Caught between tariff disputes, Wall Street weakness, the Brexit confrontation and the online vote of the 5 Stars, the European markets are unable to turn positive and close with a modest decline: Frankfurt -0,33%; Paris -0,49%; Madrid -0,11%; London -0,2%; Zurich -0,68%.
Piazza Affari limits losses to 0,25, falling to 21.399 basis points, while the BTP rally continues on the secondary market. The ten-year yield hits a new all-time low of +0,87% and the spread with the Bund collapses by 5,14% to 159 basis points. Investors they obviously bet on the yes of the pentastellati to the birth of a more pro-European yellow-red government than the previous one, pending the outcome of the vote on the Rousseau platform.
Wall Street is back to trading and off to a bad start, after yesterday's long holiday weekend. New York's main listings are in red, reacting to e for the first timeentry into force of new tariffs (Sunday) and Beijing's appeal to the WTO. The verbal skirmishes between the two countries also continue, supported above all by the jabs of Donald Trump, while the calendar of the new meetings in September is not clear, even if the US president says they remain scheduled. From the macro front, the ISM index, which measures American manufacturing activity, fell to 49,1 in August, its lowest level since January 2016. A figure that is holding back the dollar. The euro is worth 1,0962 dollars.
The uncertain climate makes gold euphoric, which pushes on the accelerator, currently moving around 1556,45 dollars an ounce.
In the energy sector, Brent dropped 1,52% and fell to 57,77 dollars a barrel; Wti -2,74%, 53,34 dollars a barrel. In their wake, oil stocks suffer of Piazza Affari, Saipem -2,42%; Tenaris -2,54%; Eni -0,8%.
The worst blue chip in Milan though is Cnh, -3,46%, at the end of a see-saw session on the day of the presentation of the new industrial plan in New York, with the formalization of the spin-off of Iveco. Juventus lose ground -2,84%; Leonardo -2,17%; Moncler -1,66%.
The banks stop in no particular order. Bper stands out on the main list, +1,67%; but outside this perimeter the brightest star is Monte Paschi +2,78%.
Among the rising big caps there are also Prysmian +1,11%; Fiat +0,88%, which takes advantage of new speculations on its possible future with Renault; Azimuth +0,77%. Outside the main basket Mediaset drops 0,96%, stopping at 2,78 euros per share, just above the withdrawal price (2,77), on the eve of the shareholders' meeting for the reorganisation.
