The European stock markets are down in anticipation of the weekend and the Fed's moves in the coming week. In this climate, the forced march of bonds continues. Also Business Square marks a decline on the day of report by Consob president Paolo Savona, who argued that the suspicions of insolvency on the Italian public debt are "objectively unfounded". The European Council, meanwhile, shared the infringement procedure against Italy already aired by the Commission.
Piazza Affari loses about 0,3% just below the 20.600 mark.
The decline of the other price lists is heavier: Frankfurt -0,8% Paris -0,5% Madrid -0,6%, like London.
Guinness World Record variations for debt issuance, continuing to update negative records.
Il Ten-year BTP draws 2,34% yield (-2 basis points), a level never seen in the last year. But now only Italy and Greece pay interest on emissions up to five years.
Il German bund slips to -0,26%, historical low. Never so low even the yield of Good Spanish at ten years, at 0,49% (-4 basis points): within a month and a half, Bono's yield was halved.
Similar trend also for i Treasury. The ten-year T bond is on its way towards a 2% yield, now we are at 2,06%, close to the lows since September 2017.
Vola their: the drop in bond yields, as well as fears of conflicts in the Middle East, push the yellow metal to 1.355 dollars an ounce, the highest since April 2018. Ubs expects a price above 1.400.
The US market is also called upon to judge the economic trend of its Chinese rivals in view of the G20. This morning the data released at nine o'clock in China show that the ongoing trade clash is having an effect: magio industrial production grew by just 5%, the lowest year-over-year increase in the last seventeen years. The data on consumption was better than expected, +8,6% in May, from +7,2% in April.
The winds of war in the Gulf subside. The Petroleum WTI erased gains, Texas crude traded at $52,2 a barrel (-0,3%). Concerns about overproduction are no longer driving prices. The International Energy Agency expects it has cut its estimates of demand growth by 0,1 million barrels to +1,2 million barrels per day.
Little movement in Milan Saipem (+0,1%). Jefferies raises the target price. IMI has reduced Eni's target price to 20,3 euros to discount a lower performance in petrochemicals
In Piazza Affari it loses its shots stm (-3,7%), in line with Braodcom's warning, held back by the problems of the Huawei customer.
Fiat Chrysler -0,3%. Pending a restart of the negotiations with Renault (after the assembly of Nissan on 25 June) the group has signed an agreement with the French utility Engie.
The banks are holding back. Unicredit -0,7% Intesa Sanpaolo -0,5%. Where's Banca -1%, yesterday launched a 5-year, fixed-rate bond for an amount of 500 million. Orders have arrived from about 90 investors, for a total close to one billion. The final allocation saw 45% of the subscription by Italian investors and the remaining 55% by foreign investors.
Note the novelties of the Gavio group. Sias (-9%) will merge into the parent company Astm +5%. The operation gave rise to a holding company destined to enter the main basket of Piazza Affari with activities in the management of motorway concessionaires and construction.
They pick up speed Erg (+ 1,5%) and Falck Renew (+1%) thanks to the boom in May of the production of electricity from wind turbines.
