The week starts uphill, with Milan in the red and the spread skyrocketing, over 200 basis points. In Piazza Affari, sales overwhelmed above all bankers and the Ftse Mib, closed last in Europe, at -2,21%, 18.693 points. As many as four blue chips are among the major declines of the day: Unicredit -6,86%; Banco Bpm -5,85%; Bper -5,71%; Ubi Banca -5,29. On the opposite side, only two stocks: Cnh Industrial +3,13% and Telecom +1,77%.
The other continental lists are also in red: Madrid -1,12%, Frankfurt -1,07%; Paris -0,91%; London -0,17%. Across the ocean, Wall Street opens weakly, even if it recovers during the day, but not enough to warm the heart of the Old Continent. The political climate keeps everyone on the hook, with Trump busy with the anti-immigrant decree and the eurozone hanging by the thread of the elections, starting with the French ones. Today, Mario Draghi who speaks of an "irreversible euro" and who rejects the idea of a two-speed Europe is not enough. It is not enough to reassure the markets, unnerved by the prospects of Frexit and by a division between the virtuous and the undisciplined. The spread flies: the differential of the Italian ten-year bond with the German Bund breaks through the 200-point threshold and stops at 201.10, +11,17%, yield +2,39%. Numbers that have not been seen for a few years. The increases also affect the spreads of the other countries: Ireland +30,19%; France +21,54%, just to name two. The euro loses a few decimals against the dollar (-0,43%), 1,073, Brent decreases -1,18%, 56,14 dollars a barrel. Gold regains its share: +0,72%, 1229.06 dollars an ounce.
"It is easy to underestimate the strength of the political commitment that has kept us together for 60 years - warns the Governor of the ECB to the Economic and Monetary Affairs Committee of the European Parliament - with the single currency we have built bonds that have allowed us to survive the worst economic crisis since the Second World War". Draghi reiterates the course of the central bank: "the monetary policy decisions taken in December are the right ones in the current context". And “the benefits of our policy clearly outweigh the potential side effects”. In fact, "our measures have played a key role in preserving stability in the eurozone, and this includes financial stability".
Returning to Piazza Affari: the most penalized stocks are banking and insurance stocks, starting with Unicredit, on the day of the start of the super capital increase of 13 billion, which will end on 10 March. A really difficult start, but perhaps, technically, inevitable. Bad Ubi, which strengthens its Brescia pact, even if by a few percentage points. The Shareholders' Syndicate published a notice on 31 January announcing the entry into the agreement of a new shareholder and the increase of the percentage of syndicated shares to 13,67 per cent. Deep red for Fineco Bank, -4,47%. Intesa San Paolo loses ground -2,41%, while Generali drops by 2,34%. Today, according to Reuters, the board of directors of the company should have met, after the meeting of the investment committee to take stock of the 3,01% stake held as a securities loan in the capital of Intesa. The main shareholder of the Lion, Mediobanca, is worse off, -4,11%. Unipol -4,95% and Unipolsai -3,88% are traveling significantly down; Leonardo -3,29%.
Weak luxury stocks with Luxottica, -2,28%, and Ferragamo, -1,99%. The purchases are poured into a few securities of the Ftse Mib: Telecom, with the accounts and the presentation of the new strategic plan. On the other hand, the purchases on CNH would be triggered by the unconfirmed rumors that the Italian-American group is considering the sale of the construction equipment division to private equity firms.
