(Il Sole 24 Ore Radiocor) – After a record 2021 for all the main European and world stock exchanges, 2022 begins with the plus sign for the lists of the Old Continent. If in Piazza Affari, with the FTSE MIB in the positive, the eyes are focused today on Iveco Group, which makes its debut on the list after the spin-off from Cnh Industrial, in Europe attention will be focused on the inflation data that will come out of Italy this week , France, Germany and the European Union. Today 3 January the Tokyo and Shanghai stock exchanges are closed in Asia and the London one in Europe.
In Piazza Affari, among the titles, Telecom Italia leading the Ftse Mib is highlighted: the president of CDP Gorno Tempini, in an interview with Il Sole 24 Ore, underlines the support of Tim’s public shareholder for the single network project and the need to implement it quickly and opens up to the presence of a private investor such as Kkr. Banks did well, in particular Intesa Sanpaolo and Unicredit. Outside the main segment, Fiera Milano is highlighted, which has revised its 2021 guidance upwards in light of the new Covid refreshments received. Borgosesia Ord also did well, announcing the acquisition of a property in Gardone Riviera at the end of 2021.
Spread BTp / Bund up to 138 basis points
Start of the new year on the rise for the spread between BTp and Bund on the secondary market MTS of European government bonds. The yield differential between the ten-year Italian benchmark and the same German maturity widens to 138 basis points from the last position recorded at 136 basis points. The yield of the benchmark ten-year BTp also rose to 1.19% from 1.17% at the last closing.
Euro stable against dollar, oil on the rise
On the currency market, the exchange rate between the euro and the dollar remains substantially at the levels at the end of 2021, marking 1.1338 (from 1.1326 at the ECB fixing on 31 December). Euro / yen at 130.73 (130.38). Dollar / yen at 115.31 (115.11). The Turkish lira continues to slide, exceeding 13.6 per dollar after Turkey’s record inflation data for December (36.08% per annum). At the beginning of 2021, the dollar / Turkish lira exchange rate was 7.4. Oil prices up about one percentage point with March Brent at $ 78.5 a barrel and February WTI at $ 75.9 a barrel. Gas prices rise and return above 70 euros per megawatt hour in Europe.
The themes of 2022
The year just ended was positive for all stock exchanges, thanks to an almost idyllic ecosystem for them: strong economic growth after the “hole” of 2020, super-active central banks in injecting liquidity, expansionary fiscal policies and optimism on progress of the vaccination campaign. On the other hand, 2022 begins with many more uncertainties: central banks are in retreat (starting with the US Fed), economic growth will have to be confirmed in a context of shortage of raw materials and generalized price increases, and fiscal policies will have to be confirmed in their implementation. This uncertain scenario, in a context of very expensive markets, represents the greatest demand point for the lists.