Banks drive Piazza Affari, Unicredit rises (+8.1%)

Milan closes at the top of European stock markets, the Ftse Mib rose 0.8% to 30,952 points. Among the big names in the market, Unicredit stands out (+8.1%), after better than expected results and the improvement of the forecast for 2024. During the year, the bank plans to distribute around 10 billion euros to shareholders. with the introduction of the interim dividend and the buyback of own shares. MPS (+3.8%), STM (+2.5%) and Bper (+2.45%) also rose, while Telecom Italia (-4.3%), Tenaris (-3.3%) rose Lost ground. and Iveco Group (-3%).

In Italy, the services PMI index rose to 51.2 points in January and the overall index rose to 50.7, both signaling renewed expansion. In the Eurozone, producer prices fell by 0.8% in December compared to the previous quarter, while in the USA the ISM services index improved to 53.4 points, although this signaled a strong increase in raw material prices. In the evening, focus on a Fed survey on credit conditions.

Traders also noted Federal Reserve Chairman Jerome Powell’s words that the FOMC is in no hurry to cut rates and will wait for more data before making a move. Statements that rule out the possibility of a cut in borrowing costs in March after a stronger-than-expected jobs report was released on Friday.

In bonds, the BTP Bund spread showed little change at 156 basis points, with the Italian 10-year bond yield rising to 3.87% and the Bund yield rising to 2.31%, while the US 10-year Treasury bond yield rose to 4, reached 16%.

Among commodities, Brent oil remains at around $77.3 a barrel after last week’s losses. In the foreign exchange market, the euro/dollar exchange rate fell further to 1.073 and the dollar/yen to 148.7.