Gray mood for the European price lists that close a session characterized by uncertainty and concern in the red. The exponential increase in infections in the United States, fears of friction between the US and China on Hong Kong e the prospects on the "worst economic crisis of the last 100 years" – as Ursula von der Leyen defined it in front of the European Parliament – discourage investors who decide to continue with the pause for reflection started yesterday, definitively putting the rally of the previous weeks behind them.
Business Square limits the damage, with a -0,57% which however brings the Ftse Mib back below 20 thousand points. Frankfurt (-0,97%), Paris (-1,24%) And Madrid (-1,61%) mark heavier drops. He also loses half a point London.
On the other side of the ocean, after a fast start, the enthusiasm of Wall Street subsides, with the Dow Jones and S & P 500 just above parity. Still on the rise Nasdaq which, after updating the historical highs, gains +0,8% driven by the performance of Apple Lossless Audio CODEC (ALAC), (+ 1,8%) and Microsoft (+1,1%). On the technological list it goes into orbit Intersect (+30,5%) after Bloomberg wrote that Medtronic (-0,1%) filed an offer to buy the California-based company. It beats all of them though National General, which even rises by 64,5% following the announced acquisition by AllState: a $4 billion deal.
The conflicting opinions on the economic crisis caused by the Covid-19 pandemic weigh on the American lists. According to the president of the Atlanta Federal Reserve, Raphael Bostic, the US recovery is losing momentum following the increase in infections - over 60 thousand in one day, for a total of more than 3 million cases of coronavirus. Of the diametrically opposed opinion is Larry Kudlow. The White House adviser to the microphones of the Cnbc in fact, he argues that all macroeconomic data would point towards a 'V' recovery.
In the meantime, the new German-led European semester begins in Europe. The Chancellor Angela Merkel presented her program to the European Parliament, underlining the need to act in a "united and cohesive" manner, but above all to approve the Recovery Fund before the start of the summer break. The Prime Ministers of Italy and Spain also share the same opinion who met in Madrid to form a common front in view of the next EU Council, scheduled for 17-18 July.
The pressure on European aid, essential for Italy, is not enough to keep Piazza Affari standing, weighed down by the performance of banks and industrialists. The worst headline of the session is General Bank (-3,78%), in the storm after an investigation of Financial Times. According to the English newspaper, the institute led by Gian Maria Mossa is allegedly involved in a round of securitizations, carried out by a Swiss asset manager and sold to global investors, linked to credits of companies referable to the 'Ndrangheta. "For Banca Generali the transaction is of a very small amount and the customers have been fully reimbursed", comments Equita Sim, while the institute reiterates "the extraneousness to the facts mentioned and the transparency and accuracy in the bank's control processes ”.
Sales also on big banks: Bpm bank (-2,23%), Unicredit (-0,9%), ISanpaolo agreement (-1,3%).
Heavy stm (-2,89%) And fca (-2,08%), while Atlantia (-2,49%) returns to the eye of the storm after the decision of the Minister of Infrastructure, Paola De Micheli, to entrust the Benetton company the management of the new Genoa bridge.
On the other side of the fence, utilities run with Snam (+2,18%) at the top of the Ftse Mib after the Government's go-ahead for the Simplification decree which introduces faster authorization procedures for investments in infrastructure works, including gas transport networks. On the shields too Enel (+ 1,39%) and Terna (+ 0,96%). Interpump rises by 1,34%, while the positive trail of Diasorin (+0,4%) which benefits from the launch of the new test for the direct identification of influenza strains and respiratory virus RSV.
Outside the Ftse Mib it collapses Nokia (-7,95%), on fears that the company is losing the business of its main customer Verizon in the United States. JP Morgan downgraded the stock to “neutral”.
Turning to the bond, the spread it rises slightly, reaching 168 basis points, while the ten-year yield reaches 1,198%. The success of the continues Btp Futura which on the third day of the offer exceeded 1,1 billion euro, based on approximately 33 contracts. Overall, the request is equal to 5,2 billion euro.
It remains essentially stable Petroleum, with Brent at 43 dollars a barrel and Wti at 40 dollars. in rally thegold, which breaks through 1.800 dollars an ounce (1.813 to be precise), reaching the highest value in the last 9 years. The ultimate safe haven, gold has gained more than 17% since January.
