The downtrend began in October seems to have found, for now, its end with start of new year and indices correction has thus resized market's euphoria, measured by our
indicator of "Sentiment", which just this month has recorded lows in June 2012 and September 2015.
From these minima we have seen a powerful recovery in SP500 quotations and, subsequently, from the other indices.
In this renewed positivity, the FTSEMIB index remains lagging behind volatility of banks, for the management of NPL, and signs of economic slowdown that, indeed, we find a bit in the whole euro area.
Therefore, January ends with a positive balance for all our management lines.
We attach schedule of the portfolio.