(Il Sole 24 Ore Radiocor) – After a brilliant start, the European stock exchanges they lose their tone and, at the halfway point of the last session in January, they travel weakly and with alternating current. The FTSE MIB of Milan, positively, 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. In no particular order the other continental price lists, as shown by the trend of CAC 40 in Paris, of DAX 40 in Frankfurt, the Ftse 100 in London and theIBEX 35in Madrid.
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, still gives some support, with the lists looking for an opportunity to consolidate the recovery in a January that with every 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.
FTSE Mib stock market trend
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Italy’s GDP rose 6.4% in 2021
In the fourth quarter of 2021, Istat estimates that gross domestic product, adjusted for calendar effects and seasonally adjusted, increased by 0.6% compared to the previous quarter and by 6.4% in trend terms. Istat announces this, adding that the fourth quarter of 2021 had two working days less than the previous quarter and the same number of working days compared to the fourth quarter of 2020. In 2021, Istat continues, the GDP adjusted for calendar and seasonally adjusted effects, it increased by 6.5% compared to 2020. The change acquired for 2022 is equal to + 2.4%, concludes the Istat note.
The macroeconomic agenda today also calls for the release of January German inflation. In December it was + 0.5% monthly and + 5.3% on an annual 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: they are rising Nexi, Banco Bpm e Banca Pop Er. Also good Italian post, currently pink jersey. In startup, it failed to make price Saipem, which then started the sharp decline in trading, after announcing a new profit warning and initiated contacts “with the shareholders who exercise joint control over the company, Eni and Cdp Industria, 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 rising
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.
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