Positive exchanges, waiting for the EU crisis plan. Piazza Affari in red with -6% of Nexi

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Servicemarket day

Investors’ attention is directed towards the President of the European Commission, Ursula Von der Leyen, who will illustrate the proposal to revise the EU budget in an anti-Covid function. The optimism about the economic recovery, which could be faster than expected, and for the management of the pandemic is held back by tensions in Hong Kong and between the US and China

by Chiara Di Cristofaro

(REUTERS)

Investors’ attention is directed towards the President of the European Commission, Ursula Von der Leyen, who will illustrate the proposal to revise the EU budget in an anti-Covid function. The optimism about the economic recovery, which could be faster than expected, and for the management of the pandemic is held back by tensions in Hong Kong and between the US and China

3 ‘of reading

The European stock exchanges are moving in positive territory, after two sessions in sharp rise, even if some element of caution emerges to curb enthusiasm. Milan moves in negative territory, weighed down by the abrupt slide of Nexi (-6%). The markets in the last few sessions have shown some optimism on the possibility of a faster than expected economic recovery: they have positively surprised the indicators on German confidence as well as the data on sales of new homes in the United States. In addition, progress on the management of the Covid-19 pandemic is also confidently looked at, with treatments that appear increasingly effective, cases declining and vaccine studies continuing.

Eyes on the EU anti-crisis treatment. US-China tensions are worrying
Meanwhile, on the European front, there is expectation for the discussion of the European Commission on the anti-crisis plan for the EU and the Recovery fund, with investors who expect Europe to move in a homogeneous and compact way to manage the emergency, after the indecisions and discussions of the past few weeks. Japan, meanwhile, has approved a new maxi aid plan, more than 1,100 billion dollars in support of the recovery, with Tokyo having closed on peaks for three months. However, optimism is held back by the growing tensions in Hong Kong and by the increasingly harsh blow and response between the US and China that fuel nervousness.

Lagarde (ECB), likely eurozone GDP 2020 between -8% and -12%
Given the difficulty in making predictions on the economic impact of the coronavirus pandemic, the ECB “worked on scenarios, hypotheses. We have arrived in 3 different directions, the “light” one, which in my opinion is already outdated and which predicted a drop in the GDP of the eurozone by 5% in 2020, the average one (-8%) and the severe one (-12%) » . This was recalled by the president of the ECB, Christine Lagarde, speaking at the online “Youth Dialogue” of the European Youth Event 2020. «It is very probable that the light scenario has been overcome and it is possible, even if we do not yet know for sure, but it is probable that we will be between the medium and the severe scenario ».

FTSE Mib Business Square performance

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In Milan Nexi down 6%, Mercury sells 8.8% stake
On the Milan stock, sales on Nexi after Mercury Uk Holdco placed 8.8% of the share capital at 14.20 euros per share. The stock entered into trading and trades at 14.36 euros, down 6%. Bankers are well in tune with the spread that moves on 200 basis points. Unicredit rose by 1.47%, which gave the green light to a 1.25 billion loan for Autostrade per l’Italia which, under the Liquidity Decree, should be guaranteed by Sace with the approval of the Treasury. Atlantia rises 1.65%. Yesterday, go ahead also to the 6.3 billion loan of Intesa Sanpaolo (+ 0.6%) for FCA (+ 0.5%). Utilities were weak, at the bottom of the Diasorin list (-4.6%) still down.

Dollar purchases and oil sales return
On the currency market, just as evidence of an increase in tension compared to the last two sessions, purchases on the dollar have returned, which has behaved as a safe haven in recent months, with the yuan falling to its lowest level since September. Euro / dollar down to 1.096 (from 1.0985) and 117.87 yen (from 118.187 yen), while the dollar / yen ratio is at 107.54 (from 107.58). Tensions in Asia also weigh on crude oil prices: oil sales return with Brent at $ 35.47 (-1.94%) and WTI at $ 33.75 (-1.83%).



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