The severe drop in oil does not shake too much Piazza Affari, which gains 0,65% and rises to 21.392 basis points, supported by utilities (but weighted by oil stocks) at the end of a session characterized by the collapse of the spread between Italian and German ten-year bonds . The yield of the 10-year BTP falls to 1,84% and the differential with the Bund drops to 222,2 basis points (-5,12%). If the forecast of a further expansive policy by the ECB remains in the background of the good intonation of the bond, in the foreground there is the prospect of an agreement at European level to avoid the start of the infringement procedure. “The package presented yesterday by the Italian government – writes Ansa – helped the negotiation a lot”. 2019 should be in order but reassurances are still lacking for 2020.
Meanwhile, two women have moved into pole position for the two most important seats in the single currency area: the German defense minister Ursula Von der Leyen for the presidency of the Commission and the number one of the Monetary Fund Christine Lagarde for the ECB. In this context, putting aside the concerns about the threats of new tariffs unleashed yesterday by Donald Trump against Europe, the continental lists archive a moderately positive session: Frankfurt +0,04%, Paris +0,16%, Madrid +0,22%, London +0,83%.
Meanwhile, the news is coming from the USA that since 120 July the United States has officially been in the longest economic expansion cycle in its history, breaking the record of 1991 consecutive months of growth dating back to the period March 2001-March 2009. The current streak is positive which has lasted since June 3,12, after the great crisis. This is not enough to turbocharge Wall Street, which starts off weakly and is currently trading on parity, after yesterday's euphoria over the Osaka summit. On the other hand, oil is sinking, despite the OPEC agreement for a reduction in production: Brent -62,98%, 3,65 dollars a barrel; Wti -56,93%, XNUMX dollars a barrel.
The euro-dollar moved little, around 1,129. Gold, after yesterday's slide, regains 1406 dollars an ounce. Queen of Piazza Affari today is Atlantia, +3,79%, which in these days is riding a roller coaster with the game on the Autostrade concession still open. Overall then it is the utilities, companies in regulated sectors, the blue chips that benefit most from the decline in government bond yields. Among the biggest increases of the day are Terna +3,52%; Italgas +2,24%; Snam +2,64%; Post +2,4%; Hera +2,39%.
The banks are opposed: good Bper +2,05%; down Ubi -1,91% and Unicredit -1,07%. The stocks most penalized by the plunge in crude oil are instead Saipem -2,72%; Tenaris -2,33%; Eni -0,97%. Bad Pirelli -1,81% and Telecom -0,93%. Outside the main list, Ima marks an increase of 0,83%. The Bolognese packaging jewel has finalized the closing for the purchase of 63% of ATOP, a company based in Barberino Val D' with Charme Capital Partners SGR (pan-European management company of the Charme Funds) and with the founders of the company Elsa (Florence) leader in the sector of machines and automatic lines for the production of stators and rotors for electric motors for the automotive sector, and in particular for Etraction
Ima, since 2017, already had a 21% stake, and now brings us to 84%, with a financial intervention of approximately 230 million, fully paid at the closing.
