The illusion of a rebound, at least for European price lists, lasts for the space of a morning. In fact, the closing of the session was negative in the Old Continent and the afternoon slowdown follows the trend of Wall Street which, which started in the green after the worst performance of the year, is now slowing down its run. China has taken measures to stabilize the yuan and this initially restored some confidence, but this was not enough to turn on a light at the end of the tunnel of the clash between the two super powers. James Bullard, voting member of the Federal Reserve's Federal Open Market Committee, observes: "trade uncertainty is and will remain high" and monetary policy risks increasing uncertainty if it reacts whenever trade tensions escalate.
The worsening climate cools the timid European markets: Frankfurt -0,75%; Paris -0,13%; Madrid -0,86; London -0,69%. Energy, materials and banks stocks are down. The auto sector is losing its edge, with the exception of Renault (+1,7% in Paris) and Fiat (+0,79% in Milan), on which hopes for a future marriage are rekindled.
Piazza Affari loses 0,68% and falls back to 20.631 points, while Matteo Salvini calls into question the European parameters, stating that the 2020 deficit cannot be less than 2% and thus marking the difference with the Minister of Economy Giovanni Tria, while the specter of early elections reappears.
However, the BTPs accelerate towards the end of the session, especially in the long and extra long part of the curve, while the rally in eurozone bonds continues fueled by US-China tensions.
Around 17,30 the gap between BTP and Bund rates on the 10-year segment stood at 205 basis points, up from 206 at the start and 212 at the end of yesterday's session. The ten-year rate stops at 1,52% from 1,56% at the last closing and 1,53% at the opening. A slight limitation of earnings follows Salvini's words. Uncertainty weighs on banks: the worst is Ubi, -1,39%, the best is Banco Bpm +0,18%, before lifting the veil on accounts for the first semester. Unicredit is also preparing to present its half-year report, -0,85%.
The blue chips they focus on the biggest sales are Pirelli -2,68%; Cnh -2,42%; Tenaris -2,34%; Campari -2,15%; Amplifon -2,06%; Ferraris -1,99%. Purchases reward Fineco +2,25%, following yesterday's best-ever quarter numbers; Buzzi, +2,24%, also thanks to the good judgment of HSBC; Diasorin +0,96%; Hera +0,41%. Outside the main list, Cairo loses ground, -4,44%; after the presentation of the accounts due to the decline in the magazines; Bio on -8,21% remains in swing. Pininfarina down -9,06%.
Il oil appears uncertain like everything else: Brent fell by 0,1%, to 59,75 dollars a barrel; the WTI lost 0,29%, 54,53 dollars a barrel. Gold soars higher and higher at $1482,65 an ounce.
On the currency front, the euro-dollar moved little with the exchange rate around 1,12.
