Natural disasters and international political tensions increase market uncertainty and bring back volatility. The euro remains strong, oil falls and European lists appear without a compass. Milan rebounds moderately and closes at +0,25%, 21.776 points. Some bankers raise their heads and Ynap flies, +4,75%, supported by the positive opinion of Morgan Stanley; while, after a series of picking sessions, oil stocks lost share. The other squares stopped in no particular order: Madrid +0,5%%, Frankfurt +0,06%; Paris -0,02%; London -0,26%.
Wall Street is taking its first steps of the day with caution and, at the moment, the three main stock markets are proceeding in contrast. The succession of hurricanes, the earthquake in Mexico and the risk that North Korea, tomorrow, for Foundation Day, will want to celebrate, like last year, with a nuclear test, are weighing down the climate. The Vix, the index of fear, rises by 4,5% to 12 points. The Italian Prime Minister, Paolo Gentiloni, observes that the North Korean nuclear "threat" affects the entire international community, because it defies the rules on non-proliferation and has consequences "on the economy and on trade".
The euro remains strong against the dollar, with the cross over 1,2 and, as Governor Mario Draghi said yesterday, the volatility of the single currency represents a source of uncertainty. The ECB also confirmed its ultra-accommodating policy, but also set the start of the discussion on tapering for October. Reuters, quoting anonymous sources, writes that the central bank is studying a reduction of the monthly purchase plan, from 40 to 20 billion. These indiscretions may favor the recovery of some banking stocks, but weigh on bonds. Yields on 10-year bonds are picking up, especially in peripheral countries. The 2,03-year BTP is at 171.40%, while the spread with the Bund rises to 1, +1346%. Gold in the area of XNUMX dollars an ounce.
Oil falls: Brent -0,5%, 54,22 dollars a barrel; the WTI was weaker, -1,67%, 48,27 dollars. Meanwhile, the China-Russia link in the sector is being strengthened. The Chinese group Cefc will buy a 14,16% stake in the Russian oil producer Rosneft from a consortium of Glencore and the Qatar Investment Authority.
Together with the black gold, the oil stocks in Piazza Affari reversed course: Tenaris –2,19%; Saipem -2,28%; Eni -0,66%. The six-legged dog has successfully launched a fixed-rate bond issue with a nominal value of 650 million euro placed on the Eurobond market as part of its Euro Medium Term Note programme. The loan matures on March 14, 2025, pays an annual coupon of 1% and has a re-offer price of 99,671%. The proceeds will be used for ordinary needs. The bonds will be traded on the Luxembourg Stock Exchange and have been purchased by institutional investors mainly in Germany, France, the United Kingdom and Italy.
Mediaset falls, -2,17%. Vivendi, writes Ansa, would have found a hypothesis of agreement with Agcom, on the basis of which it would be willing to transfer a share of the Biscione equal to approximately 20% of the capital into a blind trust, falling below 10% in group of the Berlusconi galaxy.
The purchases reward Ynap, well tuned after a London road show, during which some managers met with investors. Ferragamo falls -1,58%,
Banco Bpm raise their head +1,4%; Unicredit +1,09%; Mediobanca +1,5%. On the opposite front, Banca Generali -1,76%. Brilliant session for A2a, +1,1%. Good for Recordati +1,51% and Luxottica +1,25%.
Ferrari moved little (+0,11%) after yesterday's crash. Fractional growth for Stm, +0,78%, which from 18 September will return to the Cac 40 in Paris, from which it left in 2013, in place of Nokia.
