results presented last night after markets closed. In cash also Boeing, +1,15%, which instead closed, in 2019, the first financial year in the red for 22 years. The 737 MAX case weighs on the results, a model still without flight authorization after the two accidents that caused a total of 346 deaths.
Finally, there is growing anticipation for the conclusion of the Fed monetary policy meeting, which will likely leave rates unchanged, but could assess the impact of the coronavirus. In this situation, the dollar remains strong on the currency market, at its highest level for about two months, while the euro is pressed against the greenback at an exchange rate around 1,1. Commodities are not moving much: gold 1570,05 dollars an ounce; Brent +0,1%, 58,87 dollars a barrel.
Piazza Affari's oil companies stop in no particular order: Eni -0,45% Tenaris +1,15%. Queen of the price list is – together with Nexi +2,74% – above all Leonardo +3,05%, also thanks to the acquisition, for 185 million dollars, of Kopter, a Swiss helicopter company owned by Lynwood. Pirelli recovers +2,38%. Money on Telecom, +1,94%, on the day of the board of directors which should take stock of the various dossiers, including the 2019 budget and the 2020 business plan.
More ideas on Enel +0,91% and Terna +0,90% always at record levels. Mixed banks: Mediobanca -1,02%, after Mediolanum, +1,35%, decided that the 3,28% stake in Piazzetta Cuccia is no longer strategic; Bper -0,82%. The others are fine. Progress for luxury: Moncler +1,9%. Ferragamo gains 0,15%, after 2019 results in line with expectations.
