Piazza Affari closed slightly up, +0,19%, 20.8885 points, a volatile session sandwiched between two extremes: Saipem, +3,5% and Recordati -1,9%.
The other European lists were more in tune, driven by tech, auto and mining stocks: Frankfurt 0,55%, Paris +0,46%, Madrid +0,45%, London +0,33%. Wall Street was positive at the start, above all thanks to financial stocks and despite the catchphrase of tariffs, the future remains a great unknown.
Prudence prevails on the Milanese price list, waiting to know the next budget manoeuvre, with a value estimated by Ansa at 28-30 billion. According to the news agency, the resources will be concentrated in a few incisive interventions and the cut in income tax will be postponed until next year. The dialogue with Brussels seems positively open and in this perspective the debt market is floating, with the spread slightly rising to 236.00 basis points and the yield on the Italian 2,81-year bond bringing it back up to XNUMX%.
According to HSBC, last week's rally in Italian government bonds could extend further in the near future, especially in the short end of the curve, in anticipation of a relatively 'market friendly' manoeuvre. Meanwhile, however, the flight of foreign investors continues. In June, according to Bank of Italy tables, non-resident holders of Italian securities fell from 698 million to 664 million (out of a total of almost 2.000 billion euro) after a decrease in May in April (722 billion). Public debt, on the other hand, reached a new record in July: +18,4 billion compared to the previous month, for a total of 2.341,7 billion.
On the bond front, it should also be noted that today, for the first time since August, the yield on 10-year Treasuries in the US reached 3%. The optimism for the trend of the American economy and the fact that, with inflation under control, the Federal Reserve will not tighten its belt as quickly as expected leads investors to prefer risk appetite.
The dollar is recovering ground against other currencies. The exchange rate with the euro returns to the 1,166 area. The raw materials moved little. Oil, like Brent, dropped 0,19% and fell to 77,23 dollars a barrel. Gold is moving below $1200 an ounce.
Among the Italian oil stocks, Saipem stands out, rebounding after yesterday's slide. A favorable report by Bernstein contributed to the performance, which judged the oil group as "overweight" with a target price of 10,2 euros (more than double compared to today's 4,675 euros) by virtue of the restructuring plan set up by the management and without account for any increases in crude oil.
Stm did well, +1,83%, in line with the sector and still following the presentation of Apple products. Fashion is on the rise with Moncler +1,77% and Ferragamo +1,55%. Speaking of the Florentine maison today, Antoine Arnault, son of the owner of Lvmh, Bernard, observed: "The family is right not to sell".
Up Banca Generali +1,39%. Recordati stops at the bottom of the Ftse Mib; Telecom -0,9%; Atlantia -0,45%; Snam -0,38%. Moderately positive banks, with the exception of Unicredit -0,43%.
Out of the main basket, Astaldi is back in the deep red -6,51%, after the rating cut by S&P and Moody's due to fears that the capital increase coordinated by JpMorgan could be skipped, possible exit date due to delays in the sale of the stake in the Third Bosphorus Bridge. Giglio Group boom +13,57% thanks toagreement with the Chiara Ferragni platform.
