The momentary clearing up on the Huawei case gives breath to the stock exchanges and the current trend in progress on Wall Street further helps the recovery of European lists. Piazza Affari closed up 0,77% to 20.698 points driven by the rebound of Stm, +4,45%, after yesterday's crash. Telecom did well, +2,25%, after the quarterly accounts were less weak than expected.
Technologists raise their heads in the USA, as in the other European price lists and set the green wave in motion: Frankfurt +0,86%; Paris +0,5%; Madrid +0,47%; London +0,3%. In New York, the Nasdaq is up about a percentage point, while Treasury prices are declining as equities recover. Part of the confidence is restored by Huawei's temporary 90-day (extendable) license which will be able to purchase American products, guarantee the functioning of existing networks and allow those who use their smartphones to make software updates. Google also temporarily suspends the barrier to the Android license.
However, the truce does not obscure economic worries, with the OECD cutting its estimates of world GDP growth for 0,1 from 3,2% to 2019%, inviting governments to resolve ongoing disputes, in particular that over duties. For Italy, the outlook is for zero growth in 2019 and +0,6% in 2020, with a deficit/GDP ratio rising to 2,4% this year and 2,9% next year, with a dizzying ratio of 135% between public debt and gross domestic product. The bitter estimate is not reflected today on the bond market, which is experiencing a positive session. The ten-year BTP rate drops to 2,65% and the spread with the Bund drops to 270.80 basis points (-2,94%).
The euro remains little moved against the dollar, with the exchange rate around 1,116, while there is an increase in consumer confidence in the euro area which increased by 0,8 points in May, bringing the indicator to -6,6 points; also up in the EU by 1,1 points to -6,2 points. In any case, signs that Asia is already feeling the effects of trade tensions between the US and China allow the greenback to rise to a four-week high and gain 0,15% against a basket of six currencies. The British pound, on the other hand, stabilized after hitting its lowest level for several months against the dollar and the euro during the day. Theresa May, the British prime minister, is talking about a new Brexit deal and opens up the possibility of a second referendum, but only after the vote on the deal.
Oil flat: Brent at 71,98 dollars a barrel (+0,01%). Gold falls fractionally to 1274,08 dollars an ounce. In Piazza Affari, oil stocks closed a positive session, in particular Saipem +1,7%, supported by the positive assessments of analysts with new contracts in offshore drilling in Norway and the Middle East for a total of over 100 million dollars. Among the biggest increases of the day Ferragamo +2,64% and Snam +1,88%. After the coupon day, financials remain weak, in particular Azimut -2,9%; Bper -2,63%; Ubi -2,49%. Bad for Juventus, losing 1,94%. New historical record for Terna, the 14th since the beginning of 2019: reaching 5,718 euros per share (+15% since January XNUMXst).
