Milan contains the losses, -0,54%, stopping at 20.847 points, in one weak day on the stock markets. The bond, after a negative opening, regained its share in the last stages and the reference security, the 10-year BTP, nibbled the 0,29% spread against the German Bund, 169.40 basis points, yield 1,98%.
All the main European lists are down fractionally: Frankfurt -0,89%; Madrid -0,71%; Paris -0,5%. London, immersed in the tragedy of the Grenfell Tower fire, leaves 0,74% in the field, while the British Central Bank keeps the cost of money at 0,25%, an all-time low, adopting the decision with a narrow majority of 5 votes against 3.
Athens, -0,26%, closes a session with a modest decrease, while the Eurogroup discusses the second revision of the bailout programme of Greece and the sustainability of the Greek debt.
Wall Street opens negative, weighed down again by technology stocks, from Apple to Facebook, which have accumulated year-to-date gains of 16,7%, higher than all other sectors. In the meantime, another tile hangs over Donald Trump's head if, as the Washington Post writes, the president is being investigated by special prosecutor Robert Mueller for obstruction of justice, in the context of Russiagate.
Furthermore, yesterday the Fed raised the cost of money by 25 basis points, as widely expected, however using harsher tones than expected and confirming a further restrictive intervention this year and three other increases a year in 2018 and 2019. The dollar strengthens and the single currency lost 0,57% against the greenback, falling to 1,115. Gold loses share, -0,54%, 1254,242 dollars an ounce. Oil continues its reverse: Brent -0,54%, 46,96 dollars a barrel.
The weakness of black gold weighs on Piazza Affari, where Saipem lost 3,62%, also weakened by the decision of JP Morgan to cut the target price to 3,75 from 4,3 euros. On the opposite side, however, there is Cnh, +3,03%, which benefits from Equita's upward revision of the judgment from 'hold' to 'buy' with a target price that has gone from 9 to 11,8 euros. According to Sim, after three difficult years, the agricultural machinery market is showing signs of improvement, given the recent data on tractor sales in North America and the positive trend in Asia.
Financials are generally weak with the exception of UBI, which gains 1,65%. The sales hit Banca Generali above all -3,12%. Bright red also for Unipol, -2,17%, with the CEO Carlo Cimbri who sees a further devaluation of the stake in Atlante 1, due to the deterioration of the situation in the two Veneto banks, Pop Vicenza and Veneto Banca. “I think it is in fact – he maintains – that that quota no longer has any value. So we will adjust our evaluation to what is the state of the art”.
Stm falls, -2,52% affected by the weakness of the hi-tech sector. Contrasted fashion: Ferragamo climbs, +1,69%, while Ubs promotes the share to "neutral", with a target price of 24 euros, already surpassed by the market; Ynap falls, -1,65%, after the good performance on the eve. Campari regains share +1,98%. Italgas, on the other hand, is down -2,97%; Leonardo -2,48%; Buzzi -1,83%; Telecom -1,02%; Atlantia -1,72%; Prismian -1,27%.
Ferrari -0,95% and FCA -1,29% lose ground. The latter has announced the withdrawal of almost 300 old minivans from the North American market as problems have been reported related to the opening of the airbag system. Money on Exor +0,83%. Mediaset rises by 0,87% e announces that it will participate in the auction for the assignment of TV rights for the Serie A championships (2018-2021).
