The perfect storm. What seemed like a quiet day on the stock market, with rising stock prices and falling spreads, turned completely upside down in the afternoon due to the combination of three destabilizing elements, two from the US and the other from Italy: the cancellation of the between Trump and King Jong Un, the possible imposition of tariffs on car imports by the United States and the Italian political uncertainty.
Business Square, after a morning in which the long-awaited rebound seemed to have arrived, turned heavily negative and then recovered a few percentage points in the final. The Ftse Eb it closed down by 0,7%, moving ever further away from the 23 mark (22.714). To expand the volatility and sales are the words of Matteo Salvini towards the EU and the possible request for a corrective maneuver of 10-15 billion on the 2018 accounts to which, according to what the Northern League leader assured, the new government will respond by doing "the opposite". But to irritate investors first and then the Quirinale also the insistence with which Salvini continued to defend the candidacy of Paolo Savona as Minister of Economy, despite the fact that the final decision rests with the future Premier, Giuseppe Conte, and the President of the Republic . Mattarella raises his voice again and underlines the inadmissibility of diktat by the majority parties towards the figures who have decision-making power under the Constitution.
The dispute also weighs on Italian government bonds with the spread which rises above 193 basis points, with a yield of 2,404%.
Threatening clouds also come from the United States where President Donald Trump has decided to cancel the June 12 summit in Singapore with the North Korean leader Kim Jong Un "on the basis of the open hostility shown in the latest statements, I believe it is inappropriate at this moment to hold the meeting", explained Trump. The reference is to the words of the deputy foreign minister of North Korea, Choe Son-hui, who defined the vice president of the United States, Mike Pence, "a stupid political puppet". However, a few hours earlier, another important novelty also came to disturb the markets: the White House asked Commerce Secretary Wilbur Ross to initiate a survey on car imports in the USA fearing the possibility of imposing new duties which according to the Wall Street Journal could reach 25%. Two decisions that caused an immediate reaction from investors, causing a veritable downpour of sales on American stock exchanges: -0,7% for the Dow Jones, -0,5% for the S & P 500, -0,4% for the Nasdaq.
The decline in Wall Street immediately infected the European stock exchanges, already weighed down by Italian political uncertainty. After a positive start, in the middle of the day Europe turns red: the worst is Frankfurt (-1%), while Madrid e Paris managed to contain the losses, losing 0,2% in the end. Negative too London (-0,6%).
In Milan, sales mainly affect titles from the Agnelli galaxy with fca (-1,84%) which pays for the volatility of the Italian stock market and the bad news from the USA on duties which also pushes the Euro Stoxx 600 index of the sector downwards (-2%).
Worst title in Piazza Affari though Saipem (-3%), followed by Italgas (-2,8%), Pirelli (-2,3%) And Tenaris (-2,2%). Political uncertainty and tension on government bonds weigh, as per tradition, on banks: -1,81% per Unicredit, -1,23% for Bper, -1,23% for Bpm desk, -2,18% for Mediobanca, -0,9% for Intesa Sanpaolo. Outside the Ftse Mib he still suffers Ps (-3,13%), with investors worried about the intentions of the new government.
Bucking: Brembo (+ 4,5%), Moncler (+ 1,9%), stm (+ 1,7%) and Campari (+ 1,51%).
On the currency, the exchange euro/dollar rises to 1,1726, while thegold it stands above $1.300 an ounce for the first time in 10 sessions. Weak the Petroleum on the hypothesis that Opec can increase production in June: Brent at 79,16 dollars a barrel and Wti at 71,13 dollars.
