(Il Sole 24 Ore Radiocor) – Positive trend for European stock exchanges in the last session of January. The FTSE MIB in Milan also finds strength in reconfirmation of Sergio Mattarella to the presidency of the Republic, which allows Prime Minister Mario Draghi to remain in his post. It is declining spread between BTp and bund. The main continental price lists are also up: the CAC 40 in Paris, the DAX 40 in Frankfurt. The recovery of the tech sector on the Hong Kong Stock Exchange, despite the absence of indications from the lists of mainland China, closed for the Lunar New Year, feeds the optimism of investors. The lists aim to consolidate the recovery in a January that in all probability will close with a negative balance: for the Milanese Ftse Mib at the moment the performance is -2.86 per cent. At the macro level, however, the signs of a slowdown in the Chinese economy are confirmed: over the weekend the SME indices on manufacturing and services signaled a further slowdown while remaining just above the threshold of 50 basis points, which ideally separates an economy from expanding from a contracting one.
The macro appointments of today
The macroeconomic agenda today calls for the release of January German inflation. In December it was + 0.5% monthly and + 5.3% on an annual basis. In addition, the first reading of the Italian GDP of the fourth quarter of 2021 will be announced. The previous quarter had marked + 2.6% on a quarterly basis and + 3.9% on a trend basis.
Financials highlighted, Saipem crash after earnings alarm
Among the Milanese stocks with higher capitalization, the prospect of greater political stability and the decline in BTp yields reward financial stocks: Nexi, Banco Bpm and Banca Pop Er are up. Poste Italiane is also doing well, currently the pink jersey. At the start, Saipem was unable to make a price, which then started trading in sharp decline, after announcing a new profit warning and initiating contacts “with the shareholders who exercise joint control over the company, Eni and Cdp Industria, at in order to also verify their willingness to participate in a timely and adequate financial maneuver “. Theoretical performance sees a drop of 20%, which also penalizes Eni.
Exchange rates slightly moved, oil still on the rise
On the foreign exchange market, the euro moved slightly to 1.1173 dollars from 1.1163 on Friday at the end. The single currency is also worth 128.97 yen (128.68 on Friday), while the dollar / yen ratio is at 115.42 (115.22). The price of oil continues to rise, supported by tensions in Ukraine. The March WTI futures gain 1.26% at $ 87.91 a barrel, while the similar delivery on Brent gains 1.3% at $ 91.20.
Spread down to 133 basis points, yield at 1.30%
Opening down for the spread between BTp and Bund on the MTS secondary electronic market of European government bonds, after the resolution of the President of the Republic node, with the confirmation of Sergio Mattarella. At the opening, the yield differential between the ten-year Italian benchmark and the same German maturity is indicated at 133 basis points, five less than the 138 basis points of the last closing. The yield of the benchmark ten-year BTp also fell, to 1.30% from 1.35% of the previous reference.