by Fabrizio Patti

January 22, 2021

Starting low for the European stock exchanges: Milan sees the Ftse Mib drop by 1.45%, after -0.98% yesterday.

The balance from the beginning of the year becomes negative, -0.6%. 

In the rest of Europe, London -0.6%, Frankfurt -0.8%, Paris -1%. 

The first data on composite PMI indices, referring to January, show a decline in both France and Germany. 

The trend of the European stock exchanges follows the minus sign that prevailed in the Asian markets during the night and that distinguishes the futures that anticipate the opening of Wall Street, after yesterday's records of Nasdaq and S&P 500.

Milan is weighed down by oil stocks and banking (-1.7% for both benchmarks in Piazza Affari), the latter negatively affected by the increase in the spread. 

At the start, the differential between the yield of the ten-year BTP and the German Bund rose to 122, 5 more than yesterday, with the yield of the BTP at 0.72%. 

The spread had also risen by 3 basis points yesterday, after the press conference of the president of the ECB, Christine Lagarde.

The ECB has not changed the rates and volumes of purchases of securities.

Among the individual stocks, only Inwit was positive (+ 0.16%).

Major discounts for Unicredit (-2.6%), Nexi (-2.7%), Saipem (-2.8%) and Tenaris (-4.45%).

Higher discounts, among industrialists, for Prysmian (-2.37%) and Leonardo (-2.45%).