European lists close in red, without the Wall Street lighthouse, on Labor day, the American labor day. Milan stops at 21.790 points, -0,31%, with banks and fashion down; positive Leonardo +3,85% and oil, while the situation is normalizing in Texas, after the devastating passage of the hurricane Harvey.
The worst place is Madrid, -0,8%. More similar to Milan are Paris, -0,38%; London, -0,36%; Frankfurt, -0,33%. Investors are looking at international tensions with concern, to the escalation that could result from the behavior of North Korea. The UN Security Council met urgently today to talk about the latest nuclear test and discuss the possibility of a new round of international sanctions, while the US is calling for "the strongest possible measures". As expected, the situation favors safe-haven assets, especially precious metals. Gold hits a one-year high. Currently 1334,785 (+0,75%) dollars per ounce. Oil, on the other hand, falls: Brent -0,66%, 52,4 dollars a barrel.
The dollar is losing ground against major currencies, including the euro. The single currency gains around 0,3% and the cross moves over 1,91, just at the beginning of a key week, for the monetary policy meeting of the European Central Bank, scheduled for Thursday. The European currency remains under special surveillance, following the concerns expressed in July about a strong euro
On the secondary side, pending the meeting of the ECB, the Italian paper remains stable, with the yield of the 10-year BTP at 2,11% and the spread with the Bund at 173.70 basis points, -0,34%.
In Piazza Affari the winds of war make Leonardo fly. Brilliant session for Tenaris +1,61%. The multinational, a leader in the production of steel pipes for the oil & gas, announces that all of its facilities in Houston, Freeport and Bay City are gradually resuming operations and have not suffered major damage. Saipem +0,19% and Eni +0,15% are also positive in the sector. Brilliant Stm, +1,29%. Generali, +0,6%, takes advantage of the positive opinion of HSBC and the prospect of imminent news on some disposals in Belgium. Profit-taking hits Exor, -2,21%, after Sergio Marchionne's statements about Fiat (-1,27%), at the Monza Grand Prix, ie the company "has not received any purchase offers and is not working on a major M&A operation". Flat Ferrari.
Weak banks. The worst are Banco Bpm -2,29% and Bper -1,5%. Finecobank falls -1,53%. Sales penalize fashion, in particular Ferragamo -1,56% and Ynap -1,72%.
Out of the main Fincantieri list, +7,26%, closes an exuberant session, awaiting the summit of 11 September in Rome between Padoan and Le Maire to discuss the Stx dossier. Still on the shields Caltagirone Editore +13,64%, five days after the conclusion of the takeover bid aimed at removing the shares from the Stock Exchange. A situation that practically nullifies the chances of success of the operation. The purchases have been unleashed since Friday, after the press rumors about the willingness of various investment funds to take on a substantial position in the capital of the Roman publishing group in order to counter the delisting project at 1 euro per share promoted by Francesco Gaetano Caltagirone through the vehicle Chiara Finanziaria. The rumors were confirmed by the shareholding update released by Consob which certified that Amber Capital UK has come to hold 5,515% while the stake in the hands of the Benetton family, equal to approximately 2,2%, has already been sold on the market . Bologna's Marconi Airport rose, +1,01%, on the day of the resignation of Gabriele Del Torchio, non-executive director.
