The new drop in the Zew, the German confidence index, is holding back the animal spirits of the markets. The July indicator stopped at -24,5, falling again compared to the -21,1 drop recorded in June.
Business Square +0,18% around an altitude of 22.200 is still sailing in positive territory behind Madrid +0,4% and Paris +0,2%. Flat Frankfurt.
Meanwhile, the migration of capital towards Italian government bonds continues, the only ones to still guarantee a yield, albeit modest, together with the security renewed by the judgment of the EU Commission. The yield on the 5-year BTP falls by 1,58 basis points and reaches 3%, on the lows of the last XNUMX years, spread 185 basis points. For Marzotto Sim's experts, the yield "could continue to fall down to the 1,50% area, to then consolidate at this level",
On the macro front theeuro is down 0,2%, cross at 1,124 on the dollar on the day of the election of the new president, almost certainly the German Ursula von der Leyen.
The British pound is still losing ground on fears related to a hard Brexit. The cross with the euro breaks through the 0,90 threshold and reaches its highest level since mid-January.
THEgold it stands at $1.415 an ounce. Petroleum Wti up slightly to 59,70 dollars a barrel. Saipem +1,21%. Eni -0,6%. Saras -1%.
Atlantia it dropped 1,3% (but +6% in the week) after being chosen by FS which partner in the consortium for the Alitalia operation to work alongside Delta Airlines and Mef. Nonetheless, Deputy Prime Minister Luigi Di Maio confirmed that the government does not intend to take steps back on the issue of revoking the motorway group's concession.
Featured this morning Unicredit +1,3%: rating agency S&P has improved its outlook to 'stable' from 'negative' due to the better resilience of the group to a hypothetical default of the Italian sovereign debt. Purchases also on Banco Bpm +1,1%, Intesa +0,6%, FinecoBank +1,2%.
The black jersey is up to Fiat Chrysler -3,8%: Goldman Sachs resumed hedging with a Sell judgment, target price at 11,5 euros. The group cannot afford to violate European legislation on CO2 (€1,3 billion fine) and North America is expected to drop by 6%. Cash generation will be cut, while electric patents are needed.
Ferrari +1,4%, reaching new all-time highs.
It also misses out Pirelli -2,4% in line with Michelin which shed 2% in Paris after presenting disappointing sales data in June.
Citigroup expressed caution on the Italian utility sector. Enel -0,7% A2A + 0,3%.
Down Salini Impregilo -3,5%, which presented an offer on Astaldi as part of Progetto Italia.
New discount for Trevi -2%, which reports a negative shareholders' equity of -148,1 million euros at the end of 2018 due to asset value adjustments. Equita confirmed the reduced judgment.
