SPREAD AND STOCK MARKET STAGGER, BUT NOT COLLAPSE
BANKS ON THE KNEES, RISALE TELECOM ITALIA
The dam of Business Square it creaks but, pending Wednesday's parliamentary verification, it doesn't give in.
Il yield of ten-year BTPs, splashed at the opening at 4,60% with spreads at 282 (+20 basis points), settled at 4,51% with the spread at 274 basis points (+10).
Goldman Sachs, which at the end of April recommended going long on the 221-year BTP against the same French maturity up to a spread of XNUMX, now recommends closing this position.
Operators hope that the government will last until the beginning of next year, but fear a downgrade by the rating agencies in the short term.
The FtseMib index -1,64%, dropped at the start to a low of 17.199 points, floating at 17.349.
The other European Stock Exchanges were negative: London and Frankfurt -0,8%, Paris -1,14%. Madrid -1,03%.
The clash in the USA between Democrats and Republicans weighs on the state budget. If there is no agreement by midnight today, the government will not be able to finance current spending, including salaries: in view of the immediate dismissal of 800 civil servants.
The banking sector is dragging down the Milan price listsubject to several downward suspensions. The big names are under fire: Unicredit -2,43%, Intesa -3,61%, Monte Paschi -2,18%, Mediobanca -3,13%. The rest of the financials sector.
Downhill too Generali is down by 1,94%, Fondiaria Sai -2,72%.
In 'asset management: Azimuth -0,53%, Mediolanum -3,69%.
Mediaset -3,84%.
But things are not much better in the industrial sector: Finmeccanica -2,64%.
Fiat -1,51%. In the afternoon it will be treated Fiat Industrial, which will open trading under the name of CNH Industrial (also listed on Wall Street). The merger between the Italian and US companies was finalized between Friday and last Saturday.
StM -1,79% Prysmian -1,47%.
Bucking Telecom Italy +2,93%, thanks to the promotion of JP Morgan. Thursday's board of directors should not approve the capital increase proposed by outgoing president Franco Bernabé.
Rest -1,57%.
They hold i oil: Eni -1,34%, Saipem -1,05%, Tenaris -0,17%.
It also slows down luxury after the disappointing Chinese manufacturing data: Tod's -0,8%, Ferragamo -2,43%, Cucinelli -3,2%.
