Donald Trump reverses, as is now his habit, the approach to the tariff war. After facing Beijing with a hard face on Friday and making contradictory statements over the weekend, the president, as he was about to leave the G7 meeting in Biarritz, said today that he welcomed the message with which China communicated to him during the night that it wanted to return at the negotiating table.
The easing of tensions favored the resumption of the increase in Europe after the troubled start of the financial week in Asia. TO Business Square the index advances by 0,87%. Well done Paris +0,55% where EssilorLuxottica shines +1,45% at the top after Reuters wrote that the American speculative fund Third Point Llc has acquired a stake in the company.
Earnings of around half a percentage point also for Madrid and Frankfurt. German real estate stocks are under pressure after rumors that the municipality of Berlin plans to cap rents. Deutsche Wohnen slips by 3,9%, Vonovia loses 2%. The Ifo, the indicator of business confidence decreased for the fifth consecutive month in Germany in August. London is down 0,47%.
THEgold slows down, to 1.527 dollars (+0,25), after going to 1.545 dollars last night, the highest since April 2013.
THEeuro it is down by 0,2%, to 1,111 on the dollar. The bund trades at -0,67% (+1 basis point).
Petroleum WTI at $54,1 a barrel, down 0,2%. The number of active drilling rigs in the United States has fallen to its lowest since 2018. Donald Trump, speaking this morning in Biarritz, said he had not met the Iranian foreign minister, who arrived in the town where the G7 was held last night, "because it's too early". The president of the United States specified that "we are not aiming for a regime change, we want Iran to become rich again". At Piazza Affari Tenaris + 1%. Eni + 0,2%.
In the Italian list the banks rise. Unicredit + 1,5%. Intesa Sanpaolo + 1,8% Bpm bank + 1,5% Where's Banca + 1,5%.
Generali +0,3%. Negotiations for a bancassurance partnership with BBVA in Spain and Mexico, worth approximately 1,5-2 billion euros, are continuing.
Avanza stm +0,3% pending developments on the trade war front. Some realizations on the luxury linked to the Chinese demand. Moncler -0,4%. Ferragamo -0,6%.
The automotive sector is positive: Pirelli + 0,5%. Fiat Chrysler + 1,6%.
