The tension on the markets does not ease. The European markets close a new session of sharp declines with the Ftse Mib leaving a good 2,11% on the ground, albeit in line with the other main stock exchanges of the Old Continent. In fact, Paris lost 2,29%, Frankfurt 1,43% and London 2,01%.
Thanks to the countdown for the Brexit referendum of 23 June, for the major Eurozone stock exchanges it is the fifth consecutive day of decline, for London the fourth.
BREXIT PUSHES THE BUND INTO THE NEGATIVE
Tensions do not spare sovereign debt: the flight to "safe" securities brings the yield on the ten-year Bund into negative territory for the first time in history (-0,002%) while the Btp bund spread widens above 150 basis points and yield all '1,51%.
In a press release, the Treasury announced that it had not registered requests in today's supplementary auctions relating to 3,7, 30 and XNUMX-year bonds reserved for specialists.
The euro-dollar exchange rate fell by 0,65% to 1,121385. Meanwhile, Bitcoin is back in vogue, which in three days scores a 21% rally. Volatile by nature, the digital currency is back above $2014 for the first time since 700. According to data from CoinDesk, the last time the cryptocurrency climbed to its current levels, around $719, was in February 2014, when the digital currency was down from its December 1.147 peak of $2013.
WALL STREET WAITS FOR CLINTON
Wall Street is also heading towards the fourth day of declines, which moves weakly at the end of Europe, awaiting the Fed meeting which closes tomorrow. In addition to the Fed, watch out for the presidential election. According to the monthly survey conducted by CNBC among operators of the American Stock Exchange, 80% of those interviewed believe that the former first lady will win the presidential elections in November, while 15% think that the Republican candidate, Donald Trump, will win, percentages substantially unchanged compared to April. The gap is less wide when the question concerns which of the candidates has the best program for the stock market: 38% of the interviewees side with Clinton, 25% with Trump, while 38% are groping in the dark.
On the macroeconomic front, retail sales grew by 0,5% in May and exceeded estimates, just as import prices in May were above estimates. On the other hand, April's inventories of companies rose less than expected but still marked the second increase in a row. The inventory/sales ratio, which measures how many months it takes for a company to completely deplete its inventories, fell to 1,40 months from 1,41 in March (at the beginning of 2015 it was 1,29).
OIL SNOBS THE AIE INDICATIONS
Oil widens the drops in the session: Brent loses 1,37% to 49,66 dollars a barrel and Wti 1% to 48,36 dollars a barrel. The market ignores the indications received from the IEA, the International Energy Agency, in its latest monthly bulletin: the oil market will return to equilibrium in the second half of next year, thanks to higher-than-expected growth in demand and to some unexpected supply interruptions. In detail, the IEA has revised upwards the survey on the growth of oil demand in the first quarter of 2016 at a global level, bringing it to 1,6 million barrels per day. For the whole of 2016, growth is now projected at 1,3 million barrels per day, which will bring global demand to 96,1 million barrels.
IN RED BANK AND TELECOM
After a brief flare-up, bank stocks closed with a minus sign: Banco Popolare -6,56%, Bpm -5,21%, Unipol -4,91%. Asset management is also heavy on the fund of the Ftse Mib, with Anima losing 4,91% and Banca Mediolanum 4,43%: the sector was affected by the profit warning of the Swiss manager Gam on the numbers for the first half.
Sales on Telecom Italia -3,79% to 0,7615 euro which is the lowest since October 2014.
At the top of the Ftse Mib Saipem +0,17% supported by new agreements with Russia which, according to Russian media reports, will be signed during the international summit in St. Petersburg which will also be attended by the Italian premier Matteo Renzi. In evidence, albeit with fractional gains, also Ferrari +0,14%, Poste Italiane +0,07% and Campari +0,06%.
