The euro rises, the BTPs recover. And Piazza Affari takes the lead among the European price lists. The bulletin from the Milan market is marked by optimism while awaiting decisions on US interest rates: the warning by Donald Trump on the increase in the cost of money in the United States has helped to cool the race in yields of BTPs.
Il decennial it drops to 2,95%, from 3,01% yesterday (for the first time below 3% since 10 August). The Bund weakens to 0,31% and the spread narrows to 262 basis points, from 270 yesterday.
The improvement in debt securities favored the recovery of the stock index: Milano it rose by 1,40% to 20.750 points, canceling part of the delay accumulated in the five consecutive sessions of decline. The other EU Stock Exchanges are also on positive ground: Frankfurt e Paris + 0,6% Madrid up one percentage point, slightly down London (-0,05%).
In strong recovery the euro, which appreciates against the dollar for the fourth consecutive day, to 1,151 (+0,3%). Last night, Donald Trump gave an interview to Reuters in which he complained about the lack of help from the Federal Reserve in recent months. The Central Bank of the United States, from November 2016 to today, has raised the cost of money five times since Powell took over from Janet Yellen, a handover in the name of continuity: by the end of the year, there should be other two increments.
Il crude it goes up 14 cents to $72,35. US light crude WTI gains 30 cents at 66,73. The increase is caused by the possible contraction of US fuel markets. Brent oil has moved little at 72,2 dollars a barrel, in the last three days it has always closed higher.
In Piazza Affari flies Saipem (+4,5%) after being awarded contracts for 700 million dollars for the second phase of the development of the Liza field, a project operated by Exxon Mobil in Guyana.
Always on the spotlight Atlantia, back in trading (after a stop due to excessive increases) at 19,14 euros, +3,82%. The Financial Times reports that the problems of the Morandi viaduct had been documented in a report drawn up by the Milan Polytechnic in 2017. The issue had been discussed in February between representatives of the concessionaire and the top management of the Ministry of Infrastructure, who had agreed to start of the strengthening works: in May, the advertisement with the call for tenders was published in the newspapers.
Contrast the utilities: A2A -0,2% Enel + 0,4% Ivy +2,7%. The Italian authorities asked to hydroelectric concessionaires to provide all information regarding the state of conservation of the dams.
Purchases in the banking sector are aided by the contraction of the spread and the drop in the yield on the ten-year BTP below the psychological threshold of 3%. Unicredit e Intesa Sanpaolo recorded increases of more than 2,8%.
The fundamentals of the sector signal a progressive improvement, despite the prospects of a slowdown in GDP and the uncertainties regarding the public finances. In the first six months of 2018, the stock of net NPLs (bad loans) decreased by 22,8 billion euro (-35,6%) to 41,3 billion, while gross NPLs decreased by 35,7 billion (-21,3 .131,8%) to XNUMX billion. Elliott and Cerberus would still be very interested in the world of Italian NPLs.
They also go up UnipolSai (+ 1,7%) and Generali (+1%). Also noteworthy is the sprint of Ferrari (+ 1,7%).
