The spread between BTPs and Bunds rises and Italian banks go into the red, while the international picture becomes more complicated with the Turkish lira under pressure again and the commercial tensions between the US and China still topical. But it is above all the Argentine crisis that is holding the scene today and weighing down Tenaris (-5,59% in Milan). Piazza Affari closed down by 1,28%, at 20.490 points, trailing the other European lists, all negative: Frankfurt -0,54%, Paris -0,42%, Madrid -1,06%, London -0,63 .0,46%, Zurich -XNUMX%. Wall Street interrupts the positive trail in the American morning, although Amazon is on the rise and seems ready to cross the threshold of a trillion dollar capitalization.
For Piazza Affari, the balance sheet for the day is particularly heavy, while the end of a nightmarish August is approaching and the first verdict on the rating, that of Fitch, expected for tomorrow. Meanwhile, the Treasury has placed, this morning, 6 billion of debt with growing yields. In detail: 5-year Btp for 3,75 billion with a gross yield of 2,44%, up by 63 basis points; 10-year Btp for 2,25 billion at a gross yield of 3,25%, up 37 basis points.
On the secondary side, the 3,2-year yield thus led to a yield of 285.10%, separated by a differential with the German benchmark of 3,6 basis points, up 3,76%. The balance worsens as a result for the banks and sales prevail on the Stock Exchange, above all on Bper, -2,57% and Ubi -250%. The sector is also suffering from yesterday's Moody's "memo": Italian institutions - he recalled - will have to repay loans to the ECB for 2020 billion between June 2021 and March XNUMX and this could cause an increase in funding costs.
The worst title of the session, however, is Tenaris. The leading company in pipes and services for oil and gas exploration and production suffers from news related to the crisis in Argentina, given that South America is its second largest market by revenue. The climate in Bunos Aires is not the most reassuring: the peso, which has lost 45% against the dollar since the beginning of the year, fell by 7% today in a few hours following the government's request to the International Monetary Fund to advance the disbursement of the 50 billion dollar loan granted last May. In addition, the cost has risen to 60% (+15% in one go).
In the meantime, the Turkish lira has also resumed its downward slide following press rumors about the possible resignation of the deputy governor of the central bank. The double negative front, Argentina and Turkey, is shaking other currencies, such as the South African rand, Indian rupee and yuan.
The euro is falling fractionally against the dollar, with the cross in the 1,164 area. Returning to Piazza Affari: sales are also massive on Banca Generali -3,34% and again on Telecom -2,97%.
The performance is instead brilliant for Brembo, +2,25%. Good Saipem +0,84%; Pirelli, +0,36%; Exor +0,11%; Campari +0,13%. Outside the main list, Astaldi lost 7,1% following press reports on the recovery plans and the difficulties associated with the sale of the Bosphorus bridge concession and the requests from creditor banks.
Among raw materials, Brent-type oil rose: +0,27%, 77,67 dollars a barrel. Gold down, just below 1200 dollars an ounce, at 1199,98 (-0,55%).
