Business Square it loses 0,97% and falls to 22.956 points, inaugurating a field week internationally in the red for many reasons. First, among others, the issue of duties, with US tariffs on a series of Chinese products which, in the absence of news, will take effect on December 15th. Also on the calendar between now and Sunday are the UK elections and meetings of the Fed and the ECB; the board of the European Central Institute will be led for the first time by Christine Lagarde.
The weakness affects all the lists to varying degrees: close to closing Frankfurt loses 0,44%; Paris -0,59%; Madrid -0,28%. Flat London -0,08%, where, however, it sinks Tullow Oil (-71,75%) following the resignation of the CEO, Paul McDade, the cut in the dividend and the production estimates for 2020. A crash that leaves the sector quite indifferent at the European level, while the Petroleum is down slightly, after recent gains in the wake of decisions on cuts by OPEC. Brent -0,17%, 64,28 dollars a barrel. Flat line for gold at $1465,55 an ounce.
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On the currency front, theeuro remains weak, but shows modest progress against the dollar to 1,107. Now the meetings of the central banks are awaited, with the US economy always offering new hints of optimism and the European economy remaining at a standstill.
Also Wall Street, after four sessions on the rise, opens with a modest regression and is currently moving weakly, although not far from parity. On Friday, a big boost came from the higher-than-expected data on jobs, but today we are once again thinking about duties and we are wondering about US-China relations in the light of the fact that Beijing wants to start a plan to eliminate foreign computers and software from public institutions and government offices to boost Chinese technologies. And the pace is tight: -30% in 2020; -50% in 2021; -20% in 2022. It seems like a perfect response to the war that Donald Trump is waging against Huawei and is going to hit major US manufacturers such as HP, Dell and Microsoft.
There is therefore no shortage of reasons for prudence on the markets and investors, even in Piazza Affari, are collecting funds on securities that have earned a lot up to now. Annual Queen of Blue Chips is Azimuth, which in today's session lost 3,61%. Fashion, which rallied last week, dropped 3,78% with Ferragamo and 0,97% with moncler. Down Recordati -3,01%; Prysmian -2,43%; Leonardo -2,21%; Finecobank -2,03%; Ferrari -1,92%. The banks lose Ubi -1,73%, but not Ps +1,64%. Flat Unicredit -0,05%. Few purchases: stm +0,43%; Tenaris +0,38%; Saipem +0,09%; Atlantia + 0,5%.
Outside the Ftse Mib, mediaset, -0,88%, while the Civil Court of Milan has lifted the reservation on the dispute with Vivendi, suspending the MediaForEurope operation until 21 January, therefore after the extraordinary shareholders' meeting of the Cologno Monzese group on 10 January, which must deliberate on amendments to the articles of association of the Dutch holding company, MediaForEurope.
Bene Roma +5,31% and Lazio +4,97%. Among the minors it remains in evidence Bank Profile + 8,16%.
The purchases are poured to some extent on the bond. The spread between Italian and German ten-year bonds it drops to 159 basis points (-2,9%) and the BTP yield narrows to 1,28%.
But be careful of the political future, warns Fitch. Indeed, relations between the Italian government and the European Commission on the delicate issue of the budget law have undoubtedly improved and are now much more relaxed, but this does not eliminate the scenario of uncertainty regarding the prospects for the creditworthiness of the republic.
The latest report by the rating agency states that the risks that the Pd / 5 Star majority will not reach the end of their mandate are very high. And today Prime Minister Giuseppe Conte says that once the maneuver has been approved, the government verification will open which is "necessary" and which will have to indicate "a time schedule until 2023". Meanwhile, stay warm the theme Mes and the majority are asking the government to make the signing of the revision of the European stability mechanism conditional on the exclusion of the 'single limb' clauses which serve to facilitate debt restructuring in the event of intervention by the bailout fund.
