Milan Stock Exchange slightly below parity, while the BTP has reversed course. The Minister of the Treasury, Giovanni Tria, calmed the mood of the markets after yesterday the Deputy Prime Minister of Grillino, Luigi Di Maio, had spoken of the possibility of raising the 2019 GDP deficit even beyond 2%. “There is no growth in instability – Tria said speaking on Wednesday morning at an event of Confcommercio – I swore in the exclusive interest of the nation, not of others. And it's not just me who swore." Di Maio also had threatened not to vote on the Economic and Financial Document – which will contain the guidelines of the maneuver – without the green light from the Treasury for a courageous intervention for the basic income. It is no coincidence that Tria confirmed that the flagship measure of the grillino economic program will be maneuvered and "will help manage the social consequences of the production transformation processes".
The intervention of the Minister of Economy on the importance of stability of accounts was however enough to restore serenity on the Italian debt market. The 2,82-year yield falls to 2,90% from XNUMX% this morning, compared to 2,87% of the closure. The spread between Italy and Germany on the ten-year stretch is worth 232 basis points from 235 at yesterday's close after a start at 236. The two-year yield fell to 0,79% from 0,84% at yesterday's close.
Bene the bot auction: The Treasury placed all six billion euros of semi-annual bonds with the rate declining. The average yield fell to 0,206% from 0,438% of the placement at the end of August. Demand slowed down to 9,857 billion euro against 11,23 in the August auction, with a coverage ratio down to 1,64 from the previous 1,87.
The performance of Italian debt securities is the most relevant note of the session, pending the decisions of the Fed which will be communicated at 20 pm, Italian time. Frankfurt and London lose 0,1%, slight gain for Paris +0,1%, Madrid flat.
The dollar moved little against the euro, traded at 1,770, on the levels reached on Monday after Mario Draghi's speech in the European Parliament.
Il oil remains at a four-year high above 81 dollars after Donald Trump's speech at the United Nations against Iran. They consolidate the highs Eni (+ 0,34%) and Saipem (+ 0,23%). Tenaris it lost 0,6% to 14,74 euros. The group announced the purchase of 48% of Saudi Steel Pipe for a value of 144 million dollars, at a premium of 4% on yesterday's quotations. The operation allows Tenaris to strengthen its presence in the Middle East.
After the profit warning launched yesterday by BMW, the automotive sector continues to struggle: minus sign egr Fiat Chrysler (-0,48), flat Exor and Ferrari.
In sharp decline Tim (-2,76%); the Sparkle sale was frozen. The ninth day of bids in the tender for 5G frequencies ended with a total amount of offers at 5,15 billion, more than double the minimum revenue set in the budget law for 2018.
stm -0,3%. Deutsche Bank raises its judgement, target price at 20 euros.
In letter, but without particular jolts, the banks. Unicredit, at the center of Sole24 Ore rumors about an international merger in 2019, yields about half a percentage point. Worse Understanding (-0,6%).
Results pay off Danieli (+2,3%). The steel group closed the 2017/2018 financial year with growing revenues and profits (+9 and +7% respectively) but will propose the distribution of a dividend of 0,1 euro per ordinary share and 0,1207 euro per share savings, unchanged from a year earlier. A "still low" coupon admits the company note "to keep investments in research and innovation high". As at 30 June, the net financial position was positive by 836,7 million, down from 912,5 million a year earlier.
