Pause for reflection for Business Square which, after yesterday's rally, closed a volatile and gloomy session with a slight decrease (-0,2%). Sales and purchases have been looking for a balance point all day without finding it, among the increases of Recordati + 6,27% nexi + 3,09% Finecobank + 256% Amplifon +1,58% and sales of Tenaris -3,19% Atlantia -2,49% Cnh -2,02% Bper -2%. The picture looks like Madrid -0,23%, while earnings update Frankfurt + 0,49% Paris +0,88% and London + 0,2%.
The same uncertain climate dominates Wall Street, divided between the enthusiasm for the measures to support the economy, the news of effective treatments but also those of new infections. Beijing is semi-paralyzed by the outbreak discovered in recent days. After a positive start the Dow Jones and the S&P500 are looking for direction, while the Nasdaq is in progress. The Fed chairman, Jerome Powell, could provide the compass, speaking to Congress, after yesterday's fears about the economy's prospects.
Pale red is the dominant color of the day: of theeuro, which loses ground against the dollar, trading at 1,1216; of thegold, which moves below 1732 dollars an ounce; of the Petroleum, Brent $40,55 a barrel (-1%).
The same nuance tinges the Italian bond: lo spread between 10-year BTPs and Bunds with the same duration, it rises to 178 basis points (+0,65%), with the yields of both securities decreasing. The Italian benchmark rate is 1,35%.
For Italy there is also a new cold shower from Istat: in April the industry recorded a record collapse for turnover and orders, -29,4% on month and -46,9% on year for turnover; -32,2% on the month and -49% on the year for orders. An unprecedented blow, which serves as a preface to harsh intervention by Carlo Bonomi, president of Confindustria, to the States General wanted by the Conte government for the relaunch of the economy.
Returning to Piazza Affari, it should be noted that Recordati's leap comes after Goldman Sachs raised the target price of the stock, following the good results announced in the study for the drug Isturisa for Cushing's disease. Nexi is looking at possible steps forward for the merger with Sia. Among the banks Understanding is the best, +0,27%, with the green light quote from IVASS to the acquisition of the insurance participations of Where's Banca (-1,22%) in the context of the Ops. FCA yields 0,38%, with the news that the European Commission has opened an in-depth investigation into the proposed merger with Peugeot-PSA. Apparently, the operation could damage competition in 14 EU countries and in Great Britain. However, the two car manufacturers do not retreat a step and confirm that the preparations for the merger are proceeding as planned and reaffirm the shared goal of finalizing the operation by the end of the first quarter of 2021. In a note they also underline that the antitrust authorities from several jurisdictions have already given their approval, including the United States, China, Japan and Russia. In any case, they add that "they will continue to collaborate with the European Commission to provide answers to the questions with the same constructive spirit that has characterized the merger proposed since the beginning".
Enel, -0,81%, despite being included for the first time in the MSCI ESG Leaders Indexes following the annual review of sustainability indices conducted by MSCI, a leader in research and indices on environmental, social and governance issues ( ESG). The series of capitalization-weighted indices highlights companies with high ESG performance compared to their sector competitors. Enel was also confirmed in the FTSE4Good Index series and Euronext Vigeo-Eiris 120 indices.
