No one saves themselves and the EU takes action a 750 billion proposal for the Recovery Fund, partly non-repayable to deal with pandemic damage and help the most affected countries. Business Square celebrate? Yes, no, maybe. The global stock exchanges are mixed today and Milan archives a session of strong emotions, which ends with a leap: +0,3%, to 17.910 basis points. The Ftse Mib had gained momentum after Ursula von der Leyen's proposal for a 750 billion recovery fund, of which Italy would be the maximum beneficiary with a share of almost 82 billion in non-repayable grants (and 91 in loans). However, the stoppage of the Northern countries arrived shortly after: ”The positions are distant and this is a dossier that requires unanimity, therefore the negotiations will take time. It's hard to think that the final result of those negotiations will be the proposal we see today,” Dutch diplomatic sources say. Angela Merkel sees "difficult negotiations on the horizon", even if an agreement will eventually be reached. The goal is to allow the fund to enter into force starting from 1 January 2021. In short, a long time and an uncertain outcome, so Milan has gradually eroded the rise (+2%) until it turns downwards, to then turn positive mainly thanks to the banks. It is also perplexingeuro, which after exceeding 1,1 in the dollar exchange rate is now back to 1,096. On the other hand, the Italian secondary market did well: the spread between 10-year BTPs and Bunds of the same duration closed at 190 basis points (-3,96%); the yield of the Italian security falls to +1,48%.
The rest of Europe is more tonic, but slightly below the session highs: Frankfurt +1,3%; Paris +1,8%; Madrid +2,33%. Outside the eurozone London + 1,29%.
Overseas it is contrasted Wall Street The Dow Jones is fractionally up, but the Nasdaq is down, due to sales of stocks by big tech companies. Facebook and Twitter lost 3,15% and 4%, respectively, after Donald Trump threatened to shut down social media as Twitter signaled its users to verify the information present in the president's tweets. Furthermore, the optimism about the recovery after the effects of the lockdown leaves room today for concerns about the increasingly tense relations between the US and China and the situation in Hong Kong. Oil leaves behind part of what it gained in the last seven sessions: Brent drops 4,2% and falls to 34,65 dollars a barrel. Cautious gold, which moves just above 1697 dollars an ounce.
There are many and important blue chips that today are making good gains in Milan, starting with the big banks. Unicredit +4,68% is the best title. They are also appreciated Mediobanca +4,08%; Bper +3,63%; Understanding + 2,48%.
Atlantia, +3,66%, is in excellent shape even if Reuters writes that this morning's summit at Palazzo Chigi ended without the majority forces having made any progress in the game on the revocation of the concession to Autostrade.
The auto sector is well bought in Europe, with the measures in support. Pirelli +3,3%; fca +2,81%. salt Buzzi +2,16%. Among the oil stocks Eni + 2,13%.
Sales overwhelm Diasorin, -12,8%, which had flown in recent months on the wings of rapid tests for the coronavirus.
It also sinks nexi -7,84% (14,105 euro per share), weighed down by callocation of 8,8% of the capital by the reference shareholder Mercury UK at the price of 14,2 euros. However, the hypothesis of a merger with Sia, which would create a national champion in the high-growth reference sector, keeps attention high on the stock.
Male stm -5,32% Amplifon -3,71% Prysmian -2,99%.
Outside the main basket it goes up Rcs +6,53% after the decision of the arbitral tribunal of Milan which established that the contracts for the sale of the headquarters to Blackstone in 2013 are valid but considered that the buyer's behavior could give rise to compensation for damages. The parent company also leaps Cairo Communication (+3,23%). The broker Banca Imi explains that "the possibility of compensation is good news for RCS", while emphasizing that the final outcome of the dispute is still uncertain.
