Le European stock exchanges They closed lower, weighed down by the decline on Wall Street, which in turn was offset by the rise in T-bond yields. Meanwhile, oil prices rose for the fifth consecutive day.
In Milan, eyes on the banking game
At the end of the day Paris loses -0,57%, Frankfurt is down by -0,3%, Madrid marks -0,15%, while London is substantially unchanged. Milan, yesterday black jersey, today it is pink jersey, but the movement is minimal: +0,09% to 52.665 points.
At Piazza Affari all eyes are on the bank risk while we wait to know the outcome of the board of directors Ps (-0,3%) which today examined the alternative options to the Intesa takeover bid (+0,4%) presented by CEO Luigi Lovaglio. Two takeover bids were on the table, one on Bpm bank (+0,6%) and one in General Bank (+1,26%) and a super coupon for Siena shareholders. Stable Generali (-0,07%), which should be the absolute protagonist of the plan.
At the top of the Ftse Mib there is Eni (+2,6%) driven by the rise in oil prices, utilities are positive with Italgas (+ 1,9%), Snam (+1,2%). Well Diasorin (+ 1,6%) and Lottomatica (+ 1,4%).
Cade Stellantis (-3,7%) after the surge on the eve of the agreement in sight between the United States and Canada on tariffs. Bad Amplifon -3%, which is the result of the negative quarterly results of Danish company GN Hearing. Also down Unipol (-2,9%) And Avio (-2,3). The Advent funds are reportedly evaluating the purchase of additional shares in the company beyond the nearly 7% stake they will own through the planned reserved capital increase.
T-Bonds: Yields are rising again
The US Treasury Secretary, Scott Bessen, he declared to the Cnbc that the acceleration of government debt buybacks could exceed the announced $4 billion. "We will increase the size of the buyback," said Bessent, who yesterday announced the doubling of planned long-term debt buybacks, from $2 billion to $4 billion, causing yields to fall sharply. "We have a broad range of tools; we'll see," he said.
Despite the novelty, Treasury yields Yields are rising again, with the 2-year recovering much of the ground lost following Treasury Secretary Scott Bessent's speech, rising to 5,254%. Yields on other maturities are also rising: the 5-year bond is up more than 5 basis points to 4,704%, while the two-year bond is up to 4,196% and the five-year bond is up to 4,393%. The three-month bond is stable at 3,797%.
For some operators, the rise in yields, combined with the decline in stocks, signals that the market is uncertain whether the Treasury's commitment to increase purchases of long-term securities will be sufficient to address the issue of public debt exceeding €40 trillion and the growing supply of bonds. Also weighing on financing costs is the rise in fuel and gas prices, after US President Donald Trump declared that the United States had entered a “economic war” with Iran, with the prolonged blockades on oil tankers transiting the Persian Gulf. Without signs of US debt containment, a lasting decline in financing costs appears unlikely.
Wall Street falls, profit-taking on Moderna
In this context Wall Street is moving downwards, weighed down by the return of sell-offs in the bond market after Bessent's speech on Wednesday temporarily cooled yields, which were pushed higher by growing fiscal deficits and massive borrowing by technology companies. The Fed is also in the background, after the publication of the minutes of its latest meeting on Wednesday confirmed fears related to rising prices. In this context, the Dow Jones loses 0,7%, lo S & P 500 is down 0,45%, the Nasdaq drops by 0,9%.
Among the titles Walmart The company tumbled 7,7% after the leading US retailer raised its guidance but missed quarterly earnings expectations. Profit-taking hit the stock. Modern, which is down more than 18% after yesterday's 177% rally triggered by the announcement that the vaccine developed with Merck was successful in preventing the recurrence of melanoma.
Oil continues to rise, bitcoin hits its highest since May
Prices continue to rise Petroleum with European Brent now stable above 90 dollars a barrel (it is at 93,77%, +2,35%), while Texan WTI reaches 86,4 dollars a barrel, up by more than 2%. On the currency market, dollar is trading at 1,1684 against the euro from 1,1659 yesterday at the close). It is slightly down (-0,8%). spot gold which, after Wednesday's jump, is now at $4.486 an ounce. It continues to rise. silver (+ 0,6%).
Bitcoin runs, which rises to 71.523 dollars (+3,7%), after having returned above 72 thousand dollars for the first time since May 31stTwo factors are supporting cryptocurrencies: on the one hand, there is the return of optimism about the regulation of the sector in the US, on the other, the decline in Treasury yields, with the weakening of the dollar after the doubling of the Treasury's buyback plan. The meeting of Donald Trump with the heads of some of the major crypto companies – including Coinbase – and the president's subsequent appeal to Congress to pass the Clarity Act, The cryptocurrency market structure bill stalled before the Senate's summer recess.
Finally, on the secondary market Mts, the spread It closed at 81 basis points, up slightly from yesterday's 80. The yield on the benchmark 10-year BTP remained stable, finishing at 4,06%, unchanged from the previous benchmark.
