Piazza Affari closes down (-1.39%). Tim and Stellantis crash in Milan
European stock markets close down. Paris lost 1.58% to 7,411 points, London 0.51% to 7,682 points, Frankfurt 1.38% to 16,538 points. Waiting for Fed minutes this evening the repositioning of the price lists continues after the gains at the end of 2023 on a day with little macro insights with the exception of the unemployment rate in Germany which rose slightly to 5.9% in December.
Also in the same vein Milan Stock Exchange which closed the second session of the year with a decline. The Ftse Mib index fell by 1.39% to 30,100 points. After a cautious start, Piazza Affari turned decisively downwards, in a context that suddenly became negative, both on the economic front and due to the continuing tensions on a geopolitical level. The uncertainty mainly concerns monetary policy strategies, with the wait for the publication of the minutes of the evening Federal Reservand, which will disclose the details of the internal debate among the members of the institute on the timing of the rate cut. On the macro front, we are also waiting for inflation data in Europe in the coming days and for those on the US labor market.
On the list, despite the trend reversal, some increases were still recorded for banking companies, with Monte Paschi +1.61%, while Banco Bpm remained at parity (+0.02%). Intesa shaved 0.09%, Unicredit -0.72%. Weak Tim with a decline of 3.21%. Industrial stocks fell, with Prysmian -3.02%, Stellantis -3.42% after the negative data on the loss of market share in Europe, STM -3.50%, Pirelli -2.17%. Leonardo bucked the trend with +1.35%. Bad Moncler (-4.49%), the health care sector, with Diasorin -3.45% and Amplifon -2.18%. Energy is also down with Snam -1.03%, Italgas at -1.37% and Terna -0.29%, while among the oil companies Eni lost 0.76% and Tenaris 0.60%.
Spread slightly increasing at the end of the day: the spread between BTPs and German Bunds rises to 168 basis points, compared to the 166 points recorded this morning at the opening. The yield on the Italian ten-year bond stands at 3.69%.
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