The possibility of a commercial agreement with China puts the markets in a good mood, from Wall Street to Piazza Affari, which closed up 1,02%, at 23.390 points, with the banks in great shape. Final in green also for Frankfurt +0,59%; Paris +0,4%; Madrid +78%. London rises by 0,81%, on the day of the vote and awaiting the response of the polls on the future government of the country.
Oil celebrates: Brent 64,4 dollars a barrel, +1,08%. To give substance to the trust is a Tweet by Donald Trump: “We are very close to a great agreement with China – he says – They want it, so let's do it!”. In parallel, the Wall Street Journal writes that US negotiators have proposed canceling the new round of tariffs on Chinese imported goods that should come into force on Sunday 15 December, as part of an attempt to define a 'phase one' agreement between the two powers. Citing sources, the newspaper adds that the Trump administration negotiators have also offered a reduction of up to 50% of the already existing tariffs on 360 billion dollars of Chinese products.
Words that somewhat overshadow everything else: from the decisions of central banks (Fed yesterday, ECB today) which, in truth, have left the bowls still, to macroeconomic data, to the future of Great Britain and the EU.
In Milan, purchases mainly reward the banks: Ubi, +3,96%; Unicredit +3,17%; Banco Bpm +3,13%; Understanding +1,8%. Outside the main MPS basket, +2,51%.
In great evidence Nexi, +2,45%, which in the last few sessions continues to update its highs, supported by press rumors according to which Cdp would be in favor of marrying Sia to create a giant of electronic payments and would be working to speed up the merge.
In pole position Tenaris +2,58%. Fiat, +2,47%, also thanks to the fact that the agreement with the US trade union Uaw on the employment contract was approved, a decisive step according to analysts for the merger with PSA. In Exor's wake +2,33%.
Well Stm +2,32%; Unipol +1,85%. At the bottom of the list Juventus -2,3%; A2a -1,09%; Italgas -0,8%; Amplifon -0,77%; Moncler -0,73%. Out of the main basket, new bloodbath for Safilo, -3,02%. The session was positive on the secondary, with the spread between Italian and German ten-year bonds decreasing to 150 basis points (-2,61%) and the BTP yield at 1,23%.
The euro loses against the dollar, after a recovery phase and trades at 1,11. Christine Lagarde, in her debut chair of the ECB board meeting, which left rates and purchases unchanged, says that European monetary policy will remain accommodative, also because the 2020 growth forecasts have been revised downwards, from 1,2 % to 1,1%. However, the number one at Eurotower announces, for next year, a "strategic review" of the "overall" monetary policy, which will look at every aspect and will need time", even if it will not require "too much".
To those wondering about her style, she replies: "I am neither a dove nor a hawk, my ambition is to be an owl, endowed with wisdom". As for the Mes, he stresses that the idea that it targets a single country is completely misleading. While you say you are happy with the opening of the governor of the Bank of Italy Ignazio Visco to set limits on the exposure of banks to sovereign debt. "It's a big step forward - she says - and any step forward in this area is good news"
The ECB's decisions come the day after those of the Fed, which chose to keep interest rates unchanged and signaled its intention not to make changes to its monetary policy until at least the end of 2020. Today trading on Wall Street is parties declined due to negative macroeconomic news, as initial claims for unemployment benefits hit a 2-year high and producer prices showed a lack of inflationary pressure. The change of course came after Trump's words. For now, the euphoria appears to be subsiding and the Dow, S&P and Nasdaq are moving cautiously into positive territory.
