The European lists closed with little movement, at the end of a session devoid of great ideas and waiting for new progress on Brexit and tariffs. Even Wall Street, after a moderately positive opening, is proceeding uncertainly, weighing up the various quarterly reports for the day. Among others, Biogen flies, McDonald's disappoints, while Harley-Davidson exceeds expectations.
Piazza Affari remains on the previous day's levels, +0,04%, 22.487 basis points. On the main price list, purchases and sales are balanced. Recordati +1,69% and Diasorin +0,77% rebound, while Poste, +1,16%, reaches a new all-time high at €11 per share in the session, also thanks to the "buy" of Goldman Sachs. The finale is not far from this top, 10,925 euros per share. Some financial stocks are confirmed to be well bought: Azimut +1,65% (Finecobank on the other hand falls back, -1,38%), Bper +1,1%, Intesa +0,98%. Italgas +1,38%, Eni +0,84%, Pirelli +1,06%%; Hera +0,59%. In red Campari -1,86%; Stm -1,09%; Leonardo -1,02%; Buzzi -1,01%. The stocks of the Fiat world slipped negatively after yesterday's gains: Exor -1,11%, Cnh -0,79%, FCA -0,68%.
Out of the main list Organic on, +6,87%, hits another rise, after the recent losses and the price per share goes back to 10,56 euros. The title is supported by the news that the relevant founding partners will cover almost half of the 24 million euro of quantified financial needs for the next 12 months.
The day is positive for bondholders, while the majority are looking squaring the circle on the maneuver after the arrival of the letter from the EU Commission for clarification, by tomorrow, on the adequacy of the budget plans with the rules of the stability pact. Nothing alarming, assures economic affairs commissioner Pierre Moscovici, because there is no crisis with Italy and no changes are being requested. The Commission sent a similar request to Spain, Portugal, France, Belgium and Finland.
The dialogue is open and serene and Italian government bonds are well bought. The spread between 10-year BTPs and Bunds of the same duration drops to 128 basis points (-2,99%), while the yield of the Italian benchmark falls to +0,91%. Meanwhile, news arrives from Berlin that the German government intends to propose Isabel Schnabel as a member of the ECB's executive council in place of Sabine Lautenschager, who announced her resignation last month. The German press writes it underlining that Schnabel, unlike Lauteschlager, is a supporter of low rates. In short, it would be a clearing up on the board of the central bank a few days after Mario Draghi's departure from the scene.
Returning to the stock, the rest of the eurozone is not far from Milan. Frankfurt climbs 0,09%; Paris +0,17%; Madrid -0,29%. London is more tonic, gaining 0,73%, with Just Eat in orbit (+24,2%) following the announcement of a counter takeover bid by the investment company Prosus, which aims to block the merger in progress with dutch takeaway.com.
On the Brexit front, Prime Minister Boris Johnson will try to get the necessary rules approved in parliament within nine days, although it was yesterday forced to give up a new vote 'yes or no' on the agreement reached with Brussels. According to British media sources, the British government could decide to withdraw the text of the new agreement and ask for early elections before December if the House of Commons votes against the proposed timetable.
The pound weakened, after reaching a 5-month high against the dollar in sitting races, with the exchange rate at 1,3. The euro is little moved both against the dollar and against the pound. Without great emotions gold, which trades at 1486,65 dollars an ounce. Oil is recovering. Brent crude rose by 1,37% to 59,77 dollars a barrel.
