A burning case like the one it concerns the Ilva of Taranto it is not only a huge industrial and employment problem for Italy, but also a financial one. Nor is it proof that the uncertainties about the fate of one of the most strategic companies for the Italian economy, and above all the Government's incapacity to take a definitive position, have repercussions on the spread Btp Bund, which today rises dangerously around 160 basis points, at the highest levels for two months, with the ten-year BTP yield equal to 1,23%. Therefore, it is not only the uncertainty about the stability of the executive (which still remains) that causes concern among international investors, but also a specific case such as that of Ilva. The Stock Exchange, on the other hand, is not affected that much: Piazza Affari closes in negative territory, but not heavily, remaining in the 23.500 point area after several weeks of increases.
On the Ftse Mib it is a mixed day for the banks. Bper and Finecobank stand out among the best stocks in the main basket, together with Azimut, while the not exactly positive momentum continues for Ubi Banca, after the disappointing accounts published last Friday. Prysmian, on the other hand, will publish the quarterly tomorrow, but the signals are not so good and so the title is the worst with sales of over 2%. Down Telecom Italia, after Friday's increase on the data center spin-off hypothesis and agreement with Google Cloud; but some US funds are not in favor of the merger with Open Fiber as the operation could be blocked by the Antitrust. Intesa Sanpaolo +0,6%, down Unicredit after the exploit following the sale of the stake in Mediobanca.
Milan's caution is also shared by the other European stock exchanges: Frankfurt closes on parity, a modest drop for London, which loses a small -0,68%, and a colorless session for Paris too, which does not record significant changes, compared to the previous session. The attention of the markets is also directed to the clashes in Hong Kong, after police fired shots at protesters and citywide protests forced schools and offices to close. Indeed, on the Ftse Mib, a stock on display such as Moncler continues to suffer, while the other luxury stock, Ferragamo, reacts.
Even Wall Street, on the day of Veteran's Day and therefore with largely reduced volumes, it tends downwards, retreating from the record levels reached last week, after that US President Donald Trump has dampened the enthusiasm for an upcoming tariff deal with China. Over the weekend, Trump said negotiations were progressing "very well" but that reports circulated last week about mutual tariff cancellations as part of phase one of the deal "are not correct".
For oil it is a day with a green sign: while it is imminent – but still shrouded in mystery – the IPO of Saudi Saramco, which will be the highest quotation of all time, Brent rises above 62 dollars a barrel, while WTI exceeds 57 dollars a barrel. In Piazza Affari, however, the energy sector remains sluggish: Saipem and Eni are in the red, while Tenaris earns something. Clearly bearish trend for gold, which falls below $1.500 an ounce. The euro appreciates against the dollar, changing above 1,1, while against the pound it falls to 0,857.
