The banks save Piazza Affari, which stops at parity, -0,07%%, at 22.084 points, in a global financial panorama still immersed in the mists of the trade war between the United States and China. After the Asian stock exchanges closed in the red this morning, European lists cease trading down tonight: Frankfurt -1,18%, Paris -1,1%, Madrid -0,1%, London -0,39%, Zurich - 0,75%. The opening is weak for Wall Street, which is currently continuing to lose, with the Dow Jones leaving all 2018 gains on the field.
The tariff chapter is enriched by a further question and answer between Donald Trump and Beijing, with the US president threatening new 10% tariffs on the importation of other goods worth 200 billion dollars and China which he defines as "blackmail ” the initiative, announcing further countermeasures. The EU is also preparing countermeasures against Washington and at the next summit on 28-29 June it could draft an agreement to introduce tariffs on US metals. The risk of escalation puts technology stocks in check, whose revenues come on average around 50% from China. Cars and airplanes are also doing badly, while the Chinese giants Alibaba and JD.com listed in New York mark substantial declines
On the Ftse Mib, however, the weight of the banks lightens the load this time. Merit of the former cooperatives, first of all Banco Bpm +5,59% and its strategy for the reduction of NPLs. Following Bper +3,39% and Ubi +3,07%. European central bank supervision is seeking a more accommodative and flexible strategy to push euro-zone institutions to tackle the issue of non-performing loans, after the previous proposal met strong opposition, sources cited by Reuters said.
In particular, exceptions could be introduced within the 'calendar provision' approach, for example for countries with a slow judicial system, which makes the recovery of collateral complicated, as in the case of Italy. Meanwhile Daniele Nouy, president of the supervisory board of the ECB in his speech to the commission for economic and monetary affairs of the European Parliament, says that in the eurozone "a significant risk reduction has been achieved and therefore we should unlock the negotiations for a single guarantee of bank deposits at European level and work towards operationalizing the common backstop to the single resolution fund”.
Recordati +2,66% and A2a +2,35% perform well again in Piazza Affari. Sales are concentrated on Stm, -4,24%, Cnh -3,12%, Moncler -3,09%; Ferrari -1,57%, Ferragamo -1,45%. In government bonds, the yield on the Italian ten-year bond rises slightly, 2,56% and the spread with the Bund widens by 0,56%, 217.40 points.
Euro down on the dollar with the exchange rate at 1,158%, while from the Sintra forum the president Mario Draghi assures that the European Central Bank "will remain patient in determining the timing of the first rate hike", "we will adopt a gradual approach in regulating the policy monetary”. The pound also weakens, with the defeat of Prime Minister Theresa May in the Upper House on the framework law for Brexit.
Oil, like Brent, is down to 74,79 dollars a barrel (-0,73%). Cold weather for gold, which is currently down 0,3% and falls to 1275,18 dollars an ounce.
