The confidence of European investors, judging by the performance of the Sentix index, is in sharp decline. But the lists on the wave of the improvement of the Asian indices and forecasts of an imminent drop in US interest rates are not understood. The European Stock Exchanges, therefore, proceed in positive territory: Milan gains 0,9%, less than Frankfurt +1,2%, closed yesterday, electrified by the hope of an improvement on duties, but more than Paris +0,8% and Madrid +0,3%. London goes up by half a point.
In the debt market, the 2,34-year bond trades at 0,22% on the eve of the auctions. The spread continues to fall, thanks to the weakening of the German Bund (-XNUMX% this morning). The Treasury will auction Thursday securities up to 6,6 billion euro, including, 1,5 billion a very long term-
The trend in the coverage rate will be crucial, especially for the fortnightly, in the event of a decline it would be the signal that the markets are turning their backs on Italy. In the meantime, the effort of banks on BTPs is increasing: system stock rose to 395 billion from 387.
Meanwhile, the political situation is worsening. Prime Minister Giuseppe Conte had asked Salvini and Di Maio carte blanche to deal with Europe: in yesterday's summit he did not get it. Today the focus is on the report in Parliament by Economy Minister Giovanni Tria on the possible EU infringement procedure. The minister this morning atassembly of Assonime he reiterated his commitments to the EU, emphasizing that the accounts are improving.
Il WTI oil it traded this morning at 53,8 dollars a barrel, up 1%, from -1,5% at yesterday's close. Also yesterday the leaders of Saudi Arabia stated that we are moving towards an extension of the agreement on production by OPEC enlarged to Russia. Goldman Sachs believes that in the end there will be no extension of the same pact signed a year ago: there are too many variables and the situation is too uncertain.
To signal the leap of Saras +2,6% which moves away from the annual lows marked after 4 months of sharp decline. Today Fidentis and Mediobanca have expressed themselves with a buy.
The recovery of Fiat Chrysler +1% around the 12 euro mark. Meanwhile, the chorus of French politicians who hope that the agreement can be re-proposed is growing. When asked if talks between the two companies had ended, Transport Minister Elisabeth Borne told BFM TV: "I think they are not closed". News could emerge from the assembly of Renault tomorrow. Meanwhile, a signal arrives from Nissan: the French state must leave the capital.
Azimuth +2,3% is among the best blue chips today, behind Bfor +2,6%. Unicredit advances by 1,35% at mid-day. Highlights too Tim +1,9% which is expected to announce in early August the acquisition of the share of Cassa Depositi e Prestiti in Open Fiber. In the deal, a paper exchange, Open Fiber is expected to be valued at around 2 billion, without the debt. CEO Luigi Gubitosi warns against "overly imaginative reconstructions": the plan will be discussed in the board on the 27th.
In sharp decline Diasorin -3,6% who is giving a presentation to analysts today. The Board approved the 2018-22 plan which sees single-digit revenue growth, an Ebitda margin comparable to that of 2018 and a cumulative cash flow between 700 and 750 million. Good luxury: Moncler +1,84%, Ferragamo only +0,2%.
Mediaset +0,75% confirms earnings after presentation of new holding company. Vivendi could theoretically withdraw with the entire stake it owns, equal to 28,8%, from the corporate reorganization operation announced by the Biscione. A source familiar with the situation says so. ProsiebenSat1 chief executive said there is currently no interest in the MFE project announced on Friday evening. Banca Monte Paschi +0,1%. Oliver Wyman will support the bank in monitoring the sale of 6,5-7 billion of non-performing loans to SGA, reports Il Messaggero, adding that the appointment of the adviser was imposed by the EU Commission.
