Euphoric session for Piazza Affari, which closes a rise of 2,4%, to 21.905 points, the undisputed queen in Europe. The purchases were triggered by the EU Commission's decision not to ask for the infringement procedure, a choice that was in the air after the presentation of a corrective maneuver by the government for over seven billion euros, but which caused the collapse the spread and sent the banks into orbit. Italy remains under special surveillance and, warns Prometeia, the economic forecasts for 2019 and 2020 are downwards (+0,1% from +0,2% and +0,5% from +0,6%). The world economy is in a precarious balance – warns the study center – and in Italy stagnation is the most probable scenario. "In this context, the government is starting the crucial game in September, when the economic package for 2020 will be defined".
For today, in any case, Milan is celebrating and the Italian menu is also the rage. The two-year yield falls below zero and that of the benchmark, the 10-year BTP, fell to 1,6%, while the spread with the 200-year Bund fell by 199,4 points, stopping at 10 (-XNUMX%).
In the stock the most popular are the banks, who lead the Ftse Mib ranking: Banco Bpm +6,56%; Ubi +6,78%; Unicredit +5,57%; Agreement +5,08%. There are only three negative blue chips: Saipem -0,62%; Stm -0,59%; -Prysmian -0,05. The fresh appointments in key roles at the European level, the spirits of the other continental markets are also kept up, Frankfurt +0,72%; Paris +0,75%; Madrid +1,23%. We particularly like the indication of Christine Lagarde as president of the ECB, who is expected to maintain an accommodating monetary policy. London does not differ +0,68%.
Wall Street in turn is starting off on the right foot and seems hungry for further records, with the S&P 500 hitting a peak for the third day in a row mainly due to defensive stocks, in a pre-holiday and mid-service session. Donald Trump compliments the stock and, like the market, is hoping for a rate cut from the Fed. So it also takes the opportunity to launch a new attack on China and Europe, who “play – he says – at manipulating currencies from time to time and pumping money into their system to compete with the US. We should do like them or we will continue to be fools who sit back and politely watch as other countries continue to play their games, as they have done for many years."
The euro-dollar remains stable and moves around 1,128. Oil reduces earnings, in the aftermath of a heavy drop, after the disclosure of US weekly stocks which are down, but less than expected. Brent +1,18%, 63,14 dollars a barrel; Wti +0,49% $56,53. Gold remains very attractive and is currently trading higher at $1419,25 an ounce.
