Weak session for the European markets which closed slightly down after a deterioration in mood following the jarring opening bell on Wall Street. Stars and Stripes are hurt by Friday's boom in jobs data and the resulting reduced probability of Fed monetary easing (a 0,25% cut is still estimated for end-July), as attention shifts now to the speech that the governor of the central bank, Jerome Powell, will give to the Senate and the House in the middle of the week and to the publication of the minutes of the last meeting. All seasoned by Morgan Stanley's pessimism on the trend of world shareholders in the coming months, from decline of the Turkish lira (at the moment reduced to -1,73% against the dollar) after Erdogan expelled the governor of the Central Bank, Murat Cetinkaya and from Iran announcing "from today we enrich uranium to 5%".
Business Square balances sales and purchases and stops at 21.976 points, -0,04%. They hold up the price list Pirelli +3,06%, with JpMorgan analysts raising their target price; Juventus +2,45%, driven by the transfer market; Tenaris +2,23% and Saipem +1,68%, with increases in oil prices; Recordati +1,76%. Many financial stocks are in the red, with the exception of Ps (+3,71%), the ninth consecutive leap, after the recent placement of a 500 million bond. In black jersey Finecobank -3,6%, followed by Bpm bank -2,53% Unicredit -1,77%; Ubi –1,53%. The sector, at European level, suffers from the collapse of Deutsche Bank, -5,32% in Frankfurt, -0,2%. The Teutonic banking giant is gradually losing ground with the announcement of the maxi restructuring which provides for the cut of 7 billion in costs and the exit of 18 thousand employees by 2022. Closing in fractional loss for Madrid -0,46%, without emotion Paris -0,08% and London -0,07%. The red shines Athens -2,15% later the victory of the right in the elections.
Euro-dollar moved little in the 1,121 area. Oil on the rise with Brent at 64,61 dollars a barrel (+0,59%); for now, gold cannot find the impetus to reach the 1400 dollar level and is moving just above 1396 dollars an ounce.
The Italian secondary stock changes direction several times during the session: in the end, the 1,78-year yield is at XNUMX%, thanks to the Greece effect, and the spread with the Bund it rises to 216,4 basis points (+1,93%). According to Minister Giovanni Tria, the structural adjustment effort must continue also for 2020, while the cut in direct taxes such as personal income tax should be balanced by increasing indirect taxes such as VAT.
