Colorless day for European stock markets, orphaned by Wall Street, closed for the Presidents’ Day holiday. On Piazza Affari, the Ftse Mib closed trading down by 0.2% to 31,676 points. Telecom Italia stands out (+5.9%), supported by Bank of America’s upgrade from “Neutral” to “Buy”, with target price revised from 0.33 to 0.40 euros. Leonardo is also in the spotlight (+2.2%), while Iveco Group (-2.2%), STM (-2%) and Pirelli (-1.85%) fall behind.
In the absence of particular macro cues, operators’ attention is already turned to the events of the next few days, starting from the ECB indicators relating to wage negotiations (tomorrow), which are very important from an inflation perspective. Subsequently, between Wednesday and Thursday, focus on Nvidia’s quarterly report, the PMI indices of the main economies and the Fed and ECB minutes.
On bonds, the BTP-Bund spread remains little changed at 148 bp, with the yield on the Italian 10-year bond at 3.89% and that of the Bund at 2.4%.
Among raw materials, Brent oil consolidates above 83 dollars a barrel. On Forex the euro/dollar exchange rate stable at 1.077 and dollar/yen in the area of 150 yen per dollar.