Business Square it lights up at the end of the day and closes up 0,37% at 20.356 points, in a weak European context, in which profit-taking prevails after yesterday's gains. Frankfurt loses 0,5%; Paris -0,46%; Madrid -0,15%; London -0,64%; Zurich -0,36%.
The sky is mostly cloudy even at Wall Street, where the Nasdaq lost 1,5% and the Dow Jones the recovery attempt fails and seems destined to interrupt the series of increases (4 sessions in a row so far). Investors are kept on their toes by the US-China tensions and the light and dark macro data from the two countries. The Celestial Empire's GDP recovered in the second quarter (+3,2% against lower expectations) but retail sales slowed down surprisingly (-1,8% per year). The coronavirus effect continues on US weekly new jobless claims, which remain consistently above XNUMX million per week
On the other hand, the president of the ECB Christine Lagarde contributed to igniting the Milanese list, convinced that "the recovery fund will see the light" and will be important to support the recovery and direct the green and digital turnaround. Regarding the composition of the plan, Lagarde hopes it will reach 750 billion and be composed largely of non-repayable loans and a smaller part of loans to help the countries and sectors most affected by the crisis. In short, in full harmony with the Italian point of view, on the eve of the start of the important EU summit on the subject and at the end of the ECB's monetary policy meeting which left interest rates unchanged and confirmed the ultra-expansive monetary policy, the so-called bazookawhich has worked so far. The Eurozone still needs “ample monetary stimulus”. The securities purchase plan (Pepp) to support the post-Covid economy was also confirmed. The fact that Frankfurt has bought more Italian or Portuguese bonds than the 'capital key', i.e. the proportionality of the purchases to each country's share in the ECB's capital, is right because it is part of the principle of flexibility, a central feature of the new pandemic programme. The decisions of the European central bank also encourage the euro, which is positive against the dollar, with the exchange rate at 1,143.
The Italian secondary is also appreciated, with lo spread between 10-year BTPs and Bunds of the same duration down to 163 basis points (-0,84%) and the yield of the Italian benchmark i down to 1,17%.
It stands out among the blue chips Telecom, +4,37%, following the mandate given yesterday by the board to the CEO to examine and approve the definitive terms of the binding offer on the mobile activities of the Brazilian group Oi. According to the broker Fidentiis, "the acquisition of Oi's assets would be positive news for Tim because it would allow the group to further consolidate its market share in Brazil". Well Amplifon +1,69%; Saipem +2,06%; Ivy +1,67%. Banks benefit from the spread tightening. Among the big ones the most popular are Understanding +1,38% and Ubi +1,54%, in the spotlight for the Ops launched by the first on the second. The latest known figure, on the trend of the offer, is 29.693.970 shares tendered, equal to 2,596% of the capital of the Bergamo bank.
Monte dei Paschi, +2,94%, certainly does not want to stay out of the consolidation game in the sector and chooses an advisor to search for a partner for a merger.
On the steep bank of the list he stops Atlantia, -5,24%, which yesterday gave birth to a spectacular recovery after the agreement with the government that should avoid the revocation of concessions to Autostrade. Bad Ferrari -1,49%; Moncler -1,71%; Exor -1,03%.
In the Agnelli galaxy, FCA is going against the trend, +1,14%, after the choice of the name of the new group that will be born from the merger between FCA and PSA: Stellantis, from the Latin verb stello which means to be illuminated by stars.
A little light therefore also touches the Panda's mother, on a day in which European registrations in June disappoint. Things went even worse for the Italian-American house than the market (-28,4% against -24,1% for the market).
