The rebounding start of Wall Street favors European stock markets, which recover in the afternoon after a negative morning and close mixed.
Piazza Affari is the best and goes back to 21.916 points, +1,17%, thanks to the performance of the banks and the leap of STM +4,2% after higher-than-expected bills. The government crisis and the ongoing consultations at the Quirinale have no impact on the spread, which drops to 118 basis points (-1,25%), while the yield on the Italian 0,61-year bond is stable at +2020%. Despite the mixed forecasts of the International Monetary Fund, the Italian debt market is therefore flowing like a long, calm river. The IMF, after having revised downwards the growth forecasts of the Bel country this year, improves the 2021 debt estimates, but worsens those for XNUMX.
Debt is expected to rise to 159,7% in 2021 from 157,5% in 2020. In the October forecast the debt was 161,8% for 2020 and 158,3% in 2021. In any case, says Vitor Gaspar, responsible for the 'Fiscal Monitor' report “the Italian public debt is sustainable, supported by low interest rates and an expected recovery in growth”. According to the IMF, the deficit in 2020 stood at 10,9%. The Fund improves its estimates of the Italian deficit compared to last October, when it believed it was 13%. For this year, the forecast is for a deficit of 7,5%, worse than the 6,5% estimated in October. In the rest of Europe Frankfurt +0,33%; Paris +0,93%; Madrid +1,1%. In red London -0,63%.
Wall Street is proceeding well, after the crash on the eve, in the light of the dovish orientation of the Fed and despite the lackluster macroeconomic data. In fact, the US economy contracted by 3,5% in 2020, the worst performance since 1946. This is the first annual drop in GDP since the 2007-2009 recession. Nearly all sectors suffered a drop in output and -3,9% in consumer spending was the biggest drop since 1932. The real estate market is going against the trend, which recorded another quarter of double-digit growth thanks to low rates. Government spending has been weak, hurt by state and local governments, whose finances have been squeezed by the pandemic.
In today's session the title of the GameStop video game chain, which made a lot of noise for its 1700% jump in three weeks (following purchases by a myriad of small investors that made shortists tremble), loses around 50%. American Airlines, on the other hand, was up 26,1%, the latest in a series of stocks promoted by the social media initiative, which widens the clash between amateur traders and important Wall Street institutions. In a swirl of quarterly numbers, big tech, Microsoft, Facebook, Netflix and Google are on the rise, while Apple continues to decline. Bad Tesla after disappointing fourth quarter results
On the foreign exchange market, the euro moved little, with an exchange rate with the dollar in the 1,21 area. Among the raw materials oil is losing strength. Brent is currently down 0,5% and trades at 55,24 dollars a barrel. The April 2021 gold future is up fractionally and is moving around 1857 dollars an ounce.
In the business square the blue chip queen of the session is Stm, which closed 2020 with a net profit of 1,1 billion dollars, +7,2% on an annual basis, and net revenues of 10,2 billion (+6,9%). Frenchman, Jean-Marc Chery, reports a strong order intake in the last quarter of 2020, which should allow the company to reach its medium-term revenue targets ($12 billion by 2023). The session also gave important progress to Prysmian +3,56%, Tenaris +3,05%, Nexi +3,39%, while the banking sector closed in tune.
Banco Bpm +3,28% and Bper +2,26% stop in the top ten for the day. AND more moderate Unicredit +0,48%, waiting for Andrea Orcel, indicated as next CEO by the council unanimously, you take action. His name will be included in the list of candidates for the renewal of the board of directors, replacing the outgoing Jean Pierre Mustier. The list will be presented for approval at the next shareholders' meeting on April 15, 2021.
Equita writes that "a merger between Banco Bpm and Unicredit would make particular sense from an industrial point of view", even if the broker nevertheless considers this scenario unlikely given that Unicredit remains the main candidate for a merger with Mps (-0,09 %). Interpump +2,63% and Stellantis +2,33% rebound. Brilliant Enel +1,94%. Profit-taking sends Diasorin -5,63% to the bottom of the list. Weak utilities: Italgas -1,03%; Terna -1,06%. Bad Banca Mediolanum -1,27%.
