The collapse in the price of Petroleum penalizes the main European markets, which slow down in the afternoon to finally close in contrast.
Business Square loses 0,32% and drops to 21.822 points, with Saipem -4,27% Eni -1,39% Tenaris -1,06%, at the bottom of the list. Bad too Ferrari -1,51%; Moncler -1,33%; Cnh -1,15%. The worst square is London, -0,79% which suffers from the drop in raw materials and the progress of the pound; weak Paris -0,36% Madrid -0,15% and Zurich -0,18%, while Frankfurt rises by 0,18%, thanks to the performance of Deutsche Bank +7,08%, after advances on accounts for the quarter higher than expected.
A Wall Street, after a colorless start, the Nasdaq and the S&P500 turn red, while the Dow 30 floats with financials on the rise and energy on the decline. Meanwhile, the quarterly season is in full swing: the American morning is recorded publication of BlackRock and Bank of America accounts, higher than forecasts, while tonight it will be Netflix's turn to lift the veil on its state of health, which is presumed to be excellent given that revenues are estimated to grow by 20% compared to the same period last year. Investors are also digesting mixed Chinese GDP data (up QoQ, but down YoY) and eyeing themeeting of the day between Donald Trump and Vladimir Putin in Helsinki. The US president went to the summit convinced that America's real "enemy" from a commercial point of view is Europe, together with Russia itself and China, at least "in some respects", according to what he said yesterday at Cbs.
However, the decline in the price weighs above all on the price lists petrolium: Brent -4,04%, 72,29 dollars a barrel; Wti -3,66%, $67,39. The downward acceleration starts with the American openings on Iran. Treasury Secretary Steve Mnuchin argues that despite the sanctions some countries will be able to buy Iranian crude.
THEeuro it climbs back against the dollar, with the exchange rate around 1,17.
In the bond market, in a thin market, with summer volumes, the bond is loosening spread between ten-year Italian and German: 221.40, -2,51%, despite the International Monetary Fund revising Italy's GDP downwards, from +1,5% to +1,2% in 2018, from +1,1% to +1% in 2019. The revision is linked precisely to "wider spreads on government bonds and tighter financial conditions following the greater political uncertainty and which should make themselves felt on domestic demand".
However, the market benefits from Friday's confirmation of the Italian rating by Dbrs at 'BBB (high)' with a stable outlook. The agency said it considered it unlikely that deviations from current fiscal targets, linked to the new political agenda, would significantly weaken public debt sustainability.
Returning to Piazza Affari we find among the best blue chips Leonardo, +1,4%, thanks to the announcement of a new fighter jet from Great Britain as part of a project involving the Italian company with Bae Systems, Rolls-Royce and the European missile manufacturer Mbda. Furthermore, Leonardo and the leasing company Milestone Aviation Group have been chosen to renew the fleet of medium helicopters of Aramco Overseas Company, part of the Saudi Aramco petrochemical group.
They stand out on the price list Italgas +1,73%; Campari +1,52%; Post +1,45%; A2a +1,08%. Moderately positive session for the banks. It is appreciated Carige, +1,15%, while the main shareholder Vittorio Malcalza leaves the board of directors motivating the decision on issues of dissent and disagreements on company management. On 3 August there will be the council for the convocation of the assembly which will be held between 17 and 22 September.
