La trade war between the US and China enters the second year without seeing a positive outcome. It goes up like this fear of recessionfueled by the interest rate curve, which is higher for shorter maturities. In this context it also slows down Milano (-0,05% just below 21 thousand points). The other markets are weaker: Paris e Frankfurt more than half a point back, Madrid -0,2%. Outside the eurozone, the stock market rises London (+0,3%), while the GBP it fell against the euro to 0,91 (+0,9%). The Guardian and the BBC write this morning that Boris Johnson intends to make use of the government's prerogatives to keep Parliament closed for about a month, until the Queen's speech scheduled for 14 October. In this way, time is shortened: no more than two weeks to stop the premier's project.
Il BTP confirms yesterday's progress at 1,13% (+1 basis point), close to the lowest yield ever. The Treasury sold all 6 billion euros this morning Bot at six months offered at auction with rates still falling. The yield fell to -0,217% from -0,210% of the July placement. The demand was equal to 1,34 times the amount offered, down from the previous 1,46.
They also fall eurozone government bond yields towards record lows. In particular the Greece placed 1,138 billion euro of six-month government bonds at a rate of 0,15%, stable compared to the July auction.
It's underway this morning the meeting between the Pd delegations and the Five Star Movement. The Unicredit strategist, Edoardo Campanella, believes that the spread, now at 174 basis points, could soon drop to 150-170 basis points, in case there are no early elections
Il Petroleum WTI is up 0,9% to $55,5 a barrel. The American Petroleum Institute estimates that U.S. crude inventories fell 11 million barrels last week, the sharpest weekly drop in three months. Among oil companies, Saipem + 0,3%. Eni (+0,4%) announced yesterday that it had made, through its subsidiary Naoc (Eni 20%, NNPC 60%, Oando 20%) an important discovery of gas and condensates in the onshore Niger Delta. On-site reserves are approximately 28 billion cubic meters of gas and 60 million barrels of condensate.
On a positive note comes the 1,69% rise of the British oil giant Bp, after the company agreed to sell its Alaska properties for $5,6 billion to privately held Hilcorp Energy.
In the Italian price list it is highlighted Leonardo (+3,5%). The company could receive a $1,4 billion order from the Canadian Air Force to upgrade its fleet of AW101 helicopters used in rescue operations, the figure is worth about 7 percent of total orders a year. Morgan Stanley has begun coverage of the Overweight rated stock.
Canada also blessed for Salini (+1,4% after yesterday's extension): the Mobilinx consortium, which includes Salini Impregilo and Astaldi, was awarded the project for the design, construction and management of the Hurontario Light Rail Transit, the line will connect the Canadian cities of Mississauga and Brampton, a $1,4 billion project.
Atlantia -1,5%.
Fight financial companies and banks. Unicredit + 0,2% Bpm bank -1% Azimuth -2%. UnipolSai -1,5%. Generali -1,2%. Italian post -1,5%.
In the automotive, Brembo -1% Fiat Chrysler -0,2% Pirelli -1% Ferrari -1,5%. Recordati -2%.
