The recovery of European stock markets continues, closing an excellent session today made more tonic in the afternoon by the upward opening of Wall Street. Finally, Piazza Affari also seizes the moment and rises by 1,47%, to 20.841 basis points, despite the winds of crisis affecting the government causing the spread to rise again, on the eve of Fitch's rating review (currently BBB negative). On the secondary side, the yield on the 10-year BTP rises to 1,54 and the differential with the German ten-year bond closes just below 210 basis points (+5,95%). They hold the banks.
A higher risk propensity can be felt in Frankfurt, +1,69% and Paris +2,31%; slightly shyer Madrid +1,32%. A push comes from the accommodating tones of the ECB which, in the latest bulletin, says it is ready for new measures. Outside the single stud area, London gains 1,25%, while Zurich stands out, +2,46%.
Wall Street is traveling briskly, in line with yesterday's final recovery. The recovery of the stock is to be related to the fact that there are glimmers of improvement in relations with Beijing. Today the Chinese central bank set the yuan/dollar exchange rate at the lows of April 21, 2008but still better than feared, and Chinese exports unexpectedly increased in July. Greater confidence leads to a stabilization of Treasuries and a recovery in yields, calming, at least momentarily, fears of an imminent recession.
Oil recovers: Brent +2,47%, 57,62 dollars a barrel; Wti +3,37%, 52,81 dollars a barrel. Gold retreats, but remains well above 1500 dollars an ounce (1508,45).
The euro-dollar moved little, with the exchange rate around 1,12. The greenback is tonic against other currencies, but in the early afternoon the euro also leapt, writes Reuters, on the news given exclusively by the agency, that Germany would be evaluating a different approach to budgetary policy with new debt issues aimed at financing a package of climate protection measures. It must also be said that Donald Trump has unleashed a series of tweets against the strong dollar, which is holding back American manufacturing companies; the fault of the Fed, says the US president, because with its monetary policy it would be the origin of the super dollar.
In Piazza Affari the biggest increases of the day were those of Finecobank +4,02%: Stm +4,01%; Saipem +3,04%; Atlantic +2,73%. The banks are well bought, with the exception of Bper -1,27%. Sale Unicredit +1,43%, after the weakness of the past sessions, even if today, unfortunately, it is President Fabrizio Saccomanni died, who only yesterday attended, together with the other top management of Unicredit, the press conference for the presentation of the half-yearly accounts in the tower in Piazza Gae Aulenti in Milan.
The utilities are in a slight retreat like Hera -0,58; Italgas -0,48%; A2a -0,12%. Outside the main basket, Banca Intermobiliare scores a theoretical +17,70%. Creval performed well +5,43%. Datalogic loses 7,93%, in the aftermath of the quarterly report and the 2019 outlook. The Bologna-based company expects a slowdown in the main sectors in which it operates in Europe and China, also due to tariffs. Male Ima -6,44%, after the green light of the meetings for the incorporation of Gima TT (-6,3%). Dive debut for Copernicus -8,15% on the Aim.
