The European stock exchanges are recovering starting from Business Square which welcomes with an increase of around 0,16% (index slightly below 23) the start of consultations with the prime minister in charge Giuseppe Conte who, ironically, graduated with a thesis entitled: "Non-performance before the deadline ” which does not sound auspicious.
Similar trend in Paris and Madrid, modest decline for Frankfurt -0,08% on which they weigh the tariffs on the car threatened by the USA. At a clear loss bmw -2,6% Daimler -1,7% and Volkswagen-2,7%. The European sector loses more than 1,6%. Down too Deutsche Bank -1,3% which announced the cutting of thousands of jobs. In 2018, the stock has already lost about 30%.
Pressure in swing on government bonds. The yield of the ten-year BTP falls to 2,31% from 2,40% yesterday. Differential with the Bund at 186 basis points from 190, after having reached a minimum of 179. Differential with the Spanish Bono at 95 basis points, the highest since 2012.
brake the dollar, back above 1,17 (now 1,1717), weighed down by the tolerance expressed by the Fed in the minutes of the last meeting towards a temporary overshoot of the 2% inflation target.
Go back down there turkish lira, recovered yesterday in the evening thanks to the intervention of the central bank, this morning the dollar-lira cross rose to 4,68 (+2,4%). After an extraordinary meeting of the executive committee, the central bank announced a 300 basis point increase in interest rates to 16,5%, the move was opposed by Prime Minister Erdogan. Monetary authorities have warned that they are ready for action.
Il Petroleum Brent weakens, down 0,7% to $79,10. Yesterday came the unexpected jump in US crude inventories: +1,3% compared to last week. OPEC could decide at its meeting scheduled for June 22 to increase production to compensate for the reduction in supplies from Iran and Venezuela in response to fears in Washington of a price rally. In the United States, gasoline has reached $3 a gallon, the highest since 2014. According to a survey by Gas Buddy, an app that helps Americans spend less on fuel, those preparing to travel during the summer are today about 58%, last year they were almost one in three.
Energy stocks are lagging behind: Eni + 0,2% Saipem -0,1% Tenaris -0,2%.
The titles are also weak automotive. The Trump administration is planning a 25% entrance fee. Spotlights on Fiat Chrysler -1,35% below 19 euros. Progress instead Ferrari +0,6% and Cnh Industrial + 0,3%. Brembo + 1,33%.
In the industry to detect the recovery of Prysmian +0,5% yesterday in sharp decline after the US accusations against the newly acquired General Cable.
The banks are strengthened thanks to the fall in the spread. Understanding + 0,7% Bpm bank + 1% Unicredit -0,2%.
Generali +0,5%. It reached an agreement to purchase Adriatic Slovenica, Slovenia's third largest company, and to take over full control of the Polish companies Concordia Capital (Vita) and Concordia Polska Tuw (Non-Life) from the shareholders Concordia Versicherung and Vereinigte Hagelversicherung.
In asset management. FinecoBank + 1% Azimuth+ 0,4% General Bank + 1%.
Out of the main basket:
- Fiera Milano +5%, marks new highs since January 2016 thanks to the contents of the new industrial plan presented yesterday.
- Trevi +4,4%, has chosen Bain Capital Credit for an operation worth over 900 million euro aimed at saving the company active in underground engineering and drilling. In a note released in the evening, Trevi says that negotiations are continuing with Bain Capital Credit for a possible operation on the group's overall debt, but that to date there is no commitment, not even an exclusive one.
