The domino effect of Brexit on real estate, the spotlight on Italian banks in view of the European stress tests and fears about the effects of uncertainty on growth. The mix of tensions and volatility continues to weigh on the pound and the markets. Her Majesty's currency returned to its 1985 low against the dollar, a 31-year low, below the level reached the day after the Brexit referendum results. Gold still climbs +0,43% to 1365,8555 dollars an ounce, after accelerating up by 1% intraday. The European Stock Exchanges put in another negative session, depressed by banks and insurance companies: Paris -1,88%, Frankfurt -1,67% and London -1,25%.
Piazza Affari closed down by 2,26%, however recovering from the lows of the day (-3%). In Milan the banks top. However, it manages to do worse than the credit institutions, Telecom Italia sinking by 10,8%: the French financier Xavier Niel announced that it will unwind its derivatives position of approximately 15% in the company's equity. Among the worst in the list are also Bper -7,14%, Banco Popolare -6,15%, Finecobank -5,49% and Azimut -5,35%.
Mps is the best stock in the Ftse Mib with an increase of 6,07%, also thanks to the ban ordered by Consob on short selling. However, the market is already looking at the network that the State is preparing for the capital increase. Furthermore, the EU Commission, through the vice-president responsible for the Euro, Valdis Dombrovskis said it was "ready to intervene if necessary" to address the crisis of Italian banks. The Btp-Bund spread closed down by 1% to 141 points and a yield of 1,24%.
Wall Street, which opened down, manages to get back into positive territory. At the close of Europe, the S&P500 rose by 0,24%, the Ism Servizi index in June was above estimates at 56,5 points and mortgage applications increased by 14,2% in the last week. At the same time, however, the PMI servicing index for June stood at 51,4 points below estimates and the trade deficit in May rose by 10,15 more than estimates. Oil was weak with Brent closing at -0,08% at 47,92 dollars a barrel and Wti up slightly at +0,24% at 46,71.
