End of the week in the red for Piazza Affari, after a positive start. At 12 the index signals a drop of 0,4% around 22.400 points. Salt Paris +0,4%. London and Madrid are down by half a point. Flat Frankfurt. The Bundesbank has reduced its growth forecasts in Germany for the current year to 2 from the previous 2,5%, stating that concerns on the political and trade fronts have made the economy's prospects more uncertain.
The markets await, resigned, the barrage of "significant" tariffs that Donald Trump on imports from China should announce in a few hours. About $50 billion worth of measures will be affected.
After the ECB decisions the euro continues to fall, falling sharply on the foreign exchange market, to 1,1604, the lowest since the beginning of November against the dollar. The strength of the US currency is an excellent propellant for the European defense-aeronautical sector. Fly to the City Rolls Royce +11% which revised the guidance upwards. Airbus +0,5%, touches a new all-time high.
In the spread also fell sharply and the yield on debt securities, after confirmation that eurozone rates will remain at current levels for at least one year. The gap between ten-year BTPs and ten-year Bunds drops by 10 basis points to 219, with a yield on the BTP at 2,60%, its lowest since 4 June. The decline on the short end of the curve was even more pronounced: 2-year Btp -14 basis points to 121, yield 0,58%, lowest since May 25th.
In April, Italian general government debt increased by €9,3 billion compared to the previous month, reaching €2.311,7 billion. Oil sharply down, after Saudi Arabia confirmed that OPEC production must increase. Futures on Brent they dropped by 1,2% to 75 dollars a barrel. Weak energy in Milan: Eni -1,19% Saipem -2,32%.
The slowdown in the banking sector weighs on the stock market, as a result of the halt to the increase in lending rates. Understanding loses 1,2%, Unicredit -1,46%. Mps up +0,6% on the wave of rumors linked to an interest rate of Credit Agricole + 0,2%. Banca Mediolanum -0,9%.
Strong dollar favors some export champions: record prices for Moncler e stm, both +0,2%. Ferrari +0,4% consolidates earnings. fca +0,8%. According to the data disclosed by Acea, according to the association of European car manufacturers, registrations in the EU+EFTA area grew by 0,6% in May compared to May 2017. FCA recorded a 0,2% increase in registrations in May. Weak Exor -0,2%. Benefits taken for Prysmian -1%.
In the rest of the list:
They go up Amplifon +2% and Brunello cucinelli + 1,3%. Reno de Medici, the first Italian and second European producer of cardboard made from recycled material, is among the best in the chair with a leap of 6,5% to 0,873 euros. The board has given the go-ahead for the acquisition of the German private equity fund Quantum Capital Partners, wholly owned by the company Barcelona Cartonboard Sau, active in the coated cardboard sector.
