Despite the surge in oil stocks, European stock markets lose ground at the start of a week that promises to be complicated, both due to geopolitical tensions in the Persian Gulf and, pending the Fed's decisions, due to signs of a slowdown in the Chinese economy .
La MY BAG worse than the Eurozone is Milano -0,9% just below 21.900, slowing down after a week of increases. Losses of less than a percentage point on other markets: Paris -0,5% Frankfurt -0,6% Madrid -0,8%. Londonlimits damage to 0,1% due to energy gains.
Drone attacks on Saudi industrial installations sent crude prices soaring 19% on the open pushing the oil & gas index up 2,72%, with gains between 3% and 4% for giants BP and Shell . Of note is the boom of Tullow Oil, up 9,7%, the best stock in the STOXX 600. During the morning, the rise in prices was partially reduced: Brent gained 8,33% to 65,38 dollars, the Wti climbs 8,2% to $59,36.
Rally at Piazza Affari Eni + 2,57% Tenaris +3,48% and Saipem +2%. Below parity Saras, which could make up for the vacuum in the Saudi refineries in the coming weeks. The ten drones launched by Yemen's Houti rebels have caused more damage than Saddam Hussein's invasion of Kuwait in 1990. US Secretary of State Michael Pompeo accused Iran which, strengthened by Chinese solidarity, declares no at the blitz.
The crisis comes at a delicate moment for Saudi Arabia which a few days ago replaced the Minister of Energy, the authoritative al Falih, with a relative of King Salman, Prince Abdulaziz with the aim of speeding up the sale of a share of the giant Aramco. Bloomberg reports that the monarchy intends to move forward with the billion-dollar IPO. In fact, it does not appear that the presentation to analysts scheduled for September 22 has been cancelled.
For now, moreover, the effects of the crisis on the financial markets are contained. L'gold it is up 1% to $1.505. The report is flat euro/dollar at 1,107. Euro/Pound up 0,4% to 0,888. The contours of a possible Brexit deal "are now clear, so we are at a crucial moment for talks between Great Britain and the European Union," said British Foreign Secretary Dominic Raab before the (ongoing) meeting between the British Prime Minister Boris Johnson and European leaders, to be held today in Luxembourg.
The Italian secondary goes negative after a start with the plus sign, in a market waiting to see if the Fed and the BoJ will align themselves with Mario Draghi's accommodative choices. the 0,90-year ten-year yield is worth 0,87% from XNUMX% on Friday. The spread on the Bund it widens to 136 bps from 133 at the start.
New record for Italian public debt. In July, general government debt increased by 23,5 billion euros compared to the previous month to 2.409,9 billion. In June, the value of the portfolio of Italian government bonds held by foreign entities rose to 679,176 billion, the highest level since May 2018.
In Piazza Affari he still suffers Atlantia -7,6% after the arrests of the executives of some subsidiaries accused of allegedly falsifying reports on the safety of some viaducts, as part of an investigation parallel to the one into the collapse of the Morandi bridge in Genoa. The group's board of directors has appointed Tiziano Ceccarini as new financial director, with effect from 2019 October. The subsidiary Autostrade per l'Italia announced on Friday the decision to voluntarily suspend for another two months the increase in motorway tolls planned for XNUMX. Two boards of directors are scheduled today, that of the subsidiary Autostrade per l'Italia and that of the reference shareholder Edizione: according to rumors it is possible that today's meetings may concern (in the case of Edizione) also a change at the top of the holding company.
The prospect of higher crude prices affects utility prices: Enel -0,7%. Iren -0,5%. A2A -0,7%.
The automotive sector is also weak, while the contractual season for US cars begins at GM. fca -0,3%. Worse Ferrari -1,58%, down Cnh Industrial -2%.
Among the industrialists it loses its shots Leonardo -2,6%. stm -2% which today detaches the half-yearly dividend.
Banks are also slowing down: Unicredit -1,69%, Banco Bpm -2%. Ubi Banca -2%. Asset management is weak. Poste Italiane -1,72% Finecobank -1,89%.
Generals -1%. announces this morning the buyback of some "subordinated" bonds, plus the launch of a green bond, its first.
Outside the main basket it shines Fiera Milano +5% today's best title.
Erg +0,2%, took over three wind farms in Germany, equal to a total capacity of 34 MW.
Falck Renewables salt by 3%. From the beginning of the year +59%.
Salini Impregilo +1%, announced Friday afternoon that it had landed a large order in Texas.
