Uncertain markets and skyrocketing gold in the session that closes a quarter of record recoveries for equities. The European lists stop in contrast: Milan -0,37%, Paris -0,19%, Madrid -0,66%, London -0,89%; Frankfurt +0,57% is in green. Wall Street, playing flat, is trying to hook a rise, starting to archive an exceptional quarter after the collapses of March following the outbreak of the pandemic and the consequent lockdowns in the various countries. This is a rebound common to all global stocks, even too rapid according to some observers, because the hunt for good deals could collide with new waves of infections if, as WHO says, the worst is yet to come.
And while in Italy the Mes remains in the balance, Gilead Sciences Inc (+1,5% on the Nasdaq), which developed the drug Remdisivir for severe cases of Covid-19, announced yesterday that the price of its drug of 5 days is $2.340 in all developed countries. “My first concern is that there may be a two-speed recovery in Europe”, says ECB Vice President Louis de Guindos. Meanwhile, the EU is preparing to reopen, starting tomorrow, the external borders to citizens of 15 third countries, but not to the USA. The list includes Algeria, Australia, Canada, Georgia, Japan, Montenegro, Morocco, New Zealand, Rwanda, Serbia, South Korea, Thailand, Tunisia, Uruguay and China (subject, however, to confirmation of the condition) of reciprocity).
In New York, however, we are awaiting the words of Federal Reserve chairman Jerome Powell, who will speak to the Financial Services Committee of the United States House of Representatives at 18,30 pm Italian time. Powell, in the prepared speech, says the prospects for the largest economy in the world are "extraordinarily uncertain".
On the macro front, there is good news from the Celestial Empire, where manufacturing activity rises more than expected despite weak international demand and fears of a second wave of infections. According to the national statistics office, the manufacturing PMI rose to 50,9 points in June from 50,6 points in May and against the expected 50,5 points: this is a level above the threshold (50 points) which separates the perspective of economic contraction from that of expansion. However, the British GDP collapses: -2,2% in the first quarter compared to the previous quarter. In April, the decline was 20,4% on a monthly basis and 24,5% compared to the same month in 2019. Uncertainty favors gold, which hovers around 1800 dollars an ounce. Oil is trading in the red, albeit to a lesser extent than in the morning, with Brent trading at around 41,65 dollars a barrel (-0,5%).
On the currency market, the euro moved little against the dollar, at 1,124. In Piazza Affari today wallets are adjusted by favoring the sale of some bank stocks, after yesterday's rally, such as Banco Bpm -2,46% and Mediobanca -2,14%. Banca Monte Paschi, -2,41%, after the approval of the board of directors for the partial spin-off project of a portfolio of 8 billion gross of non-performing loans.
Ubi drops 0,51%, on the day the board should rule on Intesa Sanpaolo's ops (+0,9%). During the day, Patto Bresciano, a group of UBI shareholders that holds about 8% of the institute's capital, also evaluated the offer. The worst big cap of the day is Telecom, -3,48%, penalized by Open Fiber's 1,5 billion euro claim for damages in a lawsuit, two sources told Reuters, for an alleged abuse of a dominant position. A source close to Tim speaks of laughable arguments from Open Fiber and says that Tim is also preparing legal action against the competitor and claim for damages.
Sales on Pirelli -2,71%; Post -3,03%; Moncler -2,27%. Oil companies down with Eni -1,57%. Stm shines on the list of increases, +3,03%, in the wake of the encouraging forecasts on revenues by the US Micron Technology. Still in evidence Fiat +1,31%. In dusting the secondary, after the good performance of the morning's auctions. The spread between Italian and German ten-year bonds falls to 175 basis points (-2,68%); the BTP rate stops at 1,25%.
On the primary side, there was good demand for BTPs assigned at auction by the Treasury and yields were down. In detail, the Treasury issued the fourth tranche of the 5-year BTP expiring on 01/07/2025 for 3 billion against a request of 3,928 billion. The yield fell 24 cents to 0,68 percent. Also placed there ninth tranche of the 10-year BTP maturity 01/09/2030: against requests for 2,675 billion, the amount issued was 1,292 billion while the yield, down by 22 cents on last month's auction, stood at 1,20 per cent .
Also assigned second tranche of the ten-year BTP maturing on 01/12/2030 for an amount of 2,207 billion (requests for 3,528 billion). The yield stood at 1,28%. Finally, the Treasury issued the seventh tranche of the CcTeu maturing on 15/12/2023. The amount assigned was 1,25 billion against a total demand of 2,178 billion; yield 0,56% (+3 cents). The auction regulation falls on next July 2nd.
