The Italian anxieties begin to infect, albeit from afar, the other European squares. Milan accentuates the descent, then partially recovers. Index Ftse Eb -0,5% above 20.700 points, weighed down by sales which hit the financial sector in particular. Timid rise for the other Stock Exchanges: Frankfurt and Paris closed +0,2%, Madrid down by 0,3%, while London is up +0,3%.
The yield of BTP ten-year bond reached 3,20%, a level it hadn't seen since May 2014. The spread violated the threshold of 280 basis points, reaching the highest levels of the last five years. Two-year maturities exceeded 1,3% again.
In today's auction, the Treasury placed 1,75 billion ctz biennials, the top of the fork. But the offer was accepted at a rate of 1,277%, almost double that of the previous auction of 0,674%.
The Minister of Economy, Giovanni Tria, on a visit to Beijing, is trying to defuse tensions over the "very hot autumn" predicted by Deputy Prime Minister Di Maio. "The positive judgment on Italy's financial stability - declared to China Radio International - will strengthen when the budgetary policy of the Italian government takes shape".
However, together with the increase in rates, it goes down la trust in the Bel Paese. Sharp drop in the index in August for both families and businesses. Istat has estimated a drop in consumer confidence this month compared to July from 116,2 to 115,2. The figure is lower than the consensus estimate of 115,8 points. The composite index of business confidence also fell from 105,3 to 103,8. This is the lowest level since January 2017.
Among other macro data, salt the cross euro/dollar, stabilized at 1,169. The Petroleum the ascent continues. Today Brent +0,5% to 76,7 dollars. Little moved the gold at 1.213 against the dollar: the return above the threshold of 1.200 dollars an ounce is consolidating.
The “Mexican” push is consolidated, ie the trade agreement between the United States and its Latin American neighbor which has unlocked the import/export issue, especially in the automotive sector. fca +1,3%, lengthens yesterday's +3,3%. Other titles favored by the agreement are Brembo -0,2% and Tenaris -0,1%. Cnh + 1,7% stm + 1%.
Pirelli +1,5%, this morning Jp Morgan analysts raised the target price of the stock to 8,8 euros from the previous 8,3, confirming the Overweight opinion.
Bank sales intensify, penalized by the decline in BTPs. The banking sector index lost 1,84% with Unicredit heavy -1,89% followed by Ubi -2,59%. Instead, in contrast Carige + 1,1 % e Creval +0,3% .
The insurance sector is also weak. Generali -1%.
The tug of war continues on the highways. Atlantia -3,17%. The M5s-Lega government will nationalize the motorway concessions currently held by Autostrade per l'Italia. The Deputy Prime Minister and Minister of Development, Luigi Di Maio wrote it in a post. Deputy Prime Minister Luigi Di Maio also said that the state will have control over the reconstruction of the Morandi bridge what will he think about Fincantieri +4,05% with CDP. But opinions on the subject remain distant.
In the meantime, pressure is mounting on other concessions, starting with utilities. The Undersecretary to the Prime Minister Giorgetti and the Minister of Infrastructure Toninelli have expressed their willingness to discuss all the concessions and not just the motorway ones. A2A -2%. After the Acsm-Agam operation, the group is still looking towards consolidation. The takeover bid for Acsm-Agam was launched on 20 August (it will end on 7 September); the Offer represents the last act of the birth of the Multi-utility of the North, which sees the multi-utility controlled by the Municipalities of Milan and Brescia in the control room as an industrial partner.
Snam -0,5% signed a memorandum of understanding in China con State Grid International Development (Sgid) “to evaluate a number of possible collaboration opportunities”. The agreement, reads a press release, concerns, in particular, the use of new technologies to reduce CO2 emissions.
