An already complicated skein seems to get tangled further later Theresa May's surprise announcement di early elections on 8 June. The press conference of the Downing Street tenant, in the middle of the day, gives the markets in the red a new downward push. London closes in the dark at -2,46%, with the pound first going down and then going back up, strengthening against both the euro and the dollar. According to the Scottish premier Nicole Sturgeon, the English colleague wants to push Great Britain towards a "hard Brexit".
The other squares also fell: Milan loses 1,67% and stops at 19.442 points, with Mediaset as the worst title of the day, -3,96%, and Leonardo in the rally, +3,18%. Paris also down, -1,59%; the reductions in Frankfurt were more contained, -0,9% and Madrid -0,6%.
Wall Street, after yesterday's gains, travels negative, with the thud of Goldman Sachs, whose quarterly, albeit on the rise, does not meet analysts' expectations. The euro recovers ground against the dollar, +0,49%, 1,07%. Brent falls to 55,16 dollars a barrel, -0,36%. Gold appreciates +0,48%, 1290,94 dollars an ounce, as the safe haven asset par excellence, in an atmosphere of global uncertainty. Tensions between the USA and North Korea weigh heavily; the Turkish referendum under the lens of the OECD, while President Donald Trump congratulates Tayyip Erdogan; the French elections getting closer and with an unpredictable outcome, with the risk of terrorism which can influence the vote. “The bogeyman – a financial analyst tells Reuters – is a Le Pen-Melenchon ballot, given that the far right and far left converge on leaving the euro. But if, as is likely, Macron wins, my impression is that there will be a stock market rally. I see signs, especially on volatility and raw materials, that a risk-on scenario is being prepared".
On the secondary side, the session was characterized by particularly thin volumes: the spread between the Italian and German ten-year bonds stopped at 208.00, -0,19%, yield 2,26%. On the macro front: the Monetary Fund revises its global growth estimates upwards. "The recovery is underway - says Christine Lagarde - but protectionism and instability risk being a brake". Italy is also doing better (+0,8% in 2017), but not as much as it could. "Italy's output - says the IMF - remains decidedly below potential", as well as that of other European countries. The estimates, among other things, are lower than those contained in the Def, (+1,1% in 2017 and +1,0% in 2018). Public debt remains above 130% of GDP: 132,6% in 2016; 132,8% in 2017; 131,6% in 2018.
Returning to Piazza Affari: sales mainly affect Mediaset and Telecom -2,69%, on the day of Agcom's verdict on the Vivendi dossier. Oils in free fall: Tenaris -3,4%, Saipem -2,52%; Eni -2,07%. Another session to forget for financial and insurance companies: Azimut -2,3%; Bench Bpm -2,5%; Understanding -2,05%; Unipol -2,45%. Less worse Unicredit -0,31%, in view of the shareholders' meeting after the capital increase, while the president Giuseppe Vita in an interview affirms that the new shareholder structure has a vocation as an international public company.
Substantial losses for Atlantia -3,79%, which it is allegedly considering the acquisition of a toll motorway owned by its Spanish rival Abertis; Buzzi -2,2%, Stm -2,88%; Luxottica -2,2%. The automotive sector is weak, in line with the sector at European level, Brembo -2,27%; Cnh -2,72%; Ferraris -1,35%; Fiat -1,48%. “From the meeting – a dealer told Reuters – it clearly emerged that FCA was looking for a partner for a merger and could not find one. He's under a lot of pressure."
On the opposite front, only two positive titles: Leonardo, perhaps toned up by the winds of war and Moncler +0,56%. Out of the main list, Fincantieri stands out, +2,3%, which obtained an order from Viking Ocean Cruises, a group active in the river cruise and small ocean liners sector based in Los Angeles. The two companies have signed a memorandum of understanding for the construction of two additional cruise ships, with the option of two more. Ready to win the championship also on the Stock Exchange we find Juventus, +15,97%. Banca Carige did well, +3,11%.
