In the end, after another nervous session almost always in negative territory, today Piazza Affari manages to raise its head. However, the gain is minimal (+0,26% to 21.807,59 points) and it does not compensate for the heavy losses of the last period, including those of Tuesday's session, when the Conte government won the confidence of the Senate. Today the new executive collects the trust of the Chamber but continues to lack that of the markets: the Btp-Bund spread remains very high above 240 basis points, at 246 (with the yield on the Italian ten-year bond at 2,93% after opening around to 2,90%), after on Monday it had touched the minimum of the last seven days, below 210 points.
Symptomatic turbulence of the fact that while waiting to see the government put to the test of facts, the markets are not yet calm. Prime Minister Conte's first international appointment will be over the weekend on the occasion of G7 in Canada, where we will talk about Italy but above all about Russia and duties. Meanwhile, in Piazza Affari, bank stocks are giving the Ftse Mib some breathing room: Finecobank, Banco Bpm, Banca Generali recover a lot (which today publishes a record harvest in May) and Mediobanca, with the former reaching almost +6% and the others traveling between +3 and +4%. Unicredit also raises its head +0,91%, while Intesa Sanpaolo remains slightly in the red -0,52%. The banks were already having a positive day but a further final surge came with the words of Prime Minister Conte in the Chamber, announcing the revision of the reforms on the Popolari, long advocated by the Bank of Italy and implemented by the Renzi government. Among the worst stocks in the main basket, Terna, Moncler, Saipem and Italgas, with losses close to or greater than 1%.
The other European Stock Exchanges were also tepid: Paris in slightly negative territory, London and Frankfurt with +0,32% and +0,34%, and Madrid which, in the wake of the new government led by Sanchez (which will be made up of two-thirds by women ) earns more than 1%. Wall Street, on the other hand, opens the session with a completely different sap, with a rise that allows the Nasdaq Composite and the Russell 2000 to reach a new record for the third day in a row. The Dow Jones Industrial Average is up for the third time out of four. Technology stocks continue to be the driving force. For the moment, investors remain alert in view of the G7, when talks of trade tensions will return: the US emerged isolated from the financial G7 concluded last Saturday. Meanwhile, both the OECD and the World Bank have warned of the negative repercussions of an escalation on the tariff front.
Raw materials: Brent oil substantially unchanged at around 75 dollars a barrel, while Wti is down slightly to 65 dollars. Gold appreciates, reaching over 3.000 dollars an ounce.
