European stock markets down at the start of the week under the pressure of confrontation between the US and China, even if the dollar recovers positions against the yen after the White House has hinted that the negotiating thread is not completely broken. But the initial attempt to rebound was soon exhausted. Debt securities bear the brunt of the situation in particular, on the eve of tomorrow's auctions: the spread reaches 278 points, level it hasn't seen since February, now one step away from 280 against the Bunds, but the differential against the Spanish Bono also rises to 174 basis points, the highest for six months.
In Piazza Affari, the drop at lunchtime is in the order of half a percentage point just above 20.700 points, in line with Paris. Frankfurt is worse -0,6%, Madrid is not moving much, London is slightly up. Wall Street futures, down about one point, suggest a red start to the US markets. The dollar moved little. Automotive stocks in particular are under fire starting with Daimler -2,4%: there is talk of an interest in the entry into the capital of the Chinese Baic which would be added to Geely. Strong decline Thyssenkrupp -6%.
Brent oil holds the positionsThe future is trading at 71,6 dollars a barrel this morning, up 1,2%. This morning Saudi Arabia announced that two of its tankers, about to pass the Strait of Hormuz, were attacked, it is not clear by whom, there is talk of an attempt at sabotage. An Iranian spokesman said the episode was terrible and worrying.
At Piazza Affari Eni +1,25%. The Nigerian government has accused ex-President Goodluck Jonathan and the then oil minister of bribes in relation to the acquisition by ENI and Shell of the rights to the Opl offshore field. Saipem +2,5% and Tenaris +0,9% also rose.
Unicredit -1,5% after that Fineco -0,06% left the group's scope of consolidation. Jean Pierre Mustier, in the guise of the new president of the European Federation of Banking Associations, spoke from London on the Carige rescue in which "all banks should be involved". With regard to supranational mergers, the banker reiterated that "differences in interest rates and rules are concrete obstacles that are difficult to overcome". Down the sector, crippled by the spread:
Moody's notes that BlackRock's decision to withdraw from the Carige bailout makes state intervention in the Genoese bank more plausible. Ubi Banca -2,2%. Bench Bpm -1,9%. In asset management weak Azimut -3%. Generals -0,35%. In an interview, the CEO of Ingosstrakh, Mikhail Volkov, said that the Trieste-based company would like to increase its stake, equal to 38,5%, in the Russian insurance group.
Also in Milan automotive under fire: Fiat-Chrysler -1%. Brembo -3%. Leonardo is also down -3,5%, which should file an expression of interest for Piaggio Aero this week. Prysmian -2% and Tim -2% also down. In the rest of the list:
- Dramatic Geox descent -13% which closes the first quarter with revenues of 261 million euros, 4 million euros less than the same period last year. On a like-for-like basis, the decline is 2% year on year. Kepler Cheuvreux cut the recommendation from buy to hold and the target price from 1,8 to 1,5 euros. The same broker downgraded Interpump -5,37% from buy to hold and the target price from 34 to 33 euros.
- Tiscali Salt +9%. Amsicora, a vehicle managed by Claudio Costamagna, Alberto Trondoli and Manilo Morocco, has signed an agreement to take over 22,06% of the group and "support its relaunch", alongside the founder Renato Soru, a 7,9% shareholder.
- On the rise Salini Impregilo +1%, has been awarded a contract worth 530 million euros in Turkey.
