Piazza Affari sinks with the banks, -1,48% and stops at 23.449 points, while the spread between Italian and German ten-year bonds rises to 165,70 points, +7,25%. The yield of the Italian benchmark goes to 2,23%. This is the effect on the markets of the yellow-green contract for the government, developed, as the header states, by "Mr. Luigi Di Maio, political leader of the 'Movimento 5 Stelle' and by Mr. Matteo Salvini, federal secretary of the Lega ”.
Many parts are indigestible to investors, while the programs put on paper have a cost estimated by Carlo Cottarelli of over 100 billion euros, with 550 million expected coverage.
In this climate, Milan archives a difficult week and is once again in last place in Europe, where the other price lists are also weak: Madrid -0,94%; Frankfurt -0,35%; Paris -0,17%, London -0,15%; Zurich -0,55%. Wall Street is currently proceeding mixed. The Dow 30 is up slightly; the same trend for the index of small and mid-cap companies, the Russell 2000, which still seems to be chasing records. The S&P500 and the Nasdaq are below parity. In the absence of macroeconomic cues, investors remain focused on trade negotiations between the US and China. Negotiations began yesterday and resume today in Washington. For the moment, the Trump administration has obtained the elimination of an anti-dumping measure against the import of American sorghum.
The euro is preparing to close the fifth week down against the dollar, with the exchange rate in the 1,176 area. Among raw materials, gold is stable at 1291,51 dollars an ounce. Oil consolidates its gains, with Brent in the 80 zone, at 79,22 dollars a barrel.
Today, however, not even oil stocks manage to save Piazza Affari from sales. Saipem loses 3,2% sunk by profit taking after huge gains. Among the blue chips, only four stocks close with a plus sign: Cnh +3,7%, thanks also to the start of hedging with a "buy" rating by Kepler Cheuvreux; Moncler +1,26%; Pirelli +0,85%; Luxottica +0,15%.
In the rest of the list there are dead and wounded, especially in the banking sector: Ubi -7,85%; Bper -6,64%; Banco Bpm -6,36%; Unicredit -2,77%; Understanding -2,45%; Mediobanca -3,1%. Mps recovers part of the losses of the morning, but loses 3,54%. The Northern League Claudio Borghi, possible future finance minister, confirms the statements made against the plan agreed in Brussels and the president of Tuscany Rossi suggests: Borghi's immunity for damages to Monte Pasch should be waived
Rain of sales on Telecom, 3,41%, after the concerns expressed by Vivendi on governance which could lead to the convening of a new assembly to reorganize the board of directors. Berenberg also cut the stock to 'sell' from 'hold' and the target price to 0,66 from 0,71 euro. Post office down -3,45%.
Outside the main Mondadori basket, -5,77%, it is among the worst in the Star due to the possible sale to the European Network of the weekly publications "Tu Style" and "Confidenze". These are rumors circulated after the publication of the not very reassuring accounts for the first quarter of 2018 and the strike called by employees until Monday. The Berlusconi family company is also awaiting a bid for magazines in France from French publisher Reworld Media, after plans to merge with Lagardère and Marie Claire fell through due to Lagardère's decision to sell the his magazines to a Czech group.
