Moderately positive closure for the continental lists, following a rally that brought the pan-European index to its highest since Emmanuel Macron's victory in the first round of the French presidential elections.
Piazza Affari continues to grow: +0,42%, 21.521 points, driven by FCA (+3,87%) and Telecom (+2,67%). Madrid +0,93% registers a consistent increase, Paris +0,27% is more timid. Frankfurt moved little, +0,12%, with Daimler, the producer of Mercedes, in fractional decline due to an alleged dieselgate risk. According to press reports there would be a report accusing the group of selling cars with illegal software to manipulate emissions. Flat London -0,05%.
Wall Street is in positive territory, after yesterday's records, with Janet Yellen's second speech to Congress. Today, in the Senate Banking Committee, the Fed chairman confirms what he said, but his words, at the moment, do not seem to have such an electrifying effect.
Weak closure for the Italian bond, after the good session on the eve: The ten-year yield returns to the 2,33% area and the spread with the Bund rises to 172.00 basis points, +3,43%. To weigh down the Btp, which underperform the German counterpart, the digestion of the medium-long term offer in the middle of the month. Furthermore, the rumors of the WSJ according to which the president of the ECB, Mario Draghi, could announce the start of tapering at the meeting in Jackson Hole, are causing nervousness, even if the ECB holds back and lets it leak that it is premature to talk about the contents of a speech to be held in more than a month and a half, as Bank executive board member Ilmars Rimsevics tells Latvian radio that the QE program could continue for at least “a couple of years” in light of low inflation. The euro-dollar exchange rate fell to 1,139 (-0,2%). Brent up +1,4%, 48,41 dollars a barrel. Gold stable, +0,07%, 1217,505 dollars an ounce.
Leading the big names in Piazza Affari today is Fiat, driven by the rumors of a not too severe verdict by the American authority on the subject of exhausts, so much so that the car manufacturer has allegedly decided to resume production of Ram diesel pick-ups. Telecom is supported by the long-term rating of S&P, with an outlook that has passed from stable to positive and by the expectations for the results of the second quarter on the agenda for July 27th. However, the unknown factor remains regarding CEO Flavio Cattaneo. Purchases from Enel +2,05%. Generali grows, +1,52%, due to the possible disposal of life business in Germany. Well Mediaset +1,77%. Heavy instead Finecobank -2,05, Cnh -1,9%, Terna -1,43%, Azimut -1,29, Recordati -0,99%.
