The BTP establishes a new historical record. The 1,10-year bond reached a low of 2015%, updating downwards the record set in March 1,13, when it closed at 1,10 percent. Italian 1,11-year bonds, after having reached a low of 119%, have now risen slightly to 0,07%. The spread remained unchanged at XNUMX points because the German ten-year yield also fell, below the zero threshold -XNUMX%.
Meanwhile, the Stock Exchanges are advancing. Milan rose by 0,50% (FTSE Mib index over 16.800), in line with Paris and Frankfurt. London and Madrid +0,3%. The French company Altice flies to Amsterdam +11%. The quarterly report shows that the telecommunications group has more than compensated with profits in the USA and Portugal for the drop in profitability of the subsidiary Sfr, engaged in the price war on the domestic market.
In the Piazza Affari list, Generali +0,7% and Mediobanca +1,5% rose. The catchphrase on Piazzetta Cuccia and the Lion of Trieste are back, punctual like a seasonal dance song. This time the suspect is Vincent Bolloré, controlling shareholder of Vivendi and through this of Telecom Italia -0,1%. The thriller does not receive much credit. Unlike the attempts to find an agreement on new bases between Vivendi and Mediaset -0,3%. For now, Marina Berlusconi does not open up to the former ally but, on the contrary, in an interview, she underlines the financial solidity of the holding company, strengthened by the sale of Milan.
The banks are doing well: Unicredit gaining 2,1% after the promotion of JP Morgan, which raised its recommendation to Neutral from Underweight. Monte Paschi recovers from the lows +4,7%, comforted by the launch of Atlante 2, the vehicle that will deal with an art of suffering in Siena. Intesa rises by 1%, Banca Pop. Emilia-Romagna +2,7%.
The chief financial officer of Munich Re +3,1% deserves a big round of applause. The German reinsurance company closes the second quarter with results well above expectations (974 million against 479). The performance is the result of successful speculation on exchange rates, in particular on the dollar and sterling, in the hot weeks of Brexit (342 million profit on exchange rates). Fiat Chrysler gains +1%, Leonardo slightly moved +0,1%, while StM decreases slightly -0,08%.
