European stock markets strengthened on the upside of a possible compromise on tariffs between the US and China. The EuroStoxx 50 index raises its head (+0,7%), in line with Paris (+ 0,6%), London (+ 0,5%) and Madrid (+0,3%). It does better Frankfurt (+1,2%), as usual the most sensitive to the trend of trade negotiations. According to estimates by the economic institute Ifo, which calculated a surplus of 299 billion dollars, in 2018 the balance of payments surplus in Germany will remain the largest in the world. The data relating to production prices in Germany was released, which increased by 0,2% in July, down on June (+0,3%); expectations were at +0,4.
Piazza Affari returns to negative ground at the end of the morning - 0,15% below 20.400 points after a slight rebound.
Still in the spotlight Atlantia, which on Friday attempted a recovery closing up more than 5%: at the start the share of the company, which controls Autostrade per l'Italia did not make a price, recording a theoretical drop of 9,5%. Around 12 o'clock, the stock lost about 8,8% to 17,6 euros for a capitalization of 14,7 billion (against 20,5 a week ago). The subsidiary Southern Highways leaves about 6% on the ground. The other listed shares of the concessionary companies also lose ground: Sias -3% Asthma -2,5%. The bonds of Autostrade dell'Italia (Aspi) and the parent company Atlantia are also back under pressure. The return on the Aspi bond rose to 2,827% from 2,678%, that of the Atlantia bond rose to 3,401% from 2,809%.
The Ministry of Infrastructures sent the company a letter informing them of the start of a procedure aimed at canceling the concession granted to Autostrade per l'Italia. The company must provide the counterclaims within 15 days. “We expect a prolonged period of volatility as the legal dispute deriving from the potential withdrawal of the concession will be long” predicts Banca Imi (judgment and target price under review).
In the construction sector, on the other hand, it is in good health Salini Impregilo (+4%), sold a division of its US subsidiary Lane to a company of the Vinci group for 555 million dollars. In addition, Lane itself announced a $672 million contract in California.
Leaving aside the question of bridges and infrastructures, there is a truce to be recorded on the spread front. The BTPs are driving the modest recovery of the peripherals: compared to 282 cents on Friday evening and at the opening of this morning at 283, the spread between the Italian and German ten-year bonds towards the end of the morning rose to 277 basis points between still thin trades.
The dollar consolidates on the highs of the last 12 months, bringing the gain since the beginning of 5 against the single currency to +2018%. In his speech at the central bankers' conference in Jackson Hole (August 24 and 25), Federal Reserve Governor Jerome Powell should signal that he is continuing on the road to raising rates by planning another upward adjustment in September, despite the turbulence generated by the trade war, the tensions between NATO and Turkey and the crisis in Venezuela.
Oil stabilizes around 72 dollars. Eni + 1% Saipem + 1,4%.
Among the blue chips robust rebound of Fiat Chrysler (+2,23%) after the significant losses of last week.
It still goes up Mediobanca +0,52%. It also advances Intesa Sanpaolo+0,4%. JP Morgan reduced its stake to 2,92% from 4,19%. The decline continues Bpm bank -1,37%, steadily decreasing after the publication of the accounts
DiaSorin +2,25%: this morning Berenberg strengthened the Buy recommendation, raising the target price to 96 euros from 86 euros.
Aedes +6,5%. Last Friday, the company communicated in a note that it was unaware of facts or events capable of explaining the negative performance of the stock, which has lost 48% since January 2018, XNUMX.
Breathe Astaldi (+3,75%) together with the improvement of the Turkish economy.
