The week of European price lists opens in red on the eve of a new Brexit vote, tomorrow in the British Parliament and with Wall Street out of tune. Piazza Affari stops down by 1,02% (19.608 points); Frankfurt -0,57%; Paris -0,76%; Madrid -1,32%; London -0,93%.
The global climate remains dominated by uncertainty and Mario Draghi, at the hearing in the European Parliament he reiterates: “The risks to the economic outlook have moved downwards”, but he also promises, if necessary, that the ECB will open its umbrella. The central bank can use “tools” from its toolbox again if things go “very bad”. The single currency benefits from this, with the euro-dollar rising to the 1,143 area.
For Italy the situation is particularly delicate "because a country loses sovereignty if the debt is too high" and then the Italian economy "grows less than before and significantly less than expected", even if it is too early to say whether a corrective maneuver will be needed.
In any case, the session is moderately positive for Italian bonds, which consolidate last week's gains: the 2,67-year yield is at XNUMX%; the spread with the Bund drops by 0,65% to 245.60 points. On the primary market, after Friday's placement of indexed Ctz and Btp, the agenda continues tomorrow with 6,5 billion six-monthly BOTs, then with the key appointment on Wednesday on the medium and long term, which will mark the debut of the new CctEu January 2025.
Weak Wall Street, who seems to have already run out of good humor after the suspension of the shutdown on Friday. The freeze on administrative activities could cost the US economy around 3 billion dollars, around 0,02% of 2019 growth. Some disappointing quarterly results weighed on the lists, in particular Caterpillar (-9,2%) and Nvidia (-14,4. 1,8%), waiting for Apple (-2%), Microsoft (-1,4%) and Facebook (-XNUMX%) to lift the veil on their accounts. The air is also being sniffed in view of the important mid-week appointments, the meeting of the Federal Reserve and the resumption of trade negotiations between the US and China.
In a climate of aversion to risk, gold remains stable, on the upper floors, in the area of 1303 dollars an ounce. On the other hand, oil gains kick off, after the rally at the beginning of the year: Brent -2,69%; $59,98 a barrel; Wti -3,58%, 51,77 dollars a barrel. The sell-off hurts some oil stocks of Piazza Affari, in particular Tenaris -2,58%. Eni contained the damage, -0,96%, also following the purchase of a 20% stake in Abu Dhabi in the fourth refining complex in the world, which will be oriented towards low-carbon technology. With this operation - reads a note from the Italian group - Eni will be able to increase its refining capacity by 35%. Against the trend Saipem +0,4%
The auto sector is down, Cnh -3,77%; Ferraris -2,33%. Among the financial the worst are Unicredit -2,54% and Finecobank -2,23%. However, asset management still shines with Azimut +1,09%. Juventus still in the top standings +1,73%, after yet another victory in the championship. Buzzi, +1,51%, also thanks to the positive evaluation of Equita. Well A2a +0,58% and Leonardo +0,53%. Outside the main basket De' Longhi, -8,96%, pays the price for the fourth quarter revenues released on Friday afternoon and slightly below expectations.
