The trade war in the background, the lackluster news on Brexit, the approach of the European elections are holding back purchases on the markets, while the price of oil is now plummeting with the surprise increase in US weekly inventories.
After yesterday's brief recovery, European lists closed with little movement and for Wall Street the start-up bell is out of tune and the first hours of trading are slightly down. Piazza Affari is in the black jersey, -0,61%, 20.573 points. The banks, Tenaris (-3,14%), Ferragamo (-2,81%) and Telecom (-2,69%) are weak. In contrast, Juventus (+5,68%), which takes advantage of the full appointment of the new coach.
In the rest of Europe: Frankfurt +0,2%; Paris -0,12%; Madrid -0,06%. London +0,21%, with the pound in decline on the wave of a Brexit back on the high seas. The offer illustrated yesterday by Tehersa May, in view of the law implementing the EU exit (Withdrawal Agreement Bill) expected in the Municipalities for early June, received a shower of no and the future of the prime minister seems hanging by a thread.
In the morning, however, the US oil stocks accentuated the declines in the wake of the declines in crude oil, due to the surprise increase in US inventories. In the week ending May 17, stocks rose by 4,74 million barrels, while expectations were for a drop of 1,4 million. WTI contracts in July, which before the figure published by the US Energy Department were down at 62,5 dollars a barrel, are now down 2,03% to 61,85 dollars. Brent dropped 1,41%, 71,16 dollars a barrel.
In Piazza Affari, the contraction of black gold is reflected in particular on Tenaris, but Eni, -0,84% and Saipem -0,72% also suffer. Outside the main basket Saras, -4,21%, drops to 1,366 euros per share. Telecom retreats, after yesterday's earnings, without the CEO Luigi Gubitosi offering certainties on the possible agreement for a merger with Open Fiber.
The banks are negative: Mediobanca -2,22%; Bper, -2,13%, still under pressure on the news of the start of an antitrust proceeding on the Unipol Banca purchase operation. Among the relevant news for the sector, Reuters writes that the European banking supervisory authorities believe that the resolution of the Banca Carige crisis must go through a liquidation procedure if the institution does not find a buyer, contrary to the public bailout plan devised by the government .
In the meantime, bonds remain in a moderately positive wake, with the 2,63-year rate at 0,84% and the spread retreating by 270.90% to 3,85 points. The best big caps today, after Juventus, are Amplifon +2,98%; Moncler +1,67%; Atlantic +XNUMX%.
Euro-dollar stable, around 1,115. The greenback remains close to its highest level in a month, against a basket of currencies, supported by trade tensions between the US and China and in view of the publication of the minutes of the last meeting of the Fed which could give further indications as to why the central bank has not changed its attitude on rates. At its meeting on 1 May, the FOMC kept interest rates unchanged and signaled a scarce propensity for a short-term adjustment, in the wake of strong employment data.
