Superstar gold and nerve bags, with US-China tensions and the high number of infections from Covid 19 in the world. Wall Street proceeds uncertainly, while the European lists close in the red, after the gains collected in recent sessions in view of a possible agreement, which arrived yesterday, on the Recovery Fund. "A very ambitious project", defines the president of the ECB Christine Lagarde, even if "more could have been done".
Frankfurt loses 0,59% and is more solid than Paris -1,32%; Madrid -1,37%, London -1,01%. Piazza Affari limits the damage to 0,6%, stopping at 20.598 basis points. The Milanese list suffers from various judicial inquiries. In the first place, the thud of a heavyweight such as Eni, -2,49%, is heard after the request of the Milan prosecutors to 8 years in prison for CEO Claudio Descalzi and for his predecessor Paolo Scaroni for international corruption at the trial on the Eni-Shell-Nigeria case with an alleged bribe of 1 billion and 92 million dollars paid by the two oil companies to the politicians of the African country.
Troubles with justice also penalize Diasorin, -1,85%, with an investigation by the Pavia prosecutor's office with hypothesis of crime of disturbed freedom of the procedure for choosing the contractor and embezzlement for the agreement stipulated between Diasorin and the San Matteo Hospital on serological tests on Covid. The diagnostic company based in Saluggia instead reiterates the correctness of its work.
Fiat negative, -0,86%, grappling with the dieselgate scandal. The Turin financial police searched some of the group's companies in agreement with the Frankfurt prosecutor's office, which is investigating for commercial fraud. The hypothesis is that devices that do not comply with European regulations have been installed on some models, so that the polluting emissions would be higher than those detectable at the time of approval. The operation also involves Switzerland and is done in collaboration with Eurojust. Bright red for Pirelli -2,91%; Moncler -2,64%; Tenaris -2,24%.
The interest in the bank stocks of the main list weakens. The only positive among the big names is Unicredit +0,1%, even if CEO Jean Pierre Mustier denies any interest in banking risks. Unicredit not only does not look at possible M&A operations, but prefers to go down a buyback route as a more effective way to return excess capital to shareholders, he argues. On the other hand, Mps remains well bought, +6,61%. Yesterday Moody's placed the bank's ratings under observation for a possible upgrade following the agreement reached at the end of June for the transfer of 8,1 billion euros of gross non-performing loans to Amco. Among the blue chips, the biggest increases of the day are from Buzzi +3,33%, A2a +2,71%, Exor +1,65%%, Finecobank +1,54%. Prysmian +0,92%, following the news of an agreement to acquire 100% of EHC Global for a value of 130 million Canadian dollars.
On the currency market, the euro remains tonic, in the wake of the EU agreement and exchanges with the dollar in the 1,1585 area after even exceeding 1,16. The ambitious European plan to support economies hit by the consequences of the pandemic has a positive effect on the Italian secondary sector. The spread falls back to 152 basis points (-1,32) and the ten-year rate is getting ever closer to 1% (1,04%). The Recovery Fund seems all the more necessary in light of the data communicated today by Eurostat. In fact, in Italy the GDP/debt ratio shot up to 137,6% from 134,8% of the fourth quarter of 2019. An increase in line with what happened in the entire continent given that in the aggregate of the countries of the euro area it went from 84,1 to 86,3% and in the EU as a whole from 77,7 to 79,5 .19%. The statistical institute warns that the impact of the measures taken by governments to combat the Covid-XNUMX emergency "will be fully felt" only in the second quarter of the year.
On the commodity front, gold is increasingly precious and is currently moving towards 1864 dollars an ounce. Oil, on the other hand, is trading in the red, also penalized by the higher-than-expected jump in US weekly inventories. Brent loses 0,95, 43,90 dollars a barrel.
