Banks' rally stems sales in business square, which closed slightly down, -0,09%, reaching 20.581 points and is the best place in Europe. The credit sector remains favored by the resumption of purchases of government bonds, with Prime Minister Giuseppe Conte speaking of a maneuver "in the sign of growth in stability". The 3-year yield falls below 2,96%, to XNUMX%, while the spread with the Bund it reaches 257.40 basis points, -5,26%. The purchases on the banks compensate for the heavy sales on stm, -4,63%, auto, oil, fashion.
In Europe, on the other hand, the session is much more negative and the budget becomes heavier for everyone in the afternoon with Wall Street opening in the red. Frankfurt loses 1,39%; Paris -1,54%; Madrid -0,8%. Outside the eurozone London it marks -0,95%, penalized by the rise in the pound following rumors about possible agreements between Germany and the United Kingdom to favor a more rapid agreement on Brexit, even before having defined all the aspects of the complex issue.
In New York, the price lists accelerate downwards, with ithe Nasdaq below the threshold of 8.000 points reached last week. Technologists are declining, on the day of the testimony to the US Senate Intelligence Committee by the CEO of Twitter and the chief operating officer of Facebook, while for Google the chair remained empty, since the company's lawyer was not accepted as a representative. It deflates Amazon, which in yesterday's session reached a capitalization of one trillion.
The specter of duties continues to weigh on the markets, also in light of the data on the trade deficit in the United States which, in July, marked the largest jump since 2015: +9,5%, to 50,08 billion dollars. Expectations were worse (50,3 billion), but certainly Donald Trump will not be happy to know that the deficit with China, again in July, reached a record of almost 37 billion dollars. Also on the trade front, talks with Canada for the new NAFTA have resumed, while the Canadian central bank, which has left rates unchanged at 1,5%, underlines that high trade tensions are a "key risk" for the global outlook. From the American central bank, instead, we have the declaration of James Bullard, governor of the Federal Reserve of St. Louis who claims there is a "high risk" that the American monetary policy could cause a new recession. According to Bullard, almost 10 years after the bankruptcy of Lehman Brothers, there has already been sufficient normalization of US central bank policy.
On the currency front, the dollar loses share against theeuro and the exchange rate returns to the 1,162 area. In raw materials, Brent oil fell by 1,18%, to 77,25 dollars a barrel, also due to the attenuation of the expected tropical storm in the Gulf of Mexico. Gold still below 1200 dollars an ounce, but recovering at 1196,69 (+0,45%).
Returning to Piazza Affari, a rain of purchases pours Bpm bank +7,17%; Ubi +6,31%; Bper +4,27%; Mediobanca 3,25%; Banca Mediolanum +2,68%%.
Sales above all ballast Stm; Moncler -3,95%; Tenaris -2,97%; Ferrari -2,86%; fca -2,25%.
