Volatile session today for the European stock markets which, having filed a morning in deep red, recovered most of the losses in the afternoon thanks to the Wall Street rebound. The New York Stock Exchange is currently moving in progress, after the declines of the last sessions related to the fears of a jump in inflation and the risk of a consequent correction of the Fed's monetary policy. The closure is mixed in Europe: London loses 0,58%, followed by Madrid -0,46%. Frankfurt instead appreciates by 0,31% with Paris +0,15%.
The climate is also moderately positive in Piazza Affari, which rises by 0,14% to 24.86 points, thanks to the support of numerous better-than-expected quarterly reports. With the accounts, Nexi +3,33%, Prysmian +2,76%, Pirelli +2,57% are in good shape. Diasorin shares +2,44% Stm +1,35% and utilities also rose, while oil stocks and some banks fell. At the bottom of the list: Tenaris -2,27%; Unicredit -1,88%; Eni -1,47%; Banca Generali -1,45%.
Oil stocks suffer from the drop in crude oil e Brent falls below 68 dollars a barrel. Oil prices are affected by the worsening of the pandemic in India and the resumption of operations of the Colonial Pipeline, the largest pipeline network in the United States, blocked following a ransomware attack. This halts a rally that had taken the barrel to an eight-week high after the IEA and Opec had forecast a rebound in global demand during the year. The price of metals is also down, after the recent rally.
On some banks in Piazza Affari profit taking prevails, after the positive phase. Meanwhile, Moody's has promoted the outlook on new important institutions from negative to stable, including Intesa (-0,42%), Mediobanca (+1%), Banco Bpm (+0,46%), Credem. Outside the main basket, Tod's remains euphoric. +7,1%, which recorded higher-than-expected revenues in the quarter thanks to the strong boost from China. Various brokers raised their target price.
On the secondary, during the session, the surge in the spread has eased which closes at 112 basis points (+0,86%), but the yield on the ten-year BTP rises above 1% (1,01). In addition, rates on the primary sector also rose. The Treasury today placed 1,75 billion 30-year BTPs with an average yield that exceeds 2% (2,06%). The 3-year security, worth 3 billion euro, also went to auction, with a yield of -0,06%, up on the previous -0,17%. Finally, at 7 years, 4,5 billion were placed with a yield of 0,69%.
On the currency market, the euro-dollar moved little in the 1,2 area, while bitcoin sank, torpedoed by a tweet from Elon Musk. Tesla's number one has announced that the group will no longer accept the famous cryptocurrency for the purchase of its vehicles due to the impact it has on the environment. Musk is worried in fact due to the high use of fossil fuels, especially coal, used to carry out transactions and "mining". “Cryptocurrencies are a good idea on many levels – Musk wrote – and we believe they have a promising future, but this cannot come at the expense of the environment”. The visionary entrepreneur will not sell the bitcoins he owns, but will use them when their transaction is more sustainable. Meanwhile he will prefer cryptocurrencies with less environmental impact.
Meanwhile, as we said, Wall Street, matching match moves up. The macroeconomic data confirm the robust recovery, in fact the claims for unemployment benefits appear to be in sharp decline. However, the news does not aggravate yesterday's situation, when the rises in consumer and production prices had caused the lists to skid. Indeed, the Dow Jones recovered 34 points and tech stocks, the most targeted by sales in this period, now appear to be the most bought. The yield on government bonds is down compared to the day before, with the ten-year bond in the +1,66% area.
