The Treasury has placed 3,75 billion BTPs by 2023 at a yield of 2,44%, the highest since the end of 2013, and 2,25 billion BTPs by 2028 at a rate of 3,25%, the highest since March 2014. an increase partly justified by the introduction of a new benchmark. The spread on the Bund around 270 points did not move much. The week of fire ends tomorrow evening with Fitch's decision on the rating (confirmation of the Bbb rating is expected, but outlook from stable to negative.
After the auction Business Square trimmed losses to 0,13%, around 20.700 points. The other price lists also fell: Paris -0,20%, Madrid -0,7% London -0,5%. But the worst stock exchange is that of Frankfurt: -0,5%, already down by a percentage point held back by China's difficulties, just a few days after Trump's new tariffs on Beijing's imports. The Eurozone economic confidence index fell to 111,6 points.
The single currency changed hands at 1,1697 dollars from 1,1706 at the previous close. The pound fell fractionally to 1,3024 which however maintained most of the gains linked to yesterday's rally triggered by the statements of the EU Commissioner for Brexit Michel Barnier on the possibility of a privileged partnership between London and Brussels after Brexit. This morning, however, Barnier himself urged that we be ready for Great Britain to leave the Union without an agreement.
Brent has gone up to 77,20 dollars, the highest since mid-July. US weekly reserves fell by 2,57 million barrels, about double expectations. Weak Tenaris:-2,56%. The US has announced a reduction in duties on imports of steel and aluminum products from some countries, including South Korea. The Argentine peso crisis weighs heavily on the stock. Eni falls by 0,8%. Saipem + 1,3%.
In Piazza Affari the banks continue to struggle: the Italian basket drops by around 0,5%. In addition to the spread, the list is weighed down by the Moody's report which shows that the institutions will have to repay 250 billion Tltro loans to the ECB between June 2020 and March 2021 and this will lead to an increase in refinancing costs and will weigh on their already low profitability . Unicredit -0,5% Understanding St. Paul -0,3%. The former Populars are also weak.
Insurance is also bad. Generali -0,2%, it would have started talks for the purchase of the French asset manager Sycomore, a company that manages assets for 8 billion euros. The deal would value the French group at over 200 million. There are other potential buyers in the running for Sycomore, including Eurazeo. Managed savings are also down.
In the automotive sector it suffers Cnh Industrial -0,71%, Other stocks defend: Fiat Chrysler + 1,6% Brembo +0,9%. Excited by the announcement of Aston Martin's IPO yesterday, she keeps racing Ferrari +0.8%. Separate discussion for Sogefi +4%, euphoric on the announcement of the closure of a dispute with two customers.
Really heavy Astaldi – 6,73%, to 1,5110 euros, after having touched a low of 1,5010 euros, the lowest point since January 2003 on intense trading: about 600.000 pieces changed hands, against an average of the entire session of 360.000 in the last thirty days. Next week the banks will have to deliberate on the new guarantees pending the unwinding of the Turkish knot.
