A green dot on a red field: it is Piazza Affari, which closed the second consecutive session higher in a negative European context and with Wall Street down due to trade tensions. Frankfurt loses 1,11%; Paris -1,31%; London -0,62%; flat Madrid -0,05%.
The Milanese list, +1,01%, 20.601 points, is supported by the banks, which in turn benefit from the decisive retreat of the spread between the Italian and German ten-year bonds: -7,34%, 267.70 points, with the yield of the 10-year BTP which drops to 3,03%. The rally of the Italian paper is driving the rest of the European peripherals, but the bonds of the Belpaese also recover on the Spanish and Portuguese equivalents.
It is a clearing in the skies of sovereign debt, due to the more conciliatory tones that come from the government, in particular from the League, on the next budget law.
The good performance of the banks partially compensates for the collapse of Telecom, -5,41%, penalized by the relegation of Exane Bnp Paribas from 'neutral' to 'underperform' and by Iliad which, in August, reached 1,5 million customers in Italy. Today CEO Amos Genish bought one million shares of the group, at a price of 52,34 cents each. A sign of trust and presence in the group, on the day of a new low for five years.
While Italy, overall, recovers some appeal, concern for the international situation prevails on the other markets. In a couple of days, US President Donald Trump could announce new tariffs on 200 billion of Chinese products; the negotiations with Canada for the new NAFTA have not yet produced results; chaos reigns in Libya; emerging markets are largely in crisis, suffering not only Argentina and Turkey, but also South Africa and the currencies of India, Indonesia and Brazil. The dollar, on the other hand, strengthens on the Forex also against the euro, bringing the exchange rate to the 1,155 area.
Meanwhile, the Fed is preparing to raise rates again at the end of September, although in August the US economy also showed signs of a slowdown, with the PMI index down to 54,4 (lowest since November 2017) from 55,3, 50 of July. However, this is a better result than expected and well beyond the threshold of XNUMX, which is the boundary between expansion and recession. After the Labor Day break, the price lists started down and are currently continuing the session in reverse compared to Friday, with Nike and Facebook in sharp decline. However, Amazon, like Apple, exceeds a trillion dollar capitalization for the first time.
Among raw materials, Brent-type oil marks an increase of 0,22%, to 78,32 dollars a barrel, while gold sinks by 0,75% to 1192,19 dollars an ounce. In Piazza Affari the podium once again belongs to the banks: Intesa +5,18%; Ubi, +4,74%, promoted by Jp Morgan to "overweight" from "neutral"; Unicredit +4,07%; Bfor +3,67%. Finecobank also did well +2,77%. Outside the main basket, Mps recovers ground, +2,95%.
The worst blue chips, after Telecom, are Mediaset -3,39%; Cnh -2,27%; Stm -2,46%. Losses exceeding one percentage point also for Atlantia, -2,23%, which remains submerged by the rubble of the Morandi bridge. Today, Infrastructure Minister Danilo Toninelli reiterated that the Atlantia subsidiary, Autrostrade per l'Italia, will pay the reconstruction bill, but the work will be the responsibility of a public entity.
