The war of the consulates between the US and China is sinking the world stock exchanges, which are looking with concern at the tug of war between the two superpowers, while the battle against Covid 19 in the world is still in full swing. In the Eurozone, the manufacturing PMI rises, but the price lists still archive the session in red: Milan -1,85% (20.075 points); Frankfurt -2,05%; Paris -1,54%; Madrid -1,2%. Bad London -1,43% and Zurich -1,67%. Wall Street, at the moment, seems to be heading down the same path. After a negative start, the New York Stock Exchange continues to decline, weighed down above all by technology stocks.
Intel loses 15% and announces that it will postpone the market release of the next generation of microchips, reserving the possibility of outsourcing the production to another company. In the midst of uncertainty we cling more and more to gold, which at times exceeds 1900 dollars an ounce. According to UBS, by September the metal, increasingly precious, could break through the ceiling of 2000 dollars. Silver, envious, scores this week the biggest rise since 1987, +17%. On the currency market, the dollar loses and safe-haven currencies such as the yen and the Swiss franc appreciate. The euro takes advantage of this, with the exchange rate moving above 1,163.
US-China relations, already tested in recent months by the trade war and by American accusations about the "Chinese virus", weigh on the risk appetite of these days. The news refers to the closure by Beijing of the American consulate in Chengdu, in response to a similar US measure that hit the Chinese representation in Houston, Texas. Meanwhile, US Secretary of State Mike Pompeo he spares no criticism of the leader Xi Jinping and calls on the Chinese to change the direction of the Communist Party.
While waiting to understand where it will end up, oil is in fractional decline: Brent 43,05 dollars a barrel (-0,6%). In Piazza Affari all the blue chips close the session with a loss. The worst is Nexi, -6,11%, penalized by press rumors according to which the negotiations for the merger with Sia are stalled and by the general weakness of the payments sector at European level.
The auto sector is weak with Pirelli -4,28% and Ferrari -3,01%. Diasorin, -3,9%, remains in the lower areas of the price list for the third day in a row. The diagnostic company, following the investigation in which anomalies are hypothesized in the proceeding on the validation agreement of the anti Covid tests with the Irccs Policlinico San Matteo in Pavia, has decided to "suspend all new clinical trial activities with Italian public authorities until the necessary conditions of legal certainty in the matter are re-established".
Unipol sells 4,22% after yesterday's leap. Banks are not among the worst assets but still stop in red. The beacon remains on Intesa -1,83% and Ubi -1,2%, after the latter's leaders rejected Carlo Messina's offer again yesterday, which will end on Tuesday. However, Reuters writes that “intesa Sanpaolo's subscriptions to the takeover bid on Ubi Banca are destined to accelerate in the last few days. This is what two sources familiar with the situation say, adding that membership could exceed 80% of Ubi's capital”.
According to data communicated by Borsa Italiana, subscriptions reached approximately 26,4% of the capital yesterday, "a level more than three times higher than the average recorded in other recent transactions on the Italian market four days before the deadline". Intesa's offer is effective upon reaching at least 50% plus one share of Ubi, but the institute aims at 66,7% so as to ensure control of the extraordinary shareholders' meeting and proceed with the proposed merger.
Out of the main basket Monte Paschi leaves 6,06% on the ground. Press sources claim that the ECB has asked the Treasury, the largest shareholder of Monte Senese, for a capital increase of 700 million euros to authorize the transfer of 8 billion credits to Amco.
On the secondary the spread rises slightly between ten-year Italian and German: 148 basis points (+1,01%). The yield of the BTP returns to 1% after falling to 0,98% yesterday.
Small deviations in a slightly rosier macro picture in some points: Istat reports a improvement in business confidence in July against a decline in that of consumers. The Confindustria Study Center sees a rise in GDP in the third quarter while still showing strong signs of weakness.
