The launch of the European infringement procedure against Italy takes new steps forward, but Piazza Affari is not too upset and closed up by 0,61%, 20.609 points, in the wake of the European lists: Frankfurt +0,93% and Zurich +0,78%; Paris +0,48%; London +0,29%. Slight decrease Madrid -0,15%. The markets are looking above all at the issue of duties, after the trade peace between Mexico and the United States and are enthusiastically welcoming the new Chinese stimulus to the economy, even if Wall Street, after an appropriate start, is slowing down.
Italian paper also held steady: the 2,32-year yield fell to XNUMX% e the spread with the Bund retreats to 254.80 basis points (-1,89%). The Italian debt fever, however, will be better measured on Thursday, when the Treasury will auction securities of up to 6,6 billion euros, including 1,5 billion with very long maturities. In fact, it will be important to see the trend in the coverage rate, especially for the fortnightly, because in the event of a decline, it would be a signal that the markets are turning their backs on Italy. The effort of banks on BTPs increases: the stock of the system has risen to 395 billion from 387.
Meanwhile, the procedure against Italy is making progress, with the EU Economic and Financial Committee, the body which includes representatives of the EU Treasury ministries, which shares the line of the European Commission in the belief that the opening of a debt-based excessive deficit procedure is 'justified'. Economy Minister Giovanni Tria, speaking in the Chamber, recalls that "it is in our interest to reach a compromise and definitively normalize the conditions of our government bond market, the solidity of which is fundamental not only for savers and institutions but above all for a real economic recovery". Outgoing EU Commission President Jean Claude Juncker warns: 'I think Italy runs the risk of being trapped for years in an excessive deficit procedure, and I would like to avoid it, but this will depend on the commitments that the Italian government will make.'
In the business square banks lose ground slightly during the session and Ubi goes into the red -0,13%. The rebound of Creval continues, +5,5%, pending the presentation of the industrial plan on 18 June.
Today's best blue chips are Stm +2,35%; Banca Generali +2,24%; Cnh +2,05%; Juventus +1,73%. On the opposite side Diasorin, -3,43%, from which the realizations started with the presentation of the business plan to 2022. Recordati -1,18%; Ferragamo -0,44%; Hera -0,18%. Among raw materials, Brent-type oil rose by 0,19% to 62,41 dollars a barrel. Gold retreated slightly to 1325,8 dollars an ounce. Euro-dollar practically unchanged around 1,131.
