The Stock Exchanges, which have been waiting for this day for weeks, react schizophrenic to the news from Frankfurt. The publication of the ECB statement caused an immediate flare-up in the markets on the prospect of a possible future rate cut and the initiation of a quantitative easing bis. However, a few minutes after the start of Mario Draghi's press conference, the euro appreciated and stocks and bonds reversed trajectory, disappointed by the caution shown by the number one of the ECB who during his speech underlined the need to wait future GDP and inflation projections before making any monetary policy decisions. “The market arrived at the event with high expectations, but was disappointed when he realized that Draghi would not have signaled the timing of the new measures today. However, the President made it clear that if the current conditions continue, some of the instruments mentioned above could be used as early as September”, explain the analysts of Mps Capital Services.
In the end, the continental lists closed the day in the red, also weighed down by the quarterly reports of the auto sector and by the weakness of Wall Street. The spread rises to 188.6 points (it had fallen to 176), while the yield on the Italian ten-year bond increases by 1,45 percentage points to 1,53% and the euro/dollar rises to 1,1160.
Business Square, which had managed to gain 1,2%, closed the session down by 0,8%, returning again below 22 thousand points. Same trend for Frankfurt, which finally scores -1,28%, while Paris manages to contain losses (-0,5%). Madrid closes the day by losing 0,43%: today Pedro Sanchez failed to obtain the majority in the context of the second investiture vote. The new Spanish government is therefore still in doubt. Outside the Eurozone it loses 0,17% London.
The three main price lists of Wall Street, but while Dow Jones and S&P 500 try to limit the damage, both losing 0,4%, the sales hit the Nasdaq (-0,7%), which yesterday had reached new highs. To ballast the technological list is the thud of Tesla (-14,2%), but also the decline of Facebook (-2,55%). Both companies published the quarterly, as well as Ford (-7%), which in the last three months has seen its profits collapse due to restructuring charges. It should be taken into consideration that tonight, after the closure of the US markets, the accounts of Alphabet (Google), Amazon, Intel, Starbucks and Mattel will arrive.
Also in Milan the day is dominated (in addition to Draghi) by the quarterly reports: At the end of the day the balance is positive for Saipem (+1,76%), which during the session reached its highest level since April. Instead, it deflates Moncler (+0,18%), together with the other European luxury stocks. In the morning, the sub-fund had benefited from the sharp rise in Lvmh (-1,09% at the close) which published accounts above expectations. Among the best stocks of the Ftse Mib are Poste Italiane (+ 0,79%), nexi (+ 0,78%).
At the bottom of the list stm (-2,84%) after the quarterly without surprises. However, it should be emphasized that in the last month the stock has gained more than 16%. Also in red Finecobank (-2,73%). Below parity too Unicredit (-0,07%) And Intesa Sanpaolo (-0,79%).
Male Exor (-1,88%), fca (-1,6%) And Pirelli (-1,79%) which are affected by the weakness of the auto sector after the Volkswagen's disappointing quarterly (-2,87%) and the Nissan's decision to cut 12.500 jobs.
Outside the Ftse Mib the fierce battle between Bio-on and Quintessentials. At the expense of it for the moment is the share of the Italian startup which ended the day collapsing by 69,76% to 15 euros.
