Last session in the red for European lists, penalized by the new American tariffs on China and by the marked drop in oil prices. Half an hour after the closing, the Stoxx Oil&gas index fell by almost 2%. At the end of a positive week, Piazza Affari also lost 1,32% and fell to 22.190 points, with widespread sales on blue chips starting with securities linked to black gold, Tenaris -4,63%; Saipem -4,18%; Eni -2,3%. Weak banks.
The worst place is London -1,7%, followed by Madrid -1,07%, Frankfurt -0,74%, Paris -0,48%. After a negative start, Wall Street accelerates downwards with the trade war upon us. US President Donald Trump has announced that from July 6 the United States will impose tariffs of 25% on 50 billion Chinese goods characterized by industrially significant technologies and intellectual property. China's reply was immediate: we will do the same. Following the back-and-forth Boeing, the top US exporter to China, lost more than 2%, dragging the Dow Jones down for the fourth day in a row.
The sharp drop in oil also weighs on the price lists, one week before the OPEC meeting in Vienna which could establish an increase in production. Especially Saudi Arabia and Russia are pushing in this direction, even if other countries are cold on the hypothesis. The strength of the dollar is also felt on the barrel price (the dollar index is at its highest since the end of May) after the rise in US interest rates and the prospect of a Federal Reserve oriented towards adjusting the cost of money two more times in 2018. summary: Brent fell to 73,36 dollars a barrel (-3,4%) and Wti to 64,68 dollars (-3,01%). Gold loses appeal, -1,86%, 1278,09 dollars an ounce.
On the currency front, the euro regained some of the ground lost against the dollar, reaching around 1,162. A session to frame for the Italian secondary school, which benefits from the prudent choices of the ECB. Political tensions between Italy and France have also eased, after the meeting between Prime Minister Giuseppe Conte and French President Emmanuel Macron in Paris. Conte will fly to Berlin on Monday for an interview with Chancellor Angela Merkel.
The 2,62-year yield falls to 221.00%, while the spread with the Bund decreases to 4 points (-XNUMX%). However, the positive trend in government bonds is not enough to cheer up the banks, penalized by profit-taking and by the prospect that there will not be a rise in interest rates in the Eurozone before the end of summer 2019. The most negative are Ubi -3,19% and Bper -2,62%. Down Cnh -2,85%. The most exuberant stocks are Campari, +1,44%; Buzzi, +0,76%; Pirelli +0,68%; Banca Generali, +0,36%; Ferrari +0,35%.
