A red start for the European stock exchanges, held back by the echo of the trade wars between the USA, China and Europe. "Curiously, the markets have so far not taken into account the growing risk properly," said Erik Nielsen, chief economist of Unicredit.
But this morning, not surprisingly, the worst bag is Frankfurt (-1,3%), the most exposed on trade, moreover once again weighed down by Dieselgate: Rupert Stadler, CEO of Audi, was arrested this morning for the risk of tampering with evidence in the investigation in which he is accused of fraud , misrepresentations and omissions. Volkswagen it leaves just under 3% on the ground, as does that of the Ingolstadt subsidiary.
Lighter the descent of Milano: -0,6%, in any case above 22 points, on the coupon day of some blue chips and other listed companies for an overall impact of 0,22%. This morning Istat communicates that in April the balance of the Italian trade balance recorded a surplus of 2,938 billion (3,603 billion in the same month of 2017). The balance with the EU countries in the month under observation shows a surplus of 1,077 billion euros, an increase compared to April 2017.
Paris is down 1%. More reduced the loss of Madrid (-0,2%). Outside the euro area, London -0,2% Zurich -1%. After a declining start, the Italian secondary traded at parity in the late morning, in line with the whole of the Eurozone, in a session with thin and volatile volumes that sees cautious investors awaiting the ECB forum in Sintra.
The Italy-Germany yield differential on the ten-year segment trades at 221 basis points from 221 at Friday's close after a peak at 228; the 2,60-year reference rate is worth 2,60% from 2,66% at the last closing, after a session high of 2%. The rate of the 0,61-year BTP is down, which is worth 0,69% from XNUMX% at the last closing.
The tug of war on trades also affects the Petroleum. This morning China threatened to impose tariffs on imports of crude oil from the United States. US light crude hit a new two-month low at 63,59 dollars a barrel before returning to 64 dollars, down 1,06 dollars. North Sea Brent crude dropped 36 cents to 73,08 dollars a barrel.
Energy stocks weak in Piazza Affari: Eni -0,4%. Saipem -1,4% Tenaris -1,2%.
Highlighted on the list, for opposite reasons, are two titles highlighted in recent weeks.Prysmian it leaves 2,35% on the ground after the profit warning launched by its rival Nexans which lost 17% in Paris.
Poste Italiane rebounds after the fall on the eve and gains 1,80%. The movement takes place across the ex-dividend date which affected Friday's selling and today's covering.
The Fiat galaxy suffers in line with the auto sector in Europe (industry stoxx -1,40%): Fiat Chrysler loses 0,41%, things are worse Ferrari (-1,49%) And Cnh Industrial (-1,85%).
The bankers are well bought with the sector stoxx gaining 0,55%. The European one, on the other hand, is flat. Raises just under 1% per Unicredit, Understanding, Bper Banking ed Ubi. Mps Bank, starting today in the Mid Cap basket, is suspended after a drop of 4,34% with negligible volumes. Generali + 0,3%. Mediobanca + 0,5%.
In the rest of the list it stands out Reno DeMedici (+14%) to new highs since 2002. The largest Italian and second largest European producer of cardboard made from recycled material recently announced the acquisition of Barcelona Cartonboard, the largest producer of coated cardboard in Spain.
Isagro +4% to 1,65 euros. The company's board of directors was strengthened with the entry of minority shareholders who work for Mediolanum Gestione Fondi (belonging to the Mediolanum Banking Group.
