In the end, the passage of the American markets into the red unnerves even the European lists. The closure is weak: Frankfurt, -0,16%; Madrid -0,13%; Paris -0,02%; London -0,13%; Zurich -0,02%.
Milano is the worst, -0,44%, 20.608 points, weighed down by Telecom -1,67% Saipem -1,27 and bank stocks. In contrast to the price list Atlantia,+2,48%, catches his breath after massive losses. It bounces Pirelli +1,52%, while fashion flies with Ferragamo +4,14% and Moncler +0,89%. positive Tenaris + 1,06%.
Wall Street, after an uncertain start, is currently heading downwards, unnerved by the entry into force of new tariffs between the US and China, by the problems of President Donald Trump, by the uncertainty about the choices of the Fed, although the minutes published yesterday suggest a further increase in rates in September.
The trade war, even in the presence of a dialogue between the two superpowers, is holding back investors on the eve of the first intervention in Jackson Hole by Jerome Powell, president of the American central bank. On the question of duties, both the ECB and the Fed seem to agree that they represent a risk to global economic growth. For President Trump, on the other hand, the real risk is his eventual impeachment. “If I were subjected to impeachment – he says – I think the markets would collapse. I think everyone would become poorer."
Il dollar it strengthens against the other currencies and the exchange rate with the euro returns to the 1,157 area.
Among the raw materials the Petroleum takes a break after yesterday's run. Brent -0,24%, 74,6 dollars a barrel. Gold fell to 1189,35 dollars an ounce (-0,5%).
On the secondary side, Italian government bonds are losing further ground: the ten-year yield returns to the 3,1% area spread with the German counterpart it rises to 275.80 basis points, +2,49%. The increase in the cost of debt worries Ignazio Angeloni, a member of the Supervision board of the ECB, who in an interview published today on the central bank's website warns of the negative effects that the differential has on the country's banks, on their capacity to disburse the credit and consequently on the recovery of the Italian economy "already fragile for other reasons".
In Piazza Affari the worst are today Ubi -1,32% and Mediobanca -1,17%. You realize about General Bank -1,79%. Understanding, -0,48%, limits the damage on the day it returns to the primary market with an unsecured bond, the first bank to do so after the birth of the new government. The lender today raised 1 billion euros with an August 2023 bond, which recorded orders for over 1,75 billion and will offer a yield of 188bps on the midswap rate. The yield on the new five-year bond should settle in the 2,15%-2,16% area, against the 2,34% offered on the market today by the March 2023 BTP. The Italian Treasury should also launch a new five-year benchmark next week.
Out of the main list Juventus goes online, +7,28%, with volumes more than double the average of the last 30 days. According to the latest estimates, the new Champions League would guarantee the Juventus club 58 million euros, even if it does not win a single match, according to what was reported by the Gazzetta dello Sport.
