Wall Street travels down and gives a negative shoulder to the European lists, which are tinged with fiery red in the finish. The main price list of Milan is all down, -1,77%, 18.410 points. Same trend in Frankfurt, -1,54%; Paris -1,47%; Madrid -1,76; Zurich -1,95%. Not even London resisted and lost 0,81% after the gains of the morning, while the pound fell.
At the origin of the malaise on the markets there is the uncertain future of Brexit, accentuated in the afternoon by Theresa May's decision to postpone the vote in Parliament on the agreement with Brussels, in an attempt to return to negotiations to 'reject the backstop', the disputed mechanism on the Irish border. Following the news, the single currency reversed course against the dollar and is currently declining, with the exchange rate at 1,137.
Alongside this, other issues are also simmering: the risk of a slowdown in the world economy and that of a trade war between the USA and China, the political earthquake of Paris and the Italy-EU negotiation on the budget manoeuvre. Many things that are scary and volatility resumes, so much so that the Vix index in New York rises by 5,4% to 24,5%. The clash between Apple and Qualcomm also weighs on the US price lists and the Dow Jones is back below 24 thousand points for the first time since June. After filing the eighth worst since March, Wall Street seems set to experience yet another week of passion.
Oil in reverse, after gains on output cut deal: Brent -1,43%, $60,79 a barrel.
In Piazza Affari, sales are widespread, but are heavier for Mediaset, -4,92%, following the relegation of JP Morgan from neutral to underweight, with a target price of 3,10 to 2 euros. For the president Fedele Confalonieri at the moment there is no possibility of an out-of-court settlement with Vivendi. Oils, down as crude oil falls: Saipem loses 4,58%. We are also moving away from luxury, after a study on the sector by Goldman Sachs which cuts the growth rate of global luxury to 5%, from the previous 7%, in 2019 (+10% in 2018).
Moncler -4,86% is affected. Peak industrialists: Buzzi, -3,55% and Cnh -3,51%. The banks were negative, especially the big ones: Unicredit -2,49% and Intesa, -2,07%. Outside the main price lists, instead, it's a party for Astaldi, +24,75%, suspended several times in a volatility auction, awaiting news from Salini Impregilo and the Japanese group Ihi
Bonds stable: the yield on the 10-year BTP is 3%. the spread with the Bund at 286.20 basis points. On the front of the negotiations for the Italian manoeuvre, today is the confirmation that Prime Minister Giuseppe Conte will meet the President of the EU Commission Jean-Claude Juncker on Wednesday in Brussels.
