On the afternoon of August 1,435th, despite the fact that almost all the European stock exchanges were closed, robust selling on Italian debt took place. This was revealed by the Financial Times, reporting that the yield on two-year bonds has shot up to its highest levels since the beginning of June (16%, +3,2 points), while that on the ten-year bond has jumped to XNUMX%. The tension on the debt thus adds a new element to the dramatic climate that has invested the Bel Paese since the collapse of the Morandi bridge.
Genoa, still grappling with the death toll, is trying to restart the economy (estimated damage at least 11 billion euros). Piazza Affari, as well as with the spread (and with the repercussions on banks and insurance companies), today will have to deal with the emergency that threatens to submerge Atlantia (-5,39% on Tuesday), which manages the section of the A10 to which the bridge belonged. In addition to the company controlled by the Benetton family, which risks the revocation of the concession and a fine of up to 150 million, are destined to end up in the sights of Autogrill sellers and the securities controlled by the other major concessionaire, the Gavio group, already down sharply on Tuesday (Sias -3,83% and Astm -2,87%) .
After spending an hour without being able to price, Atlantia stock entered trading with a 25% loss.
ARGENTINA, RATES AT 45%. AT WALL STREET MACY'S -15,9%
It was a difficult day even for the stock exchanges open on August 20th. The repercussions of the Turkish crisis have been felt in emerging markets: the decline in the MSCI index has exceeded 45% since January. Indonesia has raised the cost of borrowing for the fourth time since May, Argentina has brought rates to XNUMX%.
Wall Street is also under strong tension, which yesterday suffered losses of more than 1% during the session before recovering positions towards the end. The Dow Jones closed with a loss of 0,54%, S&P 500 -0,76%, Nasdaq -1,23%. The thud in the technological stock was caused by the drop in Tencent, the Chinese giant which announced the first drop in profits after 13 years of activity.
In the old economy Macy's suffers (-15,9%), which recorded profits lower than estimates.
Tesla fell (-3,9%) after the revelation by Fox News that the SEC has launched an investigation into insider trading against Elon Musk in relation to the announcement of the (for now hypothetical) delisting.
TRADES, THE COMPARISON WITH CHINA AGAIN
The rebound was favored by the news that talks between China and the US on trade will resume by the end of the month. A delegation led by Vice Minister Wang Shouwen will be in Washington at the end of August to meet the head of the Treasury Department's international affairs area.
The Japanese stock market fell slightly in the final session, away from tonight's lows: Nikkei index -0,2%.
Stock markets in China are down, while the yuan rebounds to 6,89 against the dollar, from 6,93 at the close. Hong Kong -0,5%, CSI300 index of Shanghai and Shenzhen stock exchanges -0,5%. Samsung's price at lows in Seoul: Tencent's drop weighs more than Erdogan's words, who called on the Turks to boycott Apple.
QATAR FINANCES ERDOGAN. GERMANY IS ALSO MOVING
Even more encouraging signals are coming from Turkey. The lira showed little movement, at 6,1 against the dollar, after two days of strong recovery. Qatar has said it is ready to invest 15 billion dollars in Turkey: yesterday the Emir Sheikh Tamin al Thani met with President Recep Erdogan. Germany, Istanbul's first trading partner with trade worth 37 billion, has also moved: the Turkish president will be in Berlin at the end of September.
THUD OF AUGUST FOR OIL
This morning the euro appreciated against the dollar to 1,138 from 1,134.
There was a sharp decline in precious metals and commodities yesterday. Brent oil is trading at $71 a barrel, up 0,3%, from -2,3% yesterday after the announcement of higher-than-expected US inventories. The WTI trades at $65,06.
Yesterday, the US Stock Exchange's Energy index fell by 3,5%, the deepest since February 5th. Saipem was among the best on the list on Tuesday (+4%). Barclays raises the judgment to Outperform, from the previous Underperform, target price to 5,20 euro.
Gold at 1.172 dollars an ounce, down 1,6% yesterday. On the Istanbul Stock Exchange, trading in gold futures has soared.
