The bull reappears on the markets and pushes up Business Square, which closes first in Europe with an increase of 1,79%, bypassing the psychological threshold of 20 points (20.229). In Milan there is greater optimism about the future of the government, after theultimatum from Prime Minister Conte and on the possibility of avoiding a confrontation with Brussels. A perspective that favors bonds: the yield on the 10-year BTP falls to 2,53% and the spread with the Bund falling back to 273.10 basis points (-2,01%). Future moves by the ECB are also awaited, after the disappointing data on inflation in the euro area in May: 1,2% on an annual basis, against 1,7% in April. In particular, Thursday's Governing Council meeting could bring important news on the new round of Tltro auctions which will be launched starting from September.
The contraction of the yield differential with the German benchmark invigorates banking stocks, first of all Ubi +4,02%. The protagonists of the session are also Prysmian, +6,05%, with the return to service of the Western Link cable; fca +3,87% ed Exor +4,1%, on the day of the Renault board meeting on the merger between the two car giants; Azimuth +3,51%, which attracts purchases with the announcement of a u2019 net tile of 300 million. On the main list, sales are supported only on Atlantia -2,19%. According to Reuters, Lega and Movimento 5 stelle have reached an agreement on the decree to unblock construction sites and the agreed text, now being examined by the Senate, also contains a provision to facilitate the revocation of motorway concessions. Slight discount for Terna -0,14%. Shy A2a -0,03% and Recordati -0,03%. Outside the Ftse Mib he shines Salini (+ 3,73%).
Among the other European price lists they shine Frankfurt + 1,51% Madrid + 1,05% Zurich +1,35%. They are more backward Paris +0,51% and London + 0,42%.
Wall Street it has been accelerating since the open and is trading higher in the aftermath of a sell-off in technology stocks prompted by the specter of regulatory inquiries. Meanwhile, there is discussion of a possible backward adjustment of interest rates by the Fed, warmly advocated by Donald Trump. Jerome Powell says cutting rates to support inflation "could pose risks of destabilizing excesses in financial markets and elsewhere", but the US central bank is closely monitoring the recent escalation in trade tensions and will do what is necessary to continue to support the US economy, whose expansion is about to reach its tenth year, a record. In his prepared speech for a conference today, the governor explains, “we don't know how and when these trade issues will be resolved. We are closely monitoring the implications of these developments for the US economic outlook and, as always, will act appropriately to support the expansion.
In this situation theeuro-dollar it remains in area 1,123. The single currency falls slightly against the pound (-0,11%) with Trump's visit to London, who is considering a very substantial trade deal with the United Kingdom after Brexit.
Il Petroleum, like Brent, changes sign in the final: +0,41%, 61,53 dollars a barrel. Gold down slightly to 1321,15 dollars an ounce.
