MILANO – 1:30 pm. Uncertainty continues in the equity markets, while the bond sector comes from a rise in yields (following the drop in prices) that has brought US Treasuries to their highest levels since February 2020. Today the movement has eased slightly, but investors have started watching carefully the movements on government bonds and also on oil: they are dynamics triggered by an expectation of resumption of inflation, which is linked to the hope that vaccines will do their duty and aid to the US economy from the Biden administration will arrive quickly and abundantly.
In Europe Milano worsens during the session and drops 0.8% later in the day Mario Draghi’s speech to ask the Senate for a vote of confidence. The yield differential between German BTPs and Bunds is not moved by his words: lo spread it is up slightly to 93 basis points, for a decade which makes it 0.57% participating in the generalized rise (last week it had updated the lows to 0.42%). The other main squares of the Old Continent are also in red: London moves back by 0.25%, Frankfurt 0.6% e Paris 0.02%.
Yesterday the Stock Exchange of Wall Street it closed in contrast with the Dow Jones at + 0.2% (new high at the close) and the Nasdaq which lost 0.34%. Futures today are flat.
Also in Asia the lists have dealt mixed, with Tokyo which left the highs of over 30 years and recovered from recent records: the Nikkei fell by 0.58% while Hong Kong advances by 0.71%.
Special attention on raw materials with prices of Petroleum which stabilize at the opening after recent rallies. On the Asian market, futures on Light crude Wti increased by 5 cents to 60.10 dollars and those on Brent by 15 cents to 63.50 dollars a barrel. The recent increases that have brought the WTI back above $ 60 are mainly due to the extreme cold that is affecting the state of Texas, the largest oil producer in the United States, which has given momentum to the demand for fuel, but has also caused infrastructure problems, with wells and refineries closed, as well as blackouts recorded in the affected areas.
The focus today is on data coming in from overseas: producer prices, retail sales and industrial production coming out in the afternoon. In the evening the publication by the Fed of the minutes of the January meeting.
Among the currencies we note the slightly decreasing trend ofeuro below 1.21 to 1.2075 from the price of 1.2112 last night in New York. The single currency instead appreciates against the yen at 128.06. The race continues on Bitcoin, with the cryptocurrency, protagonist in the last days of new rises, which also exceeds $ 51,000. Inflationary forecasts penalize theoro which drops below $ 1,800 an ounce.
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