European stock exchanges turn downward after a positive start. Piazza Affari loses most of all - 0,44% at 13 pm, above the 20.500 mark. Reductions of around 0,3% for Paris, Frankfurt and Madrid. Conversely, the London Stock Exchange takes off +0,44%, against a sudden weakening of the pound traded at 13 pm at around 1,3007 against the dollar. The euro-pound cross falls to its lowest level since May 2017 at 0,8525
The umpteenth turnaround, just a few hours after the vote of the Municipalities on the new text agreed by Theresa May with Jean-Claude Juncker, is due to the rejected by Geoffrey Cox, the prosecutor of the Kingdom considered the point of reference for the softer conservatives, decisive for the majority, rejected the agreement reached in Strasbourg last night: there are not sufficient guarantees on Northern Ireland.
The risk of a crisis that also promises to affect the Eurozone is at the origin of the change of mood of all stock markets. The match also weighs on the performance of the German Bunds, heavier than the Italian BTPs.
The yield differential between the BTP and the Bund on the 10-year segment is one step away from the 250 at the end of Monday's session. The ten-year rate is substantially stable at around 2,55%. L'auction on the annual Bot saw the yield fall to 0,060% this morning from 0,181% in mid-February, reaching its lowest since May 2018.
There is expectation for the 6,25-7,75 billion bonds made available tomorrow by the Treasury, with particular attention on the new BTP on July 22. This is the largest offer since the yellow-green government took office.
Banks deflate: B for Bank +0,2%. Intesa Sanpaolo +0,3%, Ubi Banca -0,45%, Unicredit -0,1%.
He misses the most Banco Bpm -2,17%, in the crosshairs of consumer associations for the dispute over the reimbursement of investment diamonds.
Tim -4% abruptly reversed course after opening. The advisor to the minority shareholders ISS advises shareholders not to vote on the proposals of the first shareholder Vivendi. The industry ministry said there were no deals with China regarding fifth-generation wireless technology, or 5G.
Strong Tod's recovery -0,5%, from the initial -7,7%.. The company closed 2018 with Ebitda down to 118,3 million euros, seven million less than analysts' expectations. Profitability fell to 10,7% in the second half, about 150 basis points less than expected, due to the increase in marketing expenses.
Down Juventus -2,2% a few hours before the decisive match in the Champions League.
Out of the main list:
- Banca IFIS -2,6%. Luciano Colombini is the candidate of the majority shareholder La Scogliera, for the office of managing director.
- Maire Tecnimont +3%, announced that it has received orders totaling $360 million.
- Cir announced which will merge into the parent company Cofide: the operation leads to an increase in the free float and a decrease in costs.
- Giglio Group +3%, conferred its media assets to the Spanish Vertice 360 [VTSG.MC]: a paper operation that will lead the former to have 5,95% of the latter.
- Enav shines after 2018 accounts: +3,34%.
