European stock markets rebound and close higher, managing to seize the anchor launched yesterday by Donald Trump on tariffs (the agreement could arrive sooner than expected), while today China said it will resume buying meat and soy from the United States . Business Square it gains 0,73% and is once again approaching the psychological threshold of 22 points (21.947), with utilities in the green and Juventus recovering.
Lo spread it is slightly down to 140 basis points and the yield on the Italian 0,82-year bond falls to +0,224%. On the primary side, the auction of six-monthly BOTs went well, with rates at -2018%, the lowest since April 2019. While awaiting news on the manoeuvre, however, growth prospects for Italy are weakening. S&P global ratings confirms the 0,1 estimate of +2020% (unchanged compared to June), but cuts the one for 0,4 assumed three months ago, bringing it to +0,5% from 2020%. According to Standard and Poor's, the Eurozone economy is also suffering, which is starting to slow down further in 1,1, with GDP growth that should not go beyond +1,2%, after +2019% in XNUMX, because it is not expected a rebound in external demand. In providing the forecast, the agency wonders whether the single currency area is entering "secular stagnation", i.e. low growth and low inflation, with many interest rates in negative territory and therefore suggests making use of the fiscal space to revive the economy.
Despite these prospects Frankfurt 0,46% salt; Paris +0,66%; Madrid +0,47%. Outside the Eurozone the climate is more favourable: London +0,89%; Zurich + 1%.
In reverse Wall Street, after the good performance on the eve and a contrasted opening, is currently moving in the red, worried by ever new revelations about the "Ukraine gate". And once again Donald Trump seems to dictate the line: if there is an impeachment, warns the president, “the markets could collapse. Do you think it was luck that led us to have the best stock market and economy in our history? It is not so'".
The thirst for liquidity also continues in the US money market. This is demonstrated by the demand higher than the offer from the Federal Reserve through an operation called "term repo" with which banks and hedge funds can draw on cash for a longer period than usual, 14 days. The institute put 60 billion dollars on the plate (an amount doubled today compared to yesterday) but the demand was equal to 72,75 billion. Also today, the New York Fed also carried out another overnight "repo" operation: 100 billion were offered overnight, against the 50,1 billion requested by the banks which in exchange gave collateral in the form of Treasuries and mortgage bonds.
The currency front moved little, with theeuro which remains flat against the dollar, but close to the 28-month lows of 1,0936. Gold moved higher to $1515,85 an ounce as oil fell for the third consecutive day. Brent loses 0,51%, 62,07 dollars a barrel.
In Piazza Affari the worst big cap of the session is Nexi, -3,24%, which pays the price for the suggestion to sell by SoGen analysts. According to a trader, the resignation from the board of directors of Robin Marshall, managing director and Co-Head of the European Private Equity team of Bain Capital which, with Advent International and Clessidra, through Mercury UK, controls 60,1% of the company which would fuel fears of a sale of the share of the funds in view of the expiry of the lock-up. In mid-October, the 180-day lock-up, following the debut on the Stock Exchange on April 16, by private equity funds on the stock, will expire. “Beyond that date the shares of the funds will become salable and, therefore, from mid-October there could be a placement risk”, observes the trader.
Sales penalize oil stocks, Tenarys -1,56% e Saipem -1,02%. Down Prysmian -1,34%; Cnh -0,82%; Telecom -0,37%; Generali -0,33%.
Purchases reward securities of the Juventus, +2,82%, after a negative phase following the announcement of a capital increase. Queen of the price list is A2a +3%, followed by Ivy + 2,38% Italgas + 2,12% Snam + 1,74% Terna + 1,71% Enel + 1,52%.
In recovery Campari +1,76%. From the Agnelli galaxy the best performances come from Exor +1,73% and Ferrari + 1,43%.
