While Europe faces phase 2, small outbreaks of infections are rekindled in South Korea, China, Germany and the stock exchanges are watching with some concern. The European lists mainly closed down: Frankfurt -0,74%; Paris -1,31%; Madrid -1,58%. Positive, but little moved London + 0,1%.
Business Square it limits losses to 0,33%, 17.381 basis points, after starting off momentum this morning due to the narrow escape of a downgrade by the rating agencies. In fact, last Friday Moody's postponed the verdict, for updating its calendar, while Dbrs left the judgment unchanged and only cut the outlook to negative. The fact remains that today the bond is tinged with red: lo spread between the Italian and German ten-year bond it rises to 239 basis points +3,45% and the yield is updated to 1,87%. The Istat data weighs on the March industrial production: -28,4% compared to February and -29,3% compared to March 2019. The new "Relaunch Italy" decree is now awaited, even if the times for approval seem slightly longer than expected. L'Handle he writes that the pre-council meeting, preparatory to the Council of Ministers on the decree, has been postponed to the late afternoon and "the convening of the Council of Ministers also depends on the times of the pre-Cdm: the objective, after last night's summit, was to convene the meeting for tonight but at this point the call could be postponed".
Meanwhile overseas Wall Street proceeds mixed after a weak start, due to the resurgence of tensions between Washington and Beijing. The latter has published a list of "24 lies" spread by American politicians and media about how China has allegedly handled the coronavirus pandemic. Instead, the accusation came from the United States that China, through its hackers and its spy network, would like to steal the discoveries on vaccines and treatments for Covid 19 from American researchers. New York Times stating that the FBI and the US Department of National Security are preparing to issue a 'public warning' to warn everyone against the Celestial Empire's offensive.
Il Nasdaq however, it has changed sign and momentarily resists sales with the Faangs and the technological giants in progress, while the shares of the airlines weigh on the Dow Jones after in the last session, at the close of the market, United Airlines communicated to the Sec that it had canceled a $2,25 billion bond issue due to insufficient demand, despite an 11% rate.
Uncertainty keeps volatility high on the Petroleum: Texan crude delivered June 2020 trades at $24,50 a barrel, -1%; Brent for delivery in July 2020 loses 3,25%, 29,95 dollars a barrel.
Even the ingot sees about 1% of its value fade and moves around 1697,10 dollars an ounce.
falls theeuro, which lost 0,3% against the dollar and is trading around 1,0807.
The single currency reflects the area's cohesion problems, with Berlin saying the German government will abide by last week's Constitutional Court ruling on the European Central Bank's bond-buying programme. Meanwhile, Frankfurt announces that in the last week the ECB bought for 34,09 billion euros as part of the pandemic purchase program against 22,09 seven days earlier.
In Piazza Affari one also looks at the numerous quarterly publications and those on the way. Purchases today reward above all the pharmaceutical sector, with Recordati +6,28% and Diasorin +4,03% that stand out on the main list.
Banks are contrasted - it shines Mediobanca, +3,35%, good Bpm bank +1,05%, following the accounts; Unicredit +0,55%. Profit taking sends you into the red Ubi -1,25%, which last week showed a better than expected quarterly profit (93,6 million, +12,2%). According to the Equita broker, however, "the results are above expectations only thanks to capital gains (53 million) on the sale of corporate bonds, while the operating performance is not brilliant".
Banco di Sardegna Risp shares jumped out of the main basket (+22,66%) on the decision of the bank's board of directors to convene a meeting for 30 July to propose the mandatory conversion of savings shares into preference shares with a ratio of 1 at 1.
In asset management Finecobank +3,22%, toast to a better quarter than expected with growing clientele. The coupon will probably also be paid, but the decision will be made after October.
The black jersey is up to Leonardo, -3,11%, which had recently run, driven by the quarterly results. Letter for stm -2,22%; Unipol -2,13%; Terna -2,04%
