Oil goes down, Wall Street fails to rebound and European stocks sink, closing in deep red for the second consecutive day: Frankfurt -1,48%; Paris -1,92%; Madrid -1,69%; London -1,94%; Zurich -2,79%. Piazza Affari loses 1,84% and updates its annual lows to 19.356 points, with almost all blue chips negative, starting with energy and finance.
The spread soars, with the German XNUMX-year yield in sharp decline. In reverse risk aversion penalizes Italian paper: the yield on the 10-year BTP rises to 3,58% and the differential with the Bund leaps by 3,56% to 305.20 basis points. On the primary, after the doubling of yields in yesterday's Bot auction, today the Treasury is back on the market with 3, 7, 15 and 30 year BTPs (for a total amount of 6,5 billion) and the yields of the first two rising to the highest since 2013. In this phase of nervousness due to the maneuver put in place by the yellow-green government, the big speculators are sniffing the deal and increasing their exposure to Italy. JP Morgan comments: "Political uncertainty must be adequately rewarded."
In the USA, the yield on 10-year US Treasury bonds is instead down, by around 3,165%. also following a contained growth in inflation in September (+0,1% against +0,2% expected). A fact that gives hope for a more dovish Federal Reserve, while US President Donald Trump's target practice on the central bank continues: "crazy" yesterday and "a little too clever" and "aggressive" today.
Also thanks to the inflation data and the consequent fall in bond yields, after a weak opening, American shareholders seem to regain confidence, but in a short time sales regain the upper hand. Weighs the thud of oil, after yesterday's sell-off, with OPEC cutting global demand growth estimates and the US weekly stockpile well beyond expectations. Brent yields 2,59% and falls to 80,94 dollars a barrel; the WTI marks -2,51%, 71,33 dollars a barrel.
Gold seems to finally be recovering its role as a safe-haven asset and shows a positive intonation, returning to 1218,69 dollars an ounce (+2%). On the currency front, the greenback is down. The euro-dollar exchange favors the single currency in the 1,155 area.
In Piazza Affari the worst big cap today is Tenaris -4,22%. The other oil stocks are not far away, Saipem -3,25%; Eni -2,75%. Among the worst on the Exor list -3,39%; Azimuth -3,69%; Unipolsai -4,04% and Unipol -3,63%. The banks were weak, with Intesa losing 2,47%. The collapse of Carige does not stop, -6,12%, which today met the board of directors, after the cut of the rating by Fitch.
Stm, +1,98%, is the only positive stock in the main basket. They limit Telecom damages -0,24%; Recordati -0,58%; Fiat -0,68%; Enel -0,69%.
