THEeither way by Luigi Di Maio to the new allies of the Democratic Party it sends Piazza Affari into the red and makes it soar spread. After a session spent in calm waters, Milan closed down by 0,35%, at 21.322 points and the differential between the Italian and German ten-year bonds rose to 174 basis points (+4,3%), with the return on the Italian stock being to 1,03%. To undermine the confidence of investors, about an hour and a half after the closing, are the indications of the political leader of the 5 Star Movement to the prime minister in charge Giuseppe Conte. Perhaps in an attempt to regain a somewhat tarnished leadership, Di Maio lists the "essential" points of the pentastellati program, without which he prefers to go to the vote. And the Democratic Party replies quickly, judging the ultimatum unacceptable. All on the day in which Istat notes that the Italian GDP in the second quarter of 2019 remained unchanged compared to the previous three months and decreased by 0,1% on an annual basis.
In this climate, the Ftse Mib changes sign and begins to retreat, in a positive European context, albeit weaker in the final due to the uncertainty of Wall Street. Frankfurt +0,87%; Paris +0,56%; Madrid +0,22%; London +0,33%; Zurich + 0,67%.
However, volatility does not live only in Milan. In fact, Wall Street, after starting off on the right foot, is losing ground and is currently moving against the backdrop. The improving sentiment around tariffs does not obscure the fact that new tariffs on Chinese goods will take effect on Sunday Petroleum moves heavily down: Brent -2,86%, 58,76 dollars a barrel; Wti -3,32%, 54,88 dollars a barrel. Sales on black gold increased after the consumer confidence calculated by the University of Michigan: in August the figure suffered the largest monthly drop since December 2012 due to fears associated with tariffs. University respondents also cited expectations for higher inflation, a rise in unemployment and a modest increase in their incomes. A mix that could curb consumption and weigh on the demand for crude oil.
Even today, the series of tweets from President Donald Trump is extensive, continuing to lash out above all against the Fed, judged to be the real problem of the US economy (and not that of duties) and accused of not countering the "crazy" drop in the euro.
Today the single currency continues its downward phase against the dollar and falls back to 1,099, mainly due to the fact that the market is looking at the new stimulus measures expected from the ECB and the preliminary data on inflation for August, +1%, in line with forecasts, but far from the central bank's target.
THEeuro it is also yielding against the pound, with the exchange rate around 0,9027, despite the fact that a hard Brexit is increasingly probable. dish thegold, at $1537,35 an ounce.
In Piazza Affari, the banks pay the pledge of the return of uncertainty, which also weighs on profit-taking. Sales hit Bpm bank -3,35%; Ubi -2,77%; Unicredit -1,14%. Down with managed savings Finecobank -1,88% and Azimuth -1,54%.
It ends up on the grill Atlantia, -2,55%, because Di Maio asks that the decree for the revocation of the concessions be made as soon as possible. Suffers luxury with Ferragamo -2,06%; positive Moncler + 0,44%.
It still dominates the top of the list today Cnh, +5,06, supported by rumors of a possible Iveco spin-off. Well Amplifon +1,65% and Buzzi +1,17%. The automotive sector is rekindled in Europe. In Milan they shine Pirelli +0,85%; Exor +1,32%; fca + 0,83%.
