The market forecasts went well and Piazza Affari toasts the political solution to the crisis with the Conte 2 government, closing up 1,58%. In pole position Pirelli, +6,42%. Atlantia climbs back by 5,91%, relying on a compromise on concessions, while only Diasorin -0,55% and Juventus -0,38% are bucking the trend. The banks, the true barometer of the price list, are positive starting with Banco Bpm +2,87%. This is also due to the spread between Italian and German securities which continues to shrink. The differential between the two ten-year bonds drops to 149 basis points (-6,2%) and the yield of the BTP updates a new minimum of +0,81%.
In this race Milan is first, but certainly not isolated because the other European price lists are also in green, while Wall Street is moving in positive territory, following encouraging data from China's services sector which allayed fears of a global economic slowdown. A few minutes after the closing, Frankfurt rose by 0,96%; Paris +1,2%; Madrid +0,6%; London +0,64%; Zurich +0,49%. Investor confidence is fueled by the hope of avoiding a no-deal Brexit, after British Prime Minister Boris Johnson lost his majority in parliament yesterday.
The tug of war continues today with the debate on the motion for a postponement, as Johnson challenges rivals to vote for a snap election on October 15th. He also likes the markets the decision of the governor of Hong Kong, Carrie Lam, to withdraw the proposed law on extraditions to China, the subject of the recent protests that have shaken the former British colony.
In this frame gold remains at the window at $1555,05 an ounce. Brent rises by 3,91% and is close to 61 dollars a barrel.
The euro rallied from its 28-month low reached in recent days and traded against the dollar at 1,1024. The incoming ECB president Christine Lagarde said today that a very accommodating monetary policy for an extended period of time is necessary, but one must not lose sight of the negative side effects of such a choice. According to Reuters this has raised doubts among investors about the extent of the stimulus package expected next week, so the single currency is strengthening.
In Piazza Affari among the highlighted titles, sensitive to the news of the day, there is Moncler +3,91%, which appreciates the sunny weather in Hong Kong. Stm +3,03%, Prysmian +2,99%, Fiat +2,29% did well. Cnh recovers 3,06%, after the losses on the eve.
Il leap of Atlantia can be related toarrival at the infrastructure of a Pd minister, Paola De Micheli, in place of the grillino Danilo Toninelli. The hope is that the change will favor a compromise solution on the motorway concessions that does not consist in their revocation without appeal.
Outside the main basket Mediaset gains 1,33%, with theassembly that gave the go-ahead to the plan to place the Italian and Spanish television activities under a Dutch holding company. Against Vivendi (9,9% of the voting rights), while Simon Fiduciaria, which holds 19,9% of the capital on behalf of the French, was not admitted to the vote. The spotlights are now on what Vivendi will do and whether it will exercise the right of withdrawal at the price of 2,77 euros per share for part or all of the stake held. Considering that the Alfa Romeo has allocated 180 million, equal to 5,5% of the capital for both Mediaset and Mediaset Espana, any exercise by the French of the right to withdraw would put the entire operation at risk.
