Piazza Affari closes at +1.2%, Stellantis rises on balance sheet

Another positive session for European stock markets and for Piazza Affari, with the Ftse Mib rising 1.2% to 31,694 points. Purchases in particular at Stellantis (+5.7%), which reported balance sheets in 2023 in line with expectations, but increased the dividend and announced a buyback plan of 3 billion euros. Particularly noteworthy is Prysmian (+4.7%), which received orders from Amprion worth a total of 5 billion. Moncler (+3.6%) and Diasorin (+3%) also performed well.

On the other hand, Interpump (-3.8%) fell, held back by analyst observations after the results, Banco Bpm (-3.1%) and Mps (-2.1%).

Speaking in the morning, ECB President Christine Lagarde reiterated her caution against hasty interest rate cuts, as rising wages are a significant driver of inflation. Therefore, risks remain and policymakers need more certainty that price growth will return towards the 2 percent target.

At a macroeconomic level, the UK economy is in a technical recession. However, the US released worse-than-expected data on retail sales, which fell 0.8% in January, and jobless claims (212,000, lower than expected).

In bonds, the BTP Bund spread falls below 150 basis points, with the Italian 10-year bond yield at 3.84% and the Bund yield at 2.35%, while the US 10-year Treasury bond yields at 4.25 % lies.

In terms of raw materials, the price of Brent oil is just under $83 per barrel, although IEA forecasts assume there will be a supply surplus this year.

In the foreign exchange market, the Euro/Dollar exchange rate rises to 1.076 and the Dollar/Yen remains above 150, with the latest Japanese data distancing the Bank of Japan from its ultra-accommodative policies.