It's the day of Jerome Powell, who in mid-afternoon according to Italian time (10 in the morning in America) will speak before the US Congress: the speech is eagerly awaited, because the president of the Federal Reserve could reveal the next strategies - and above all the timing - of a further cut in interest rates which no longer seems so certain, given the very positive trend of the US economy and above all of the labor market, following the data published last week. At the moment, many are betting on another filing (0,25%) in the next meeting at the end of July, but the sensations are of a prudent slowdown in this sense. Waiting to hear it, Piazza Affari moves forward and returns above 22.000 points again (about +0,7% at the end of the morning), with banks benefiting once again from the decline in the Btp Bund spread: the Italian-German differential is back today in the 205 points area, from yesterday's 209 closing.
The Prime Minister Giuseppe Conte also intervened precisely on the beautiful moment of the spread, during the Ania assembly: “Our public accounts are solid and in order and the significant reduction in the spread is proof of this. Now the positive outcome of the dialogue with Brussels will allow us to promote our positions on the most urgent EU dossiers”. Therefore, bank stocks breathe confidence, in particular Ubi Banca, Bper and Unicredit, with increases equal to or greater than 2% in the middle of the day. Intesa Sanpaolo +1,25%. However, an energy stock stands out on the Ftse Mib, that of Saipem, which after the thud in Tuesday's session is gaining around 3% thanks to the news of two large contracts worth a total of 3,5 billion dollars signed in Saudi Arabia. Among the stocks in negative territory, Terna, Hera, Amplifon and Juventus, just in the days when the Sarri era actually begins, with the first training sessions of the new season.
On the macroeconomic front, a morning of conflicting news. If on one hand Italian industrial production, according to Istat, rears its head in May, returning to the levels of early March after two months of flop (even if on an annual basis the May figure is also negative), on the other hand the merciless forecast report on the economic performance drawn up by the European Commission. In principle, Brussels confirmed the sensations of February, however reducing the GDP of the Eurozone in 2020: the estimates for Italy are instead in line with those of the government, i.e. +0,1% this year, “with a recovery only at the end of the year”, and +0,7% next year. These numbers will once again make Italy bring up the rear of the euro area: in 2019, we will grow 1,1% less than the E19 average.
As for foreign stock exchanges, the rally in Athens continues after the election which sanctioned the end of the Tsipras era and the victory of the former centre-right manager Mitsotakis, openly appreciated by the financial world: the price list still marks +2,3%. The other main squares are decidedly more sluggish: in the middle of the day Frankfurt, London, Paris and Madrid are in red. The euro-dollar exchange rate is almost stable at 1.12212, while the depreciation of gold continues after the boom of a few weeks ago: today it is worth less than 1.400 dollars an ounce. Oil on the rise: both Brent above 2 dollars a barrel and Wti, which is approaching 65 dollars a barrel, are up about 60%.
