The spread rises and the stock market falls: the political trickle on the Draghi government, went on stage in the Senate, sends Piazza Affari into a tailspin, which closes as the worst list in Europe with a loss of 1,6% at 21.348 basis points. The red is brighter on the secondary: lo spread between 10-year BTPs and Bunds for the same term, it rises to 215 basis points (+3) and the yield on the Italian ten-year bond rises to 3,35% while that of the German bond stops not far from yesterday's levels at +1,2%.
What kept the national financial markets in suspense all day was the fate of the executive, on the day when Mario Draghi went to Palazzo Madama asking for "courage, altruism and credibility" from the forces of the majority who supported him, to obtain the broad and convinced consensus necessary for the prime minister of a country that must move credibly amidst the pandemic, war in Ukraine, the gas crisis, inflation and the action of the central banks. This foresight was lacking in part of the classroom, with the League calling for a reshuffle without the 5 stars. The epilogue seems written, apart from last-minute surprises.
Il Ftse Eb it hit a low of -2,2% during Draghi's reply, which he asked trust on motion by Pier Ferdinando Casini, closing the door on a reshuffle.
European stock exchanges mixed, Wall Street climbs
While the match over Italy's future is still ongoing, the European stock exchanges archive a session without compass, animated only in the last few hours by the performance of Wall Street, which turned positive after a jarring start.
Amsterdam rises by 0,72%, while Frankfurt loses 0,21%, Paris -0,27% London -0,41%. Negative Madrid -1,19%.
The disintegration of the Draghi government, in a moment of such important choices for Italy and for the EU, is moderately felt on the currency market, where the euro loses some share and trades around 1,02 after yesterday's leap, on expectations of a more hawkish than expected ECB.
Indeed tomorrow the ECB should decide the first hike in interest rates in 11 years and the hypothesis of an intervention of 50 basis points (instead of 25) has strengthened over the past two days. On the other hand, inflation continues to run in the euro area and also in the rest of the world: in Britain the Office for National Statistics said theannual inflation in consumer prices increased in June to 9,4% and is the highest since February 1982 (+9,1% in May), above the consensus of economists.
In Canada the index of June consumer prices it rose by 8,1% and is the fastest increase in the last forty years mainly caused by the peak in the price of petrol.
Returning to the ECB, there is also a lot of expectation on the spread shield, which should protect the most indebted countries such as Italy and which in its formulation and in the conditions it will set will perhaps be affected by the internal political chaos.
As far as raw materials are concerned, the Petroleum: Brent which loses 0,2%, trading at around 107,14 dollars a barrel.
Salt instead the gas price, on the day the European Commission proposed a 15% cut for consumption in the EU until next spring, with the aim of coping with the cut in supplies arriving from Russia.
Piazza Affari in red with utilities and banks
After the rally of the past few days the banks they pay the pledge today to uncertainty: Intesa -3,51%, Unicredit -2,77%, Bper -2,86%, Banco Bpm -2,35%.
Among the financials, Mediobanca -1,15 and Generali -2,86%, participated by Delfin, also fell. Yesterday Francesco Milleri, president of the holding company of the Del Vecchio family, shareholder of the two companies respectively with over 19% and almost 10%, specified that 'the goal is to grow all the activities' adding: 'I do not foresee divestments in the short term on the contrary, we do not exclude new investments to support the growth of the companies in which we are shareholders'.
They slip utility with Italgas -4,18%, Enel -3,13%, Terna -2,42%, Snam -2,39%.
The morale of Saipem, which loses 3,89%.
It's only four o'clock blue-chip on the rise: Stm, +2,24%, Diasorin +1,55%, Telecom Italia +0,79%, Moncler +0,47%.
