FinecoBank runs, automotive advances, Campari collapses. The balance, increasingly uncertain as the minutes go by, still tips in favor of purchases, with the FtseMib which after the red on the eve, advances by 0,1% to 30.420 points. The others are also above parity European stock exchanges who maintain a cautious attitude, more than determined to wait for the data on US inflation and the start of the quarterly reporting season in the United States before choosing which is the right path to take in this second trading week of 2024 with an eye also on central banks.
Frankfurt 0,33% salt, Paris earns 0,22% 24 hours later nomination of Gabriel Attal as prime minister, the youngest in history. Flat Amsterdam e Madrid, while outside the EU London yields 0,16%.
Stock market January 10: news from central banks
According to investor forecasts, at the meeting at the end of the month the Federal Reserve will leave rates unchanged, while over the course of the year it will make overall cuts of 140 basis points.
In Europe, since the 14th edition of the Spain Investors Day, the words of the vice-president of the European Central Bank Luis De Guindos who talks about an uncertain future and downward-oriented prospects. The vice president recalled the monetary policy response launched by the ECB in response to the worst inflationary crisis in recent years with an increase in rates for a total of 450 basis points. “Our strong reaction – he said – was fundamental to avoid an unanchoring of expectations and to contain inflation. In terms of economic activity, the slowdown has so far been limited and gradual. However, the most recent data indicates that the future remains uncertain and the outlook tilts downwards." De Guindos also welcomed the agreement reached on the Stability Pact, calling it "a powerful signal for the markets as it reduces uncertainty about fiscal rules in the EU".
In the meantime, the Bank of Italy announced that in November, loans to the private sector decreased by 3,2% over twelve months (-3,1 in the previous month of October). In particular, loans to families decreased by 1,2% over the twelve months (they had fallen by 1,1 in the previous month) while those to non-financial companies fell by 4,8 percent (-5,3 in the previous month). Also in November, the interest rates on loans disbursed during the month to families for the purchase of homes including ancillary expenses (annual effective rate, APR) stood at 4,92% (4,72 in October).
FinecoBank runs in Piazza Affari, Campari sinks
In Milan, data on December collections push the stock higher Finecobank, which gains 2,1% to 13,84 euros, achieving one of the best performances among the Milanese blue chips. Fineco announced that in the last month of 2023 net collections were "particularly solid" at 1,226 billion, while the acceleration in the number of new customers remained at high levels, reaching the new record since the beginning of the year of over 119 thousand. In the whole of 2023, net collections reached 8,8 billion, with the managed component at 2,7 billion and the administered component at 8,3 billion. The other managed savings stocks were also positive: Azimuth (+ 0,74%), General Bank (+ 0,5%).
The rebound in sales of Volkswagen and BMW is good for the entire car sector and purchases are rewarding Iveco (+ 1,97%), Classic Ferrari for sale (+ 1,37%) and Stellantis (+ 0,97%).
The banks are proceeding uncertainly after the heavy declines the day before, while the black shirt of the day is Campari (-4,77%) which during the morning ended up losing more than 6 points: the company completed a capital strengthening of 650 million and a convertible bond of 550 million placed to finance the acquisition of Courvoisier.
Oil companies are weak: Tenaris (-1,17%), Saipem (-0,78%). Flat Eni: Plenitude, through its subsidiary Eni New Energy US, has signed an agreement with EDP Renova'veis (Edpr) for the acquisition of 80% of three already operational photovoltaic plants located in the United States. The Cattlemen (Texas), Timber Road (Ohio) and Blue Harvest (Ohio) farms have a total installed capacity of approximately 478 MW, of which 382 MW are at Plenitude.
Utilities with were also negative Snam e Terna which yield more than 1% e Italgas down 0,76%.
The other markets: eyes on Bitcoin
It falls from 166 to 163 basis points lo spread between BTP and Bund with the yield on the Italian ten-year bond falling to 3,82% from 3,84% on Tuesday. Waiting for the Treasury auction offering annual BoTs for an amount equal to 8 billion euros.
Among raw materials, there is a break from the increases Petroleum: Brent is at 77,39 dollars a barrel (-0,2%), the WTI at 72,05 a (-0,26%). On the currency the euro it is worth 1,0953 dollars from 1,0927 at the previous close.
Eyes on the Bitcoin (at 41.703 dollars, -1,15%) on the day in which the SEC is called to decide on the spot ETF, a decision that could become the watershed in the history of cryptocurrency.
