Stock markets up this morning on the wave of the bet on the positive outcome of the imminent US-China summit, during which the two superpowers are expected to calm the trade dispute by putting further tariffs on hold. But in the late morning the price lists slow down: Business Square about +0,08%, Frankfurt -0,02%. Among the blue chips, it shines Bayer (+7%). The Elliott Funds have bought a stake of 1,1 billion euros because they believe the stock is undervalued. Weaker Paris e London (-0,3%). Madrid (-0,1%).
The rally in government bonds continues. The auctions of 5-year and 10-year BTPs they highlighted a significant decline in yields. The 5-year bonds (2,25 billion) were sold at a gross yield of 1,34%, the lowest since April 2018, a marked decrease compared to the 1,81% of the previous placement. The 2,09-year yields literally collapsed to XNUMX%, more than half a percentage point below the yield of the previous issue. It has been over a year since we have seen such low award yields. As for i CCTeumaturing on 15 January 2025, today's auction saw the placement of 1 billion euro of securities at a gross yield of 1,60%, down by 36 basis points compared to the auction of 30 May. Stable spread around 244 basis points.
Italy will engage with Europe a keep 2019 net borrowing close to 2% of GDP but it is unlikely to formalize a new programmatic goal for 2020, according to a government source. The European Commission is to decide on Tuesday 2 July whether to recommend infringement proceedings against Italy over high debt. Prime Minister Giuseppe Conte aims to make progress in the negotiations during the G20, on the sidelines of the summit, he will see the president of the European Commission Jean Claude Juncker, government sources also report.
The dollar consolidates yesterday's gains against the euro, cross 1,135, following expectations of a more cautious approach by the Fed in cutting rates.
Their it was stable on yesterday's closing prices at $1.405 an ounce after hitting its highest price since 2013 at $1.442,90.
Oil corrects after yesterday's +2%. WTI goes to $59,0, Brent $66,0. Weekly stockpiles of US crude plummeted by 12,788 million barrels. This is the strongest weekly drop since September 2016. Saipem is up 1,3%, Eni -0,37%, Tenaris -1,13%.
According to Ansa, which quotes qualified sources from the European Union, Italy will be able to avoid the infringement procedure if it demonstrates that it respects the rules in the future. The country buys time for the approval of thebudget adjustment, postponed to next week after the G20 in Osaka in which Tria and Conte participate. In June, Istat estimated a drop in the index of consumer confidence climate from 111,6 to 109,6, the lowest for two years.
Purchases on banks. According to rumors, the ECB is studying some changes to the new QE plan to overcome the limits on bond purchases for individual countries. This should lead to a narrowing of spreads, to the benefit of Italy. Fly Ubi (+ 5%). Unicredit + 2,5% Understanding + 1%.
On positive ground stm (+2%) in line with the recovery of the chip sector. Prysmian + 1,9%.
Brembo +1,6%: in an interview with Il Sole24Ore, the executive deputy chairman, Matteo Tiraboschi declared Brembo's intention to make acquisitions. The characteristics sought in the company to buy are: size similar to Brembo (2,6 billion euros in revenues, EBIT margin at 13%), financial solidity, with a technological focus on electronics and software, preferably a European or American company.
fca +0,3%. Emmanuel Macron in Tokyo cooled the hopes of an agreement between Renault and Nissan: "We do not intend to reduce the state's stake in Renault nor that of the company in Nissan," he said, denying the Minister of Industry Le Maire and the pdg Sénard.
Atlantia +0,8%, after -4% yesterday. The League opposes the request of the Movimento 5 Stelle to revoke the motorway concession.
The utilities are settling in: Enel -0,1% Terna -0,7%.
