D-Day has arrived. The hawk Steve Bannon rejoices, Beijing rises up against "the hooligan in the White House" after the'imposition of duties for 34 billion on imports from Beijing. Retaliations for a similar amount have already been taken, even if the details of the tightening have not been revealed. Meanwhile, premier Li Kequiang is in Sofia for the 16+1 meeting that brings together China with various Central and Eastern European countries.
The markets welcome the official start of the trade war without any major shocks. Indeed, the European stock exchanges have tried to accelerate upwards. At 12 Milano, just a breath away from 22 thousand, Frankfurt e Paris they are just above parity. The title Deutsche Bank jumped 5% in the wake of the weekly's rumors Business Week, according to which JPMorgan and Industrial and Commercial Bank Of China may be interested in acquiring a stake in the bank. positive Madrid +0,3%, below London parity.
Overall stable exchange rates in a market where caution prevails. It will take months for the effect of the tariffs to produce visible effects.
THEeuro/dollar trading moderately higher above 1,17 with a peak at 1,1721, the highest since mid-June. The dollar/yen exchange rate remained practically unchanged, floating just above the 110,50 threshold.
Meanwhile, data on the US labor market will be released in a few hours: 195.000 new non-agricultural jobs are expected and a stable unemployment rate of 3,8%.
The Italian bond market rose slightly after a weak start to the session. The Italian 2,68-year rate trades at 2,72%, against yesterday's closing at 2,73%. At the opening, the yield had risen to XNUMX%. In parallel it spread between ten-year Btp and Bund it slips to 230 basis points, five less than yesterday's 243.
Petroleum on yesterday's prices, Brent $77,40, Wti $73,20. US crude stocks grow surprisingly. The stock increased by 1,25 million barrels, compared to the drop of about 5,2 million expected by analysts and the 4,5 million decline in the API figure. Eni -026%.
The optimism is supported by the good economic signs: the German and French economic data released in the early morning are growing and now also the Italian ones on retail sales
In Germany, industrial production in May grew by +3,1% on an annual basis against estimates of 1,5%. Revised downwards to +1,4% from +2% the previous figure. In Italy, in May, Istat estimates an increase in retail sales of 0,8% compared to the previous month. Year-on-year, retail sales show an increase of 0,4%. However, the leading indicator elaborated by Istat highlights a new deceleration, consolidating a scenario of containment of the pace of growth of the economy.
It settles down in Piazza Affari Fiat Chrysler -1,7% after yesterday's rally. Exor -0,14%. Still on the rise Brembo + 1,5%.
The title continues to shine Juventus +6% waiting for the confirmation of the landing of Cristiano Ronaldo in the Turin club. The capitalization of the company is now around 800 million euros: it could be the decisive weekend for the operation.
Lengthen the stride too Mediaset +2,5% to 2,67 euros, among the best blue chips today. Pier Silvio Berlusconi, on the occasion of the presentation of the schedules, did not rule out a return to the dividend on the 2018 accounts, the last coupon dates back to 2016 and was equal to 0,02 euro per share. Advertising revenues in the first half year grew by 2%, while the total for the first seven months will be "much better" than this figure, also thanks to the tail end of the soccer World Cup.
On the other hand, the Luxury stocks are still losing ground: Moncler -0.1,2%. New failures for Salvatore Ferragamo -1,2%. This morning Kepler-Cheuvreux lowered the target price to 19 euros from 22,50 euros. The Reduce recommendation (reduce the weight in the wallet) has been confirmed. Yesterday JP Morgan lowered the target to 19 euros from 20 euros, confirming the Neutral rating. Also yesterday, MainFirst reduced the target price to 18,50 euros from 19 euros.
In the rest of the list:
- At the end of the list General Bank:-1,9%
- Bene Cerved +2,4%, now the best among Mid caps. You are working on important M & A operations to grow in the core business.
- Among the Small caps in evidence again Engine Power +6%. The first service center in the north-east area opens in Verona.
- Exautomotion, holding of the ESA group, operator active in the sector of high-precision mechatronic components for industrial machines, debuts today on Aim.
