On the stock exchange, as on the streets, there is a great desire to put the Covid-19 behind us and to look to the future without fear. Today's session marks another point in favor of optimism following the reopenings in the various countries, the declines in the contagion curve, especially in Europe, and new news on vaccines arriving from the USA.
In the final it is on the rise for the European lists, which they practically recover pre-lockdown levels, while New York, after yesterday's holidays, restarts live, with the partial reopening of the 'trading floor' in the historic Wall Street headquarters for the first time since March 20, when the Stock Exchange was forced to move to the electronic platform.
The Dow Jones has started off with momentum and is moving beyond 25 points. Stocks related to travel, cruises, planes, banks and insurance companies are betting on the recovery. “American states should open as soon as possible- Donald Trump tweets – the transition to greatness has begun. There will be ups and downs, but next year will be one of the best ever." Biotech firm Novavax (+14,62%) has started human trials of its experimental vaccine with results expected in July. While Merck (+1,30%) has announced a partnership with the non-profit Iavi to develop its own vaccine.
In Europe, Madrid +2,2% leads the dances, followed by Paris +1,46%, London +1,19%, Frankfurt +0,98%. Piazza Affari gains 1,5% and is approaching 18 points (17.860), recording a recovery of approximately 20% since the beginning of the lockdown.
Risk appetite restricts the spread falling below 200 points basis. The yield differential between German and Italian ten-year bonds falls to 197 points (-4,58%) and the BTP yield falls to 1,54%. However, the ECB warns: beware of the risk of a short circuit between government bonds and banks of three countries: Italy, Spain and Portugal. The increase in public debt levels, due to the measures to deal with the Covid-19 pandemic, writes the ECB in the Financial stability review, "could trigger a reassessment of sovereign risks by market participants and rekindle pressure on government bonds more vulnerable".
And again: "If the measures adopted at national or European level were judged insufficient to preserve the sustainability of the debt, the market's judgment on a risk of redenomination", ie exit from the euro "could rise further". The current appeal of Italian paper pushes purchases precisely on bank securities. Queen of the price list is Bper, which stands out with a leap of 10,43%. Mediobanca also effervescent +5,66%; Unicredit +4,44%; Bench Bpm +4,8%.
Luxury revives with Ferragamo +7,28% and Moncler +4,87%, while industrialists confirm their money with Leonardo +6,7%; Cnh +3,55%. Fiat gains 3,39%, in a day of purchases on car shares at European level and while Intesa (+2,99%) decides on the maxi-loan to the Lingotto of 6,3 billion, with Sace guarantee.
Profit-taking sends Diasorin into the red, -5,92%, which has strung together a series of historic records in recent weeks. Jefferies today cut the rating on the stock to 'underperform' from 'hold'. The broker does not include revenues from molecular and serological tests for Covid-19 which it sees “as an opportunity of around 210 million euros in 2020. However, this increase is largely offset by the decline in revenues related to routine tests which have lost, with volumes reduced by 60-65% in China in February and March and by 40% at the moment in Europe”.
Sales prevail over Nexi -2,36%; Terna -0,75%. On the currency market the euro progresses on the dollar and the exchange rate rises to 1,098, while we look to tomorrow, when the EU Commission will present its proposal on the controversial 'recovery fund' designed to support the economies hit by the coronavirus.
Returning to the ECB, Reuters, citing its own anonymous sources, reports that the European Central Bank is finalizing contingency plans to carry out its multi-trillion bond-buying program without the Bundesbank, in case the German Supreme Court were to force the bank - the main participant in the program - to abandon it. Assuming the worst-case scenario, the ECB would launch unprecedented legal action against the German central bank, its main shareholder, to bring it back into the programme.
Among the raw materials oil is slow, Brent $35,52 a barrel. Gold tarnished, trading down to 1709,70 dollars an ounce.
