(Il Sole 24 Ore Radiocor) – After the weakness of the last few sessions. European stock exchanges rebound and try to regain confidence in the economic recovery. The Old Continent therefore follows the good closing of Wall Street and ignores the declines in Asia. Thus the FTSE MIB in Milan, the CAC 40 in Paris, the DAX 30 in Frankfurt, the IBEX 35 in Madrid, the Ftse 100 in London and the AEX in Amstrdam all increased.
On the macro front, few indicators are coming from Europe, while the US ones (subsidies and retail sales) will be monitored to understand the timing of the Fed’s next moves. Attention to the media sector with Vivendi announcing the purchase of Lagardere’s stake in the hands of Amber for € 24.10 per share, if the operation is approved, a takeover bid will be launched on the Lagardere shares not yet held (in Paris Lagardere earned over 20 points).
Eyes on Generali, click Cnh Industrial
In Piazza Affari, eyes always focused on Generali, after the consultation pact between Caltagirone and Del Vecchio in view of the next assembly. Attention also to the automotive sector after the data on car registrations in Europe this morning. meanwhile, Cnh Industrial runs, with Il Sole 24 Ore writing that the group is tightening its pace on the Iveco spin-off, perhaps arriving as early as January (the company has confirmed this for the first quarter of 2022). Well the whole Exor galaxy with Stellantis among the best together with Ferrari. Purchases favor industrialists above all, while banks and utilities lag a little behind with the exception of A2a, which jumped after the declines on the eve of the day. Pharmaceuticals are weak.
Loading…
Dollar recovered positions, little oil moved
On the currency, the dollar recovers some positions and pushes the euro towards 1.18 to 1.1804 (from 1.1808 yesterday at closing). The single currency also weakens at 129.04 yen (129.086), while the dollar / yen ratio is at 109.31 (109.30).
Oil, which rose overnight after US inventory data, made little movement in the start of trading with Brent in London at $ 75.48 (+ 0.03%). Gold fell below $ 1,800 an ounce, pending news on the timing of tapering from the Fed.
Spread remains around 100 points
The spread between BTP and Bund remains anchored at 100 basis points on the MTS market for government bonds. The yield spread between the benchmark ten-year BTp (IT0005436693) and the same German duration is indicated at 100 basis points, the same value recorded at the previous close, after falling below 100 points on Tuesday for the first time since last April. Without prejudice to the benchmark ten-year BTp yield, at 0.70% of the last position recorded at the closing on the eve.
The first issue in the history of the EU Commission of short-term securities, with a maturity of 3 and 6 months, for a total of 5 billion euros and yields of -0.726% and -0.733 percent respectively, remains to be noted. The operation was conducted through a public auction, rather than via syndication as happened for the previous medium-long term, and marks a further step for Brussels in its work of affirmation on the market as a “serial issuer” like the other main ones. Sovereign states.