Closing in the red for Milan, -0,61%, 20.960 points, which weakens in the mid-afternoon together with the other European lists, after the opening of Wall Street and the new oil thud, in the wake of the US weekly inventories data, worse than expected. Buzzi -3,38% and Fiat, -3,05% stop in sharp declines; banks and oil stocks are also weak; utilities, on the other hand, were positive, with Italgas +2,75% at the top of the list. Italian paper remains well bought: the spread between ten-year BTPs and Bunds drops by 1,73%, 170.10 basis points, yield 1,93%.
The continental price lists are sluggish, with the exception of Frankfurt which stops at +0,32%, slowing down compared to the morning. The worst place is Madrid, -0,85%; followed by Paris -0,35 and London -0,35%.
In New York, the main price lists currently travel at different speeds. At the beginning, the Dow had retouched the new all-time highs reached yesterday, then a slow deterioration began. There is anticipation for the Fed's decisions and tonight's press conference. The increase in the cost of money by a quarter of a point is given to 90%, but above all questions are being raised about future steps. During the day, a shooting was recorded in Washington, on a baseball field, where the Republican congressman, Steve Scalise, was injured.
A series of Worse-than-expected macro data weakens the dollar, at its lowest in 9 months. The euro appreciates against the greenback by 0,59%, 1,127. Gold goes up: +0,89%, 1277.015 dollars an ounce. Heavy session for oil, due to the weekly data on US inventories: Brent fell by 3,55% to 46,99 dollars a barrel; Wti -3,75% $44,72.
In Piazza Affari, the thud of Fiat seems to be attributable to the news that researchers from West Virginia University, the same institution that helped uncover the Volkswagen scandal in September 2015, found discrepancies in the emissions of diesel cars of the Group, depending on whether they were measured on the road or in the laboratory. FCA's version is that without agreement on the standards to be used, on-road emissions tests can lead to problematic results. Oil stocks are down sharply, sinking together with black gold: Tenaris -2,71%; Saipem -1,28%; Eni -1,07%.
The weakness is generalized on banks, while Vitor Constancio, vice president of the ECB, believes that "in Italy, despite a significant reduction in the ratio between NPLs and total credits, the progress made in reducing NPL stocks to manageable levels remains insufficient". Bankitalia in the meantime, he calls for the situation of Veneto banks to be resolved quickly.
In this context, Unicredit dropped 2,16%; Ubi 2,44%%; Banca Generali 1,89%. Sales on Stm -1,56. Positive session for utilities. Besides Italgas, the purchases reward Terna +1,39% and A2a 0,47%. Fashion bought well with Moncelr +1,54% and Ynap +1,97%.
Weak Mediaset, -1,09%, defeated by Sky in the race for Champions League TV rights for the 2018-2021 seasons. Today the president of Telecom (+0,18%), Arnaud de Puyfontaine, should have met Agcom to discuss the Biscione. Amplifon comes out of the Ftse Mib, -5,43%, following the diffusion of the news that two important shareholders, Tamburi Investment Partneri and Ampliter, have sold part of their shares.
