European stock markets open the session slightly higher following the announcement of the resumption of negotiations between Beijing and Washington on tariffs and trade tariffs. Frankfurt and Paris gain 0,2%, London opened trading at +0,15% after the mid-August knockout (-1,5%) due to sales on mining companies, penalized by the trend in metals and the strong dollar . On the German list the landslide of Bayer (-5,3%, after -17% last week) linked to maxi sentence inflicted on the subsidiary Monsanto.
Piazza Affari is the only stock exchange bucking the trend, also suffering from the worst performance of government bonds: the yield on the ten-year BTP rose to 3,2%, widening the spread with the Bund to 288 points, the highest in five months.
Atlantia started the day down 25% at 17,6 euros compared to Friday's close. The bonds did not mark a price for almost an hour, after the announcement by the Conte government to start the revocation of the concession to Autostrade per l'Italia after the tragedy of the Morandi bridge to then fix an opening value of 18 euros (-23,5% compared to Friday) and then move between 17,6 and 18,78 euros. At around 12 the stock traded at 18,90 (-19,7%).
The Exchange of Milano (-1,4%, below 20.800 points) is the rear of the European price lists. On positive ground Frankfurt (+ 0,3%) and Paris (+0,45%). Up half a point too Madrid e London. Risk aversion eased on European markets thanks to the recovery of the Turkish lira and the China-US negotiations on tariffs.
Eni -1%. Saipem -0,2%: Jefferies raises its judgment to Hold, target price at 4,2 euro. In the last three days, three analysts have improved their recommendation, the average target price is 4,52 euros.
But the Italian Stock Exchange, in addition to the problems of Atlantiapays a heavy price to the crisis of confidence which is reflected in the increase in the spread. There is also a lot of tension on the bonds issued by motorway concessionaires. The Atlantia July 2027 bond yields a 1,875% coupon, which drops to 87,50, with a yield of 3,54%, after a peak at the start of a record 3,72%. The yield traveled on Tuesday under 2,30%.
He misses out Rest (-2,5%).
The motorway concessionaires of the Gavio group fall. Sias -7% ASTM: -7%. The Sias group manages the stretch of the A10 from Savona to Ventimiglia.
According to Reuters, the government considers a possible sanction against Autostrade as an alternative to revoking the concession to manage the network. But Deputy Prime Minister Luigi Di Maio reiterated the willingness to hit Autostrade without waiting for "the time of justice".
Down the other utilities, penalized by any revisions to the regulation mechanisms. Snam -1,5%.
Among the weak banks Bpm bank (-3%).
Italian post -0,2%. Zurich is part of the race to become a partner of Poste in Rc Auto.
