For the moment Business Square she puts her worries about the government crisis behind her and finishes queen in Europe with a rise of 1,77%, driven by cars, managed savings and industrial stocks, with no blue chip in the red. Banks recover yesterday's losses, supported by one spread still declining. The yield of the 10-year BTP falls to 1,33%, while the differential with the Bund of the same duration stops at 201 basis points (-1,07%), after breaking through even the 200 level downwards. The Italian paper remains well bought, while we look optimistically at the consultations underway at the Quirinale, hoping for a political solution that allows us to approve at least the 2020 maneuver. Instead, the German placement of the thirty-year Bund was a half-flop: the bond market absorbed bonds for 824 million against an offer of 2 billion and requests for 869 million. The average return was -0,11%, negative for the first time for this maturity.
The brilliant performance of the Milan stock market is part of a return of risk appetite both in Europe and in the USA. Frankfurt stops with an increase of 1,29%; Paris +1,7%; Madrid +0,95%; London + 1,17; Zurich + 0,9%. Wall Street opens in tune, with the retail sector picking up after the quarterly Target (+ 19,7%) and Lowe's (+9,9%). This is an encouraging sign that bodes well for the stars and stripes economy, since American consumers are considered the real engine of the US locomotive. The specter of recession, evoked last week by the inversion of the US bond yield curve, thus seems to be receding. Furthermore, the lighthouse that we continue to look at today is that of the Federal Reserve, on the day the minutes of the meeting of 30 and 31 July were published, when rates were cut for the first time since December 2008. Currently, the market is betting on another cut for September 18th and leans towards a cut of 25 basis points rather than 50. Inevitably, expectations are also growing for the intervention of President Jerome Powell, on Friday, at the central bankers' symposium in Jackson Hole, with Donald Trump he restarts with target practice accusing Powell of being the "only problem" of the stars and stripes economy, after comparing him to a golfer unable to hit the hole.
On the other hand, the auto sector has given impetus to the European price lists since the morning, driven by new rumors about the still possible marriage between Renault (+3,73% in Paris) e fca. The first to benefit is the car manufacturer of Italian origin which gains 3,33% in Piazza Affari.
The top ten of the main list is also made up of Prysmian +4,64%, best big of the day; Finecobank +4,2%; Campari +4,1%; Exor +4,07%; Cnh + 3,9; Pirelli +3,88%; Leonardo +3,28%; Moncler +3,2%; Recordati +3,13%. Outside the Ftse Mib, Tod’s leaves 5,45% in the field after yesterday's leap.
On the currency front, theeuro remains nailed to 1,109 against the dollar, while it progresses to 0,914 against the pound. L'gold it is in modest decline to 1513,55 dollars an ounce. Proceeds the Petroleum, with US weekly inventories lower than expected. Brent rises to 60,7 dollars a barrel (1,12%); Wti $56,27 +0,25%.
