Stagnant climate on the markets and uncertainty penalizes Piazza Affari, which closes down by 0,72%, 21.634 points, with weak banks. In Europe, Frankfurt rose by 0,34%, driven by Adidas (+9,4%) thanks to the quarterly report and good sales during the World Cup. Flat Paris +0,01% and Madrid +0,08%, down London -0,43%. Wall Street proceeds without momentum, the S&P 500 is flat but not far from its maximum, after the quarterly wave. The Nasdaq is doing well, where however Tesla sinks (-4%) with analysts wondering about the real probability of the company's delisting.
On the macro front: claims for unemployment benefits in the US drop by 6 to 213, beating estimates; producer prices in July remained unchanged against expectations for a rise of 0,2%. The euro then lost 0,37% against the dollar and returned to the 1,157 area. The US-China trade war continues to make its effects felt, while the issue of US sanctions against Russia in the Skripal case also comes into play, with Moscow ready to react accordingly. The ECB returns to the issue of tariffs and, in its monthly Economic Bulletin, observes that if all the announced measures were implemented, the average level of trade tariffs imposed by the United States would reach values never seen in the last 50 years.
The European Central Bank also points out that in Italy and Spain consumption and real compensation of employees lag behind the rest of the euro area. Deputy Prime Minister Luigi Di Maio is confident in the understanding of the European Union to go beyond the parameters and relaunch the country with investments, in the meantime, however, the many dossiers opened by the government and the many uncertainties about their arrival are keeping government bonds under pressure. Today Matteo Salvini, in view of the autumn maneuver, denies the cancellation of the 80 euros and the increase in VAT. The spread between Italian and German ten-year bonds rises to 251.80 basis points (+1,98%), the yield remains in the 2,9% area.
In Piazza Affari it is the banks that pay the highest price, in particular Unicredit, -2,27% and Bper -1,13%. However, there is good news for the sector. Bank of Italy writes that in June the total gross non-performing loans held by credit institutions resident in the country fell to 131,752 billion euros (from 162,707 in the previous month), the lowest since March 2013.
Among the worst stocks there are also Unipol, -2,01%; Post -1,69%; Cnh -1,6%; Atlantia -1,52%. The oil stocks, Saipem +2,5% and Tenaris +0,8%, appear to be in excellent shape, despite the massive drop recorded yesterday by crude oil, which is unable to raise its head. Brent 72,22 dollars a barrel (-0,08%). Finally, positive performance for Campari +0,68%; Fincobank +0,75%; Moncler +0,48%.
