Business Square drops below 23 points (22.911) and closes another passion session negatively, -1,31%, while the President of the Republic Sergio Mattarella receives Professor Giuseppe Conte for the formation of the new Lega-M5s government. The script is repeated on government bonds: the yield on the 10-year BTP is 2,42% and the spread with the German ten-year bond it rises by 7,11% to 191.40 points. Meanwhile, a new warning to Italy comes from Brussels: the 2017 accounts are fine, but in 2018-2019 a correction of around 15 billion will be needed.
All while new signs of an economic slowdown are emerging, with the Eurozone composite PMI falling to 54,1 points in May, an 18-month low and below the consensus, and down in both France and Germany .
The situation contributes to the leap backwards of all price lists: Frankfurt -1,47%; London -1,32%; Paris -1,13%; Madrid -1,12%; Zurich -1,56%.
Wall Street opens down, following yesterday's negative performance. Geopolitical and commercial events are on the agenda and the Stars and Stripes market is affected by the not entirely idyllic relations with China and North Korea. However, Tiffany doesn't seem to worry too much about the general climate and shines on the Nyse with a stellar performance (over 16%), thanks to the accounts.
The minutes of the May Fed meeting will be released in the US evening and investors are preparing to gather indications on how many rate hikes are likely this year.
THEeuro it recovered a few positions from the lows of the day, but the exchange rate remained on the threshold of 1,17, down by 0,6%.
The sales hit oil moderately, even though the weekly data on US inventories worried, unexpectedly better than expected. Brent -0,8%, 78,93 dollars a barrel. Gold benefits somewhat from its role as a safe-haven asset, but is held back by the strength of the dollar and appreciates by 0,15%, rising to 1293,19 dollars an ounce.
In Piazza Affari, a few blue chips are saved from sales. The best title is Bper, +1,09%. The ceo Alessandro Vandelli, in an interview with Il Sole 24 ore, confirms the commitment to reduce Npl through 4,5 billion disposals. Also shop on Ferragamo +0,44%; Mediaset +0,29%; Banca Mediolanum +0,25%; Italgas + 0,2 %
Sales penalize in the first place Saipem, -3,43%, after the leap forward in May. Consistent drops also for Pirelli -2,68% Buzzi -2,3%; Tenaris -2,29%; Prysmian -2,28%. Unicredit leaves 2,23% on the ground, while the hedge fund Caius Capital writes a new letter to the EBA, after the authority's acknowledgment response to the letter of May 3, underlining that the explanations provided by the banking group regarding the treatment cashes reinforce the idea that all ordinary shares are not computable in Cet1.
Out of the main basket Fiera Milano rises by 7,21%, after the presentation of the business plan.
