The European markets closed in no particular order a session with little movement, without the compass of Wall Street, closed for the 4th of july party. We are moving with uncertainty waiting to witness the developments of the trade war between the US and China, with the mutual introduction of duties for 34 billion dollars starting from Friday 6 July.
Piazza Affari loses 0,36% and drops to 21.686 points, weighed down by fashion, industrial stocks and microchips. Stm drops by 3,16%, in red with the entire semiconductor sector at European level paying the price for the skirmishes between the two superpowers. Yesterday a Chinese court temporarily banned Micron Technology (the stock fell 5,5% at the close of the Nasdaq) from selling 26 chip products in the country, for infringing a patent with Taiwan's United Microelectronics Corp (UMC). A few hours earlier, the US government had vetoed China Mobile due to national security risks.
Frankfurt -0,22% and London -0,27% stop on the same wavelength as Milan; flat Paris. Zurich appreciates by 0,51% and Madrid by +0,96%. The euro-dollar exchange rate was stable, with the cross at 1,164. Positive raw materials: oil, like Brent, +0,27%, 77,97 dollars a barrel; gold +0,27%, 1256,11 dollars a barrel.
It lowers it spread between Italian and German government bonds: the ten-year comparison drops to 234.40 basis points, -0,93%. The yield of the 10-year BTP remains in the 2,65% area. Today Prometeia revises its estimates on Italian growth in 2018 downwards from +1,4% to +1,2%, due to the international scenario and the uncertainties regarding the Conte government's economic policy.
Meanwhile, the OECD warns Italy about work: the market has "improved in recent years but more slowly than in other countries" and "it is not surprising that, given the still high rate of unemployment and the incidence of fixed-term contracts, the level of insecurity (the probability of losing job and remain without income) is the fourth highest among OECD countries, after Greece, Spain and Turkey”. In any case, today's ideas for bonds are few, while tomorrow's agenda will be full of potential 'market movers': from the auctions in France and Spain, to the publication in the evening of the minutes of the last Fed meeting, up to data on US job market, out on Friday 6.
In the business square Recordati rebounds, +1,43%. Financials did well with Finecobank +1,28%, Mediobanca +1,35%, Unipol +1,18%. Among utilities, A2a stands out +1,21%. Mediaset, +0,74%, achieved a partial recovery after the losses of the last few sessions, thanks to the record data on the audience for the World Cup.
The worst stocks are in fashion: Moncler -3,62%, moves away from the highs reached during the week; Ferragamo -1,79%. Cucinelli falls off the main list -13,9%, after two downgrades linked to the high valuation of the stock. Sales on Exor -2,05%, Prysmian -2,04%; Cnh -1,97%.
La Juventus, +7,27% celebrates the probable arrival of Cristiano Ronaldo (according to Reuters the champion has already received an offer from the Old Lady), while Longino&Cardenal makes its debut at Aim +12,78%.
