Lagarde pushes Piazza Affari up

In red in the first part, the European stock exchanges recovered ground after the response of the meeting of the European Central Bank. As expected, the institute led by Christine Lagarde confirmed the cost of money, revised its inflation and growth expectations upwards and said it wanted to reduce, to a “moderately lower” level, the purchase program for the pandemic emergency (PEPP, Pandemic Emergency Purchase Program). But, given the flexibility of this plan, Lagarde remarked, it is not right to define this move, as in the US case, a tapering (a progressive reduction of stimuli): as has already happened in the past, it is a recalibration. “It is premature to talk about the end of the PEPP, we are far from putting an end to bond purchases – said the No. 1 of the Frankfurt institute – and from raising rates”. In the red during the first part, the Ftse Mib ended the session at 25,909.83 points (+ 0.13%) while the BTP-Bund spread fell by almost 5 percentage points to 102 basis points. “The feared sharp decline the pace of reduction of PEPP purchases (by a minority part of the consensus) has been averted and consequently the Italian spread takes breath, returning closer to the low part of the 100 / 110bp range “, said Antonio Cesarano, Chief Global Strategist of Intermonte Also on the government bond front, this morning the Ministry of Economy assigned 12-month Bots with a yield of -0.477%, +4 cents compared to the auction of the previous month. was the recovery of the banking sector: Banco BPM finished with + 0.85%, Intesa Sanpaolo with + 0.53% and UniCredit posted + 0.5%. Money also on Saipem and Prysmian, up respectively 2.86 and 1.81%, while behind the blackboard we find Buzzi Unicem (-3.21%) and CNH Industrial (-1.39%). On the complete, a day of purchases for Tod’s (+ 12.24%): in the first half of the year, sales increased by 55 percentage points while Ebitda stood at 16.3% of revenues at 65 million euros. (in collaboration with money.it).