Piazza Affari rises by 0,99% today and is once again approaching 21 points (20.936), while FCA takes off, +5,03%, thanks to data on American registrations in May, better than expected. The markets also welcomed the correction to the Italian GDP in the first quarter, revised upwards by Istat (from 0,2 to 0,4; from 0,8 to 1,2 year on year). However, the good news does not stem the sales on the secondary market and the spread takes off again like a rocket, after yesterday's pause.
The differential between ten-year Italian and German rises by 4,41%, 194.20 basis points, the new highest since the beginning of May; the yield returns to 2,24%. The market is once again wondering about early elections and a proportional system that could produce a political stalemate. Unicredit economists estimate an opening of the gap with the Bund between 200 and 225 basis points "as the date of the elections approaches".
Meanwhile, Minister Pier Carlo Padoan writes to Brussels and asks for a discount on the 2018 maneuver of between 8,5 and 10 billion euros, while the go-ahead in principle to rescue MPs finally arrives. On the macro front, European manufacturing PMI hits six-year high and continental lists celebrating with the exception of Madrid, - 0,18%, weighted by Banco Popular, after accounts below expectations and risks on solvency parameters. Fractional increases for Paris, +0,66%; Frankfurt +0,4%; London +0,32%.
Wall Street opens positive, even if the Nasdaq floats around parity in the middle of the session, waiting to know what Donald Trump will say tonight at 21, Italian time, regarding climate agreements. The ample chances that the Americans will call themselves out, modestly support oil during the day, before the weekly data on US inventories, which then turns out to be better than expected and restarts prices. As Jonathan Chan, an analyst at Phillip Futures in Singapore, explains to Reuters, Trump's move would be a signal of his intention to further reduce emissions regulations, favoring the use and demand for fossil fuels and giving the necessary boost to crude oil. Meanwhile, thanks to inventories, Brent crude oil rises to 51,29 dollars a barrel, +1,04%, while Wti currently exceeds 49 dollars.
On the monetary front the euro lost 0,23% against the dollar and traded at 1,1218. It should be noted that China returns to the currency markets with a warning to those who bet on the devaluation of the yuan after last week's decision by Mooyd's to cut its sovereign rating: in a surprise move, the Central Bank (Pboc) strengthens the currency by 543 basis points against the dollar, at 6.809, rising to a seven-month high.
Returning to Piazza Affari: FCA flies, closely followed by Ferrari +2,34%. Brembo loses -1,27. It's raining purchases on Atlantia, +3,43%, which seems to have paved the way with Abertis. According to the president of the Spanish company, Salvador Alemany, the market will accept the offer of the Italian group and the Iberian government will hardly oppose the takeover bid. Day to the rescue for the banks, especially Banca Generali +3%; Banco Bpm +3,17%; Bper +2,11%. Unicredit, on the other hand, was weak, -0,71%, after Moody's cut the rating on the senior unsecured debt of Unicredit Bank AG, the German subsidiary of the Italian banking group, to 'Baa2' from 'Baa1′. Italgas is still in the dust, +1,53%.
The oil companies are taking a breather: Tenaris +1,19%; Eni +1,21%; negative Saipem -0,55%. Always tonic Recordati +2,21%. Effervescent Campari, +1,85%, waiting to sell two minor brands. Modest gains for Telecom, +0,12%, on the day of the board meeting on governance with Arnaud de Puyfontaine appointed chairman.
Well Ynap +1,93% and Leonardo +1,66%. Fincantieri slips out of the main basket, -2,99%, with French President Emmanuel Macron, who wants to review the terms of the recent agreement on Stx France. Technogym also down -5,14%, after the shareholder Wellness Holding sold 8% of the capital at a price per share of 6,90 euros.
