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by Marzio Quaglino

January 21, 2021 Joe Biden's inauguration as president of the US was greeted by the markets with a flurry of rises. After yesterday's records on Wall Street, Tokyo, with + 0.82% today, has updated the highs for 30 years now. The wave of increases also continues in Europe, which had already celebrated yesterday. Milan rises by 0.54% and London, Frankfurt and Paris move along the same line. On the Piazza Affari list, it is the banks who are holding back the growth pushed by the industrialists with Cnh at + 1.50%.


The political tensions of our house are felt on government bonds. The 10-year BTP yield remains above 0.60%, while the gap with the German Bund widens to 113 basis points from 110 yesterday.