(Il Sole 24 Ore Radiocor) – The European stock exchanges give signs of awakening after a session marked by sales due to fears related to interest rate risk and the prospect of new lockdowns, while oil prices continue to rise and US 10-year Treasury rates remain in the 1.63% area before the publication of the PCE indicator on US inflation and the minutes of the meeting of the Federal Reserve of 2-3 last November.
The attitude of the US central bank towards inflation, with the market betting on a first rate hike in June 2022, was at the root of the discontent of the last few sessions which resulted in rising yields on government bonds and equities down. So they go up the FTSE MIB of Milan, on CAC 40 of Paris, on DAX 40 in Frankfurt, the Ftse 100 in London, theIBEX 35 of Madrid andAEX in Amsterdam.
Tim fires on rumors Kkr raises, Enel little move
Actions Telecom Italia after the new rumors, denied, on the possibility that Kkr is already evaluating a net increase in the public offer for the tlc group. The stock went up to 47 cents, from 43 at yesterday’s closing and from € 0.505 for Kkr’s expression of interest. According to rumors from the offerer’s side, valuations are pushing towards € 0.70-0.90 per share also to convince the resistance of the first shareholder Vivendi. Mediolanum Bank is on the rise on the day of the death of its founder, Ennio Doris. The stock exchange did not react with nervousness to the news, given that Doris had long ago left the operative positions to her son Massimo. Enel little move after the presentation of the plan.
BTP / Bund spread trend
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Spread widens and goes towards 130 points
Negative trend for BTp traded on the electronic secondary Mts. The tensions of the eve, which caused a decisive widening of the spread with the Bunds, are still present and the yield differential between the ten-year benchmark BTp (IT0005436693) and the German bond of equal duration is indicated at 129 points from 128 basis points of the final on Tuesday. Fears of a change in monetary policy are penalizing fixed income and Italian 10-year yields continue to grow at 1.07% from 1.05% at closing on the eve of the day (0.94% on Monday).
Oil on the rise, eyes on US decisions on reserves
The barrel of oil consolidates yesterday’s levels reached after the market’s negative reception of the agreement between the US and other countries to use crude oil reserves to cool the rise in prices: for operators, intervention, even if it does not trigger a short-term reaction from OPEC +, is temporary in scope and is unable to rebalance the relationship between supply and demand. January Brent trades at $ 82.4 per barrel, January WTI at $ 78.6 per barrel.
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