The BTPs retreat but not much after the "negative" opinion of Moody's on the Italian card. The spread 10-year Italy-Germany is worth 213 basis points from 205 at the end of last Friday, while the 3,01-year reference rate trades around XNUMX% not far from the last session finale. The quotations of the European stock markets rose slightly, after closing in the red on Friday. Cyclical stocks recovered starting from utilities. One looms bitter clash at the assembly of Richemont, hard luxury giant: the company has asked the shareholders to reject the entry of a representative of the Bluebell Capital fund.
Investor morale in the eurozone was broadly unchanged in August compared to the previous month, with only a slight improvement however not enough to allay fears of a recession in the 19-country bloc. "The economic situation in the eurozone remains difficult," said the director general of Sentix Manfred Huebner.
The solid data on the US labor market, published last Friday, reinforced the hypothesis of the Fed maintaining a tight monetary policy against inflation. For September, a rate hike of 75 basis points is expected. All eyes are therefore focused on US inflation for July, which will be released on Wednesday at 14.30 pm Italian time. The yield of Two-year Treasuries it stands at 3,19% -3 basis points, the ten-year one at 2,79%, -3 basis points, the thirty-year one at 3,03%, -3 basis points.
Il Brent oil loses -0,6%. “The resumption of Iranian nuclear talks today – writes Oanda's Criag Erlam – represents a potential downside risk to the price of oil, given the country's ability to ramp up production rapidly in the event of an agreement. Not to mention the large oil and gas reserves it has."
Il cross Euro/Dollar it is little moved at 1,019. The US currency retreats after Friday's gains.
Ftse Mib and the Milan Stock Exchange
In Piazza Affari the liveliest title remains B for Bank +2,8% after Friday's extension after the accounts. There are some target increases from the investment houses that follow the stock: Citigroup has raised the target price to 2,6 euros and HSBC to 2,9 euros, both have a Buy rating.
Tenaris and Campari follow, up by a half point.
Down Eni -0,56% which acquired the company Export LNG, which owns the Tango FLNG floating liquefaction plant, from the Exmar group. The plant will be used by Eni in Congo, as part of the natural gas development project in the Marine XII block, in line with Eni's strategy of valorising gas equity resources. The outlay for Eni is equal to 572-694 million dollars.
