The European stock exchanges celebrate the clearing over the skies of Berlin and close higher, although the mediation reached by the coalition of the German government is already showing the first cracks.
Piazza Affari is the best +1,57%, 21.784 points, also thanks to the well-tuned banks. Bonds were positive, favored by words of the Minister of Economy Giovanni Tria for a "continuation of the reduction of the debt ratio". The spread between Italian and German ten-year bonds falls to 235.70 basis points (-2,56%), the yield is 2,65%. The minister rules out a corrective maneuver in 2018 and announces a discussion with the European Commission to revise upwards the 2019 deficit/GDP ratio, without compromising the downward dynamics of the structural balance.
The green wave on the markets touches Frankfurt, +0,91%; Paris +0,76%; Madrid +1,12%; London +0,81%; Zurich +1,09%. Opening bell in tune with Wall Street, which is currently proceeding mixed (the Nasdaq is down fractionally) in a session with thinner volumes, for early closing on the day before the 4th of July holiday.
The dollar loses slightly share against other currencies, including the Chinese currency. The devaluation of the yuan in recent days has been interpreted by many operators as a response to the protectionism of the United States. However, trade tensions remain, while the entry into force of duties on 34 billion of products from Beijing is approaching. Meanwhile, Washington is asking to deny authorization to China Mobile for mobile phone services in the US, judged to be risky for national security.
The euro recovered slightly, with the exchange rate around 1,1653 following the renewed agreement in the government coalition and the mediation reached on the issue of migrants and refoulements, between Chancellor Angela Merkel and the Minister of the Interior and leader of the CSU Bavarian Horst Seehofer. The agreement has averted a political crisis for now, but risks causing a domino effect with Austria threatening to close the Brenner pass. Furthermore, as the hours go by, the concrete stability of the agreement seems to be at risk, due to the rejection of Lars Klingbeil, general secretary of the social democrats. "Our opinion hasn't changed - he says - we don't want closed camps".
Abrupt change of course by oil. Brent loses 0,39% and falls to 77 dollars a barrel. Worse still is the WTI which, after reaching 75 dollars, dropped by 1,21% to 70,75 dollars a barrel. Instead, gold revived, 1256,29 dollars per ounce (+1,15%).
In Piazza Affari, the best stocks of the session were Prysmian, +3,85%; Telecom +3,31%; Unipolsai +3,16%; Unicredit +2,99%; Leonardo +2,68%. The worst performance is still from Recordati, -3,99%, which continues its march backwards, towards the takeover bid price of 28 euros per share. Madiaset remains negative, -2,61%. Slightly down Ferragamo -0,77% and Fiat, -0,02%. Outside the main list, Carige raises its head again +6,25%, after the tensions of recent days due to the resignation of the president Giuseppe Tesauro and the director of the board of directors Stefano Lunardi.
