Uncertainty dominates the markets at the beginning of the week: the European stock exchanges close little moves e Wall Street travels in contrast. Piazza Affari is slightly positive, +0,16%, 19.287 points, after the sharp decline of the last octave (-5,3%). Saipem did well, +2,06%, while Brembo, -3,76%, reached its lowest level in over two years after losing 12% last week.
Tensions on bonds remain with the maturities calendar on the maneuver proceeding relentlessly, in view of the verdict of the rating agencies at the end of the month. The yield of the 10-year BTP remains at 3,56%, while the spread with the Bund moved to 304.80 basis points (+0,73%). Meanwhile, Bank of Italy announces that the public debt, after the record in July, fell in August: -15,5 billion, for a total of 2.326,5 billion euro.
Frankfurt climbs back by 0,78% (-4,8% last week), despite the electoral earthquake in Bavaria, which has shaken the parties leading the country, while Angela Merkel comments: "The government of the Grosse Koalition must recover the lost trust". flat Paris, -0,02%; pretty good Madrid +0,24%. London +0,46%, even though Brexit talks are stalled.
In the US they weigh tensions with Saudi Arabia following the disappearance of journalist Jamal Khashoggi (the Riyadh Stock Exchange rebounds, +4,14%). On the quarterly front, after Jpm, Citi and Wells Fargo, Bank of America also beat its estimates today, but the stock is down. Apple was in the red following Goldman Sachs' fears about a possible slowdown in Chinese demand. The trend of the apple drags along the technological ones.
The dollar is slightly down against the main currencies. The euro rises by 0,34% and reaches the 1,158 area. Oil moved little. Brent is currently at 80 dollars a barrel (-0,09%) while WTI is at 70,64 dollars (-0,08%). Gold, as a safe haven asset in moments of tension, takes a small revenge and rises to around 1228 dollars an ounce.
In Italy attention is almost entirely directed to the Budget Law, in a field week. In fact, by this evening the government should send the Draft Budgetary Plan to Brussels, a document that summarizes all the main measures planned. The yellow-green majority seems split on several fronts. This morning, Deputy Prime Minister Luigi Di Maio deserted the majority meeting on fiscal peace. But at the moment Di Maio himself, together with Prime Minister Giuseppe Conte and Deputy Prime Minister Matteo Salvini is participating in a new summit at Palazzo Chigi to find political agreement in view of the launch of the tax decree in the CDM. The banks, which in this period have paid the highest price for uncertainty and the rise in the spread, are now moderately positive. Among the big names, the best is Intesa, +0,77%. Banca Carige stands out from the main list, +8,16%. Instead, Monte dei Paschi goes back, -1,96% and is once again approaching the minimum of the year reached on Thursday.
On the Ftse Mib among the best stocks there is Telecom +2,04%, at the center of rumors about the sale of Persidera. Good A2a +1,68%; Eni +0,91%; Snam +0,9%. Sales hit Brembo, Moncler -1,94%; Ferraris -1,4%; Buzzi -1,57%; Exor -1,52%. The bright red of two Emilian jewels stands out on the Star: Ima, -4,92%; Datalogic -5,1%.
