Boom in Piazza Affari, which returns towards 21.000 points (20.918) closing the session up by 2,3%. It is still the banks that attract purchases (Mps +8,24%), thanks to the recovery of Italian paper after reassuring words about the maneuver by government officials in Cernobbio. The Italian 2,74-year yield falls to 6% and the spread with the German benchmark shrinks by 233.50% to 27 basis points. Morgan Stanley also contributed to today's performance, recommending "tactical" purchases of BTPs and Italian shares in view of the budget law. “We believe – writes the American bank – that the announcement of 2,2 September will probably be around XNUMX%” for the deficit/GDP ratio. “The road should remain bumpy, but we think materializing our prediction will likely come as a relief to markets.”
The session is positive also for the other European markets, which in the afternoon take advantage of the matching opening of Wall Street. Frankfurt +0,24%; Paris +0,33%; Madrid +1,12%; Zurich, +1,03%. Well Stockholm, +0,37%, after the elections with the populist right growing but not making it through. London lags behind, +0,01%, as pound galvanized by prospect of Brexit deal “realistically” within the next couple of months, according to the forecasts of the EU chief negotiator, Michel Barnier. The British currency appreciates against the dollar, but also against the euro, with the exchange rate around 0,891. The single currency instead dominates the greenback and the cross returns to the 1,16 area.
Wall Street tries to rebound, in the American morning, divided between fears of a further escalation in the war on duties and hopes for a new tax cut. Republicans in Congress are due to release a proposal this week for a tax cut ahead of the mid-term elections in November. The new package could expand the tax cuts already implemented by Donald Trump in 2017 and cost a $1.500 trillion deficit. Among the stocks, Apple suffers, grappling with tariffs and Trump's attacks. Alibaba goes down, after the announcement of the farewell of the founder and president, Jack Ma, next year. Down Cbs, with the historic CEO, Les Moonves, forced to leave due to new allegations of sexual harassment. He recovers Tesla. Energies were positive, while oil in turn tries to raise its head. Brent +0,7%, 77,37 dollars a barrel; Wti +0,55%, 66,4 dollars a barrel.
In the business square the pink jersey belongs to Leonardo, +7,17%, following the announcement of thepurchase of 98,54% of Vitrociset (Fincantieri takes the blow, +0,36%, in turn interested in the company). The reassurances of CEO Alessandro Profumo also contribute to the result, confident of finding alternative buyers for the 8 ATRs that he can no longer sell to Iran under embargo.
The big banks are brilliant, in particular Unicredit +4,67%; Understanding +4,53%; Bench Bpm +4,85%. On the shields Mediaset, + 4,79%, despite having denied the indiscretion of Bloomberg regarding a possible takeover bid on the Spanish subsidiary, Mediaset España (+10,25%) which in turn is stellar on the Madrid Stock Exchange. Good for Telecom +2,87%, on the day of the board meeting and after the question and answer between Vivendi and the Elliott fund.
Sales are contained and are concentrated on Tenaris -0,96%; Atlantia -0,65%; Ferraris -0,64%; Ferragamo, -0,54%; Stm -0,03%. Among the minor titles, Juventus continues to grind earnings and to update its highs: +8,02%, 1,522 euros per share. Sull'Aim Bio on returns to 57,70 euros per share (+6,07%), following the news of a new patent for making plastic from frying oil.
