The rally in gold and oil and the widespread belief that the Fed will cut rates in July keep the mood of the markets high, even if the winds of war blowing from the Middle East are starting to scare. The main European stock exchanges close almost all on the rise, while Wall Street turns green and tries to close the third week in a row on the rise. Frankfurt climbs 0,37%; Paris +0,31%. Out of the crowd Madrid -0,3%. London gained 0,32% on the day the BoE left rates unchanged.
Piazza Affari is the best, +0,66%, 21.383 points. Leading the blue chip ranking are Saipem +3,27% and Tenaris +2,71%, but Moncler +2,79% also shines; Stm +2,46%; Campari +2,52%; Ferraris +2,29%. The banks remain at stake: Ubi -1,62% Intesa -086%; Unicredit -0,53%; Bench Bpm -0,64%. Among the worst stocks also Unipol -0,63% and Generali -0,57%. Bonds changed course in the afternoon, with the 2,17-year yield rising to 248.60% and the spread widening to 4,85 basis points (+2,5%). The reversal follows the Treasury's announcement of an exchange operation. In fact, Via XX Settembre communicated that tomorrow it will offer up to 2028 billion euros of the February 2,0 Btp with a 5% coupon, withdrawing up to 2020 securities including Btp, Btpei, Btp Italia and Ccteu with maturities between 2025 and XNUMX.
Today, however, it is above all the raw materials that give a show. Gold comes close to 1400 dollars an ounce and is currently hovering around 1385,86 dollars an ounce, up 1,89%. The performance goes hand in hand with the drop in the dollar which, after Jerome Powell's words yesterday, is losing share against the main currencies. The exchange rate with the euro moves in the 1,128 area. The precious metal also regains its role as a safe haven, while geopolitical tensions are increasing in the Middle East. The shooting down of a US military drone by Iran increases the risk of conflict between the two countries and Donald Trump tweets threateningly that Tehran "made a big mistake". According to the Iranians the drone was traveling in their airspace but according to Washington it was in international airspace.
A situation that sends oil into orbit, with Brent rising by 3,98% to 64,28 dollars a barrel; WTI grows by 5,61% to 57 dollars a barrel.
Returning to Piazza Affari, Fiat is positive, +1,21%, with the confirmation of an agreement between Renault (+0,49% in Paris) and Nissan on the governance of the Japanese which could allow the reopening of negotiations between Lingotto and the French.
Outside the main basket, purchases pour into Gedi, +6,54%, on the rumors, reported online by Lettera43, of a possible marriage between the De Benedetti group and Feltrinelli. Feltrinelli, however, denies and labels the information on the project as "completely baseless".
