European stock markets rebound e Piazza Affari stops on the threshold of 22 thousand points (21.987), closing up 1,16%. Today's push came mainly from the banks, after the pressure of recent days, with the sector regaining optimism in the wake of the numbers of the Swiss UBS, profit (+137% in the fourth quarter of 2020; +54% l 'net profit last year).
Queen of the Milanese price list is Unicredit +4,45%. The stock was suspended in the volatility auction after the news from Ansa on the new CEO: "we are moving towards the appointment of the investment banker Andrea Orcell in the place left by Jean Pierre Mustier,” claims the agency citing financial sources. The reception of the former UBS was instead lukewarm by Monte dei Paschi di Siena (+0,19%), the bank that the Treasury would have liked to marry to Unicredit.
The government crisis, which opened this morning with the resignation of Prime Minister Giuseppe Conte, after many hesitations, on the other hand does not frighten bondholders, in the belief that whatever happens, they will try to avoid elections. The spread between Italian and German XNUMX-year bonds decreases to 117 basis points (-4,42%) and the BTP rate closed down at +0,61%. However, Fitch warns that an even weaker government than the previous one could exacerbate "economic policy risks" and "could damage growth prospects after the pandemic through a coherent economic strategy".
Above all, they are at stake the resources of the Next Generation Eu plan, which must be used wisely "to relaunch the medium-term GDP growth prospects". Otherwise “Italy's sovereign rating could be put under downward pressure”. We need to reflect in the face of such important choices, also in light of the pejorative forecasts for 2021 by the International Monetary Fund. The recovery for Italy, according to the IMF, will stop at 3% (against +5,2% expected in October).
A relatively modest rebound when compared with estimates of a 9,2% drop in 2020 (previous estimates were worse, however, at -10,6%). The trend should improve in 2022 (+3,6%, against +2,6% in October). The picture remains strongly influenced by the pandemic, from the lockdowns and the vaccination campaign. It is no coincidence that AstraZeneca's denial of the poor efficacy of its vaccine on people over 65, who are then those most at risk of serious complications, also contributed to driving the European price lists today. During the week, the EMA, the European drug agency, will decide on the green light for the product, already approved by Great Britain.
In the rest of Europe, Frankfurt increased by +1,66%; Paris +0,94%; Madrid +0,78%. London is lagging behind, +0,21%, also due to the leap of the pound, in a context of greater propensity for risk and a weakening of the dollar. The euro traded with the greenback up 0,2%, not far from yesterday's levels (cross 1,21). Calm dwells on Wall Street, in these early hours of trading and after the records of the eve. The S&P 500 moved to new highs for a few moments, following the positive results of companies like 3M and Johnson & Johnson. In full quarterly season and waiting for the Fed to conclude its meeting tomorrow, the first of the Biden era, the three main indices are currently just above or just below par.
In Piazza Affari, behind Unicredit, other stocks in the sector appreciate, such as Bper +2,78%; Mediobanca +2,41%; Understanding +0,9%; Bench Bpm +1,57%. Also among the major increases of the Ftse Mib Nexi +3,01% (under pressure since the beginning of the year), Pirelli +3%, Leonardo +2,92%; Telecommunications +2,75%. Oil stocks rebound: Saipem +.196%; Eni +2,1%; Tenaris +1,33%; Saras +2,96%.
The only blue chip in sharp decline is Prysmian, -3,8%, which announced the launch of a new equity-linked bond of 650 million euros and the simultaneous buyback offer on its outstanding bond, also equity-linked, from 500 million to 2022, for a maximum amount of 250 million . Banca Intesa analysts judge “the bond as fully consistent with the debt refinancing process. The group has around 1,2 billion in debt maturing in 2022”.
They are the raw materials moved little, especially gold and oil. The future of the precious metal loses 0,2% and trades at 1851,35 dollars an ounce. The April 2021 Brent contract loses 0,23%, 55,55 dollars a barrel.
