Oil flies with the explosions of tankers in Oman, but caution prevails on European price lists. Piazza Affari is the best and closed up by 0,82%, at 20.630 basis points, driven by Diasorin +3,48%, Amplifon +3,37%, Azimut +2,92%, Buzzi +2,26% and supported by the banks (Unicredit +1,47%), the main barometer of the Milanese price list, thanks to the declining spread. After the good performance of the morning's auctions, on the secondary the 2,38-year yield falls to 1,28% and the differential with the Bund decreases by 261.40% to XNUMX basis points.
However, we proceed with caution on Italian paper, awaiting developments in relations with Brussels, which at the moment does not seem willing to make too many concessions. Indeed, the European Commission is ready to recommend the opening of an infringement procedure against Italy for excessive debt if Rome does not make new commitments to achieve the budget targets agreed last December. "We are ready to go ahead with the procedure, we are on this path - said the EU Commissioner for Economic and Monetary Affairs, Pierre Moscovici, entering the meeting of finance ministers of the euro area which will discuss the Italian situation - today there is a another step, but it is still avoidable and everyone wants to avoid it”.
In the rest of Europe: Frankfurt +0,45%, Paris +0,01%, London -0,01%, Madrid +0,06%. The opening bell is in tune with Wall Street, which is proceeding in positive territory, thanks mainly to energy stocks. The sector is galvanized by the rebound in oil with Wti rising by 3,19% to 53,01 dollars a barrel and Brent marking +2,77%, 61,63 dollars a barrel. The gold rush is also restarting, moving around 1339,09 dollars an ounce.
The dollar prevails over the euro with the exchange rate in the 1,127 area, even if the greenback is not particularly tonic with the market betting on a rate cut by the Fed within the year. On the other hand, the single currency is feeling the effects of the climate of uncertainty weighing on the area: "The eurozone's forecasts remain precarious", supports the International Monetary Fund, due to trade tensions, but also the high risk of a no-deal Brexit and countries that have high debt and fail to rebuild fiscal buffers and implement structural reforms. Thoughts obviously turn to Italy while Christine Lagarde dismisses minibots as a whim, which create more debt. There are better instruments, argues the number one of the IMF, such as government bonds.
Returning to Piazza Affari, Leonardo is among the positive titles, +2,11%, which announced a 300 million contract for the supply of 13 M-345s to the Italian Air Force. The biggest declines of the day, among the blue chips, are by Ferragamo -1,21%; Terna -0,76%; Recordati -0,56%; Banca Generali -0,5%. Off the main list, Fincantieri rises by 4,66% following the news of a joint venture with the French group Naval Group.
On the other hand, Astm and Sias shares remained suspended from trading pending a note, with the market betting on an imminent cut in the chain that would involve the two companies in the Gavio galaxy.
