The euphoria on the markets fades after the buying fever inspired by China. Business Square, nearly flat, limits damage to -0,1%. The other European markets are doing much worse, held back by the sluggish start of the US Stock Exchanges: Frankfurt leaves 0,91% on the ground, Paris -0,74%. In sharp decline Madrid -1,44% and London -1,53%.
Over the ocean the index S & P500 loses 0,5%, the Dow Jones 0,6%. The Nasdaq +0,7% holds yesterday's positions, on the highest levels in history. There is an air of new records for Tesla.
The statistics which show that the recovery of the economy will be slower than expected have curbed the optimism of the European markets. The European Commission has cut estimates on Italy's GDP, bringing 2020 to -11,2% from -9,5%. In 2021, the recovery should be 6,1%, against the +6,5% previously expected. For the Eurozone, the Commission expects a drop of 8,7%, worsening from the previous -7,7%. For the second consecutive day, the data on the restart of German industry are slightly lower than expected. Germany's industrial production rose 7,8% month-on-month in May, from -17,5% in April, the consensus was expecting +10%.
Debt markets under control: the ten-year Beep trades at 1,21%, spread at 168 points, roughly at March levels before the outbreak of the pandemic. To confirm the stability of the Eurozone, suffice it to say that Cyprus raised 5 billion yesterday with an offer of 4-year and XNUMX-year bonds. Slow down, as expected, the collection of Btp Futura: 1,68 billion, bringing the total for the first two days to 4,05 billion.
The data on consumption in Italy was much higher than expected: in May retail sales rose by 24% month on month, from -10% in April, the consensus expected +15%.
Il Petroleum Brent has reversed its losses and trades at $43,2 a barrel.
Gold has reversed course and is up 0,4%.
The Milan stock exchange is supported by the recovery of Eni +0,7%%. Yesterday the group announced writedowns of 3,5 billion euros after taxes, with a margin of variability of 20%, due to the downward revision of expectations on future crude oil prices due to the crisis triggered by the Covid-19 epidemic .
The star shines again Diasorin +2,18% after the launch of the new Simplexa test against the flu which can be performed together with the one for Covid. Equita's analysts take up an article by Financial Times according to which some studies have proved that vitamin D could represent a potential defense against the coronavirus and recall that vitamin D tests represented 15% of Diasorin turnover in 2019.
Heavy losses for Molmed, -4,8% at the close, after having lost up to 10,32%. The Council of Ministers approved the use of the golden power in relation to the acquisition operation by the Japanese AGC,
In sharp decline Tim -3,19% after that Iliad has announced an agreement with Open Fiber to enter the fixed network in Italy.
The banking sector remains weak, despite recovering part of the losses seen at the start. Bpm bank closes at -1%
D'Amico +7,75% markedly up after announcing that it has sold two ships.
