Business Square suffers, but does not collapse while Brussels deems “one justified excessive debt procedure”. The news, partly expected, causes the Ftse Mib to skid, which then stems the losses in the final, closing down by 0,36%, 20.155 points. The same pattern is repeated in bonds: the 2,49-year yield even drops slightly to 2,53% (XNUMX% yesterday) and the spread it is almost unchanged at 271.00 basis points (+0,22%), after having touched 285 points. "The market is on a roller coaster, volumes are modest but the news was already taken for granted, we are also waiting for the ECB tomorrow", comments a dealer to Reuters. Palazzo Chigi meanwhile responds to the EU Commission and hopes for "a constructive dialogue". The Monetary Fund confirms its growth estimates for Italy: +0,1% in 2019, i.e. 0,5% percentage points less than the January forecasts. While the match between Rome and Brussels is played on a razor's edge, the other European lists close slightly: Frankfurt +0,08%; London +0,06%; Madrid +0,4%; Paris + 0,45%.
Also Wall Street wavers, boosted by a dovish-than-expected Federal Reserve and held back by fears about tariffs. With this bifocal lens we analyze the disappointing data on jobs in the private sector, with 27 thousand jobs created in May against 173 thousand expected, because on the one hand it could push the Fed to revise rates downwards, but on the other it fuels fears of a further impact of tariffs. The plunge in crude oil, triggered by the unexpected jump in US weekly inventories, is also holding back the lists. In New York, the WTI loses 4% and falls to 51,34 dollars a barrel. Brent loses 2,69% and goes to 60,3 dollars a barrel. Gold, on the other hand, climbs to the upper floors and is worth 1328,5 dollars an ounce.
THEeuro-dollar consolidates the recovery around 1,125.
In Piazza Affari the session is particularly favorable for the Juventus, +5,18%, which is getting closer to the historic highs reached in mid-April before elimination from the Champions League. In recovery the luxury with Ferragamo +3,04% and Moncler +2,25%. It bounces Atlantia +2,6%, on the day of the start of the Senate vote on the Unblock building sites.
Among stocks, oil remains positive Saipem, +1,24%, thanks to a maxi order of six billion dollars in Mozambique. The collapse of oil weighs on instead Tenaris, which lost 3,29%; bad too Eni -1,07%. At the bottom of the basket are above all the banks, weakened by a spread that in any case remains too heavy. Unicredit -3,45%; Bpm bank -2,23%; Bper -1,81%; Ubi -1,18%; Understanding -0,87%.
