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The agreement in the US on 900 billion stimuli to the economy is not enough to support the market. European indices had lost even more than 3%: a third wave is feared that could complicate the vaccination campaign. Distribute up to 120 points
by Stefania Arcudi and Paolo Paronetto
The agreement in the US on 900 billion stimulus to the economy is not enough to support the market. European indices had lost even more than 3%: a third wave is feared that could complicate the vaccination campaign. Distribute up to 120 points
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In the first session of the week of Christmas, shorter than usual, the European stock markets move sharply lower, with falls that reach even more than 3% at the beginning, before stabilizing around two points: he fear of the “english variant” of Covid-19, which has a greater dissemination capacity, slows down the indices and blurs the news that arrives from the United States, where, after months of stagnation between Democrats and Republicans, the US Congress reached an agreement on a plan around 900 billion dollars in support of the economy, severely weakened by the health crisis.
However, concerns prevail over the announcement of the deal over the growing number of infections and mutations of the virus, which have led several countries (including Italy) to stop flights to and from the UK. An extraordinary meeting is expected at the European level. All of this also causes oil prices to collapse: lockdowns and restrictions risk further slowing down demand that is struggling to restart.
Furthermore, if it is true that the next launch of the vaccination campaign could represent a turning point in the fight against Covid (in the EU, the green light for Ema vaccine by Pfizer / Biontech) is also true that it will take months to complete. Months in which the population is exposed to the risk of a third wave of infections with the inevitable negative restrictions for the evolution of the economic situation.
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In Piazza Affari, industrial and oil ills, Diasorin is saved
Among the Milanese stocks with the highest capitalization, Telecom in start-up entered the volatility auction with a decrease of 6.9% and then went back to trading, with decreases of more than two points. In general, industrialists and energy companies are doing it wrong, starting with Leonardo, Atlantia, Saipem and Eni, while only Diasorin is gaining ground against the trend. On the rest of Mediaset’s heavy list (in volatility at -9.18%, before returning to a sharp decline), although CEO Pier Silvio Berlusconi announced a “surprising” profit for fiscal 2020.
Oil falls sharply, demand fears again
The news about the “English variant” of Covid-19 and the consequent restrictive measures already introduced have slowed crude. The risk is that there will be more repercussions on an energy demand that is already struggling to regain height despite the support promised by OPEC + in recent weeks. February WTI futures lost 3.62% to $ 47.47 a barrel, while Brent futures of the same maturity fell 3.65% to $ 50.32. “Wti and Brent have gained 5% so far in December and in the last week have reached their highest levels in nine months”, but the latest news “increases market anxiety again”, because “the path to normality crashed, ”analysts at Julius Baer said.
Gold above $ 1,900 to exceed six weeks, silver runs
Gold is back above $ 1,900, a six-week high, after the agreement reached in the United States on the $ 900 billion package of aid to the economy. Furthermore, news of the pandemic limits risk appetite and pushes investors toward safer assets. Spot gold rose 0.9% to $ 1,896.56 an ounce, after hitting $ 1,906.46, the highest level since Nov.9, while futures rose 0.8% to $ 1,904.2 Dollars. Now that the tug-of-war for US aid is over, analysts say, gold has enough momentum to climb to $ 1,925 by year-end. Silver also rose, gaining 4.4% to $ 26.91 an ounce, after reaching its highest level since Sept. 16 at $ 27.38.
