The European stock markets seek relief after two sessions under pressure and, taking advantage of Tokyo's example, open higher thanks to less tension on the Turkish lira which recovers more than 5% against the dollar and the euro settling at 6,55 against the dollar. from 6,88 at the close. The Ministry of Economy and Finance announced that today there will be a conference call with investors from the United States, Europe and the Middle East.
The Italian debt market is also recovering. Compared to the 278 basis points of yesterday's closing, the yield premium between the ten-year Btp and the equivalent Bund travels around 272 cents, after a dip to 269. The yield of the Btp drops to 3% from 3,07%. The Italian government takes the field and tries to reassure the markets by confirming its commitment to the stability of public finances and the path to reduce the debt-to-GDP ratio.
The Milan Stock Exchange rebounded by 0,3%, again above 21.000, a threshold considered strategic by technical analysts. Frankfurt +0,35% and Paris +0,25% are also on positive ground. The rise consolidates after the Zew index and the GDP of the Eurozone turned out to be higher than expected.
Eurozone gross domestic product, according to the second estimate, rose by 0,4% quarter-on-quarter and 2,2% year-on-year in the second quarter. The Zew index relating to economic expectations in Germany fell to -13,7 points in July compared to -24,7 in June, beating the consensus expectations of economists.
The decline of the Chilean copper producer should be noted on the European price lists Antofagasta -5,3% after recording a drop in profits in the first half due to the risks associated with the tensions weighing on international trade.
The best blue chip in Piazza Affari is Saipem +3%, promoted by Barclays (outperform from underperform, target 5,20). “It appears to us that the company is finally making strides, rather than being hampered by the past,” the broker's note reads.
Eni +0,4%. After the initial rebound, the banks gradually collapsed: the Italian basket fell by around 0,4%. Unicredit –0,24%, the most penalized in recent days due to exposure to Turkey, saw the rebound recorded at the start fade.
Minus sign for Banco bpm -1,65% and Ubi Banking -1,47%. Among the financials, however, the race of does not stop Azimuth +1,7%, driven by a mix of hedging and speculation, which would see it targeted by Elliott and Mediobanca -1,65%.
Still brilliant Unipol +3,30% and UnipolSai + 2,1%. Generali +0,7%. Worth noting is the thud of Mediaset -3,54% after a report by Morgan Stanley analysts who are less optimistic about the group's advertising revenues in Spain. The news that Wanda Nara, Icardi's partner, will participate in the sports broadcast Tiki Taka does not offer any benefits.
Telecom Italy + 1%. Rising, modest, Astaldi +0,24%. According to Sole24, the negotiations for the sale of the business in Turkey have not stopped, on the contrary, the agreement could be reached before the end of the month. The company would get paid in dollars.
