Piazza Affari improves after the Brussels ok at the monovra. Now headlights on Wall Street

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In the foreground again the uncertainties over the US-China talks, after Trump's latest statements and the US Senate's stance in favor of rights and democracy in Hong Kong. A climate of risk-off on the stock returns after the recent highs. Today the Federal Reserve minutes are on the agenda

by Chiara Di Cristofaro

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The European stock exchanges are all in negative territory, continuing the trend of realizations started yesterday, with concerns about US-China relations returning to the forefront, but Piazza Affari reduces the losses after the green light (even if with a reservation) to the Italian maneuver by Brussels. Yesterday the exchanges after a session on the rise with new highs from 4 years and a half reversed course and closed in slight red in the wake of Wall Street. In the evening and during the night the sentiment worsened, with Trump returning to threaten China with new duties if the agreement is not reached. Furthermore, the US Senate voted in favor of the Hong Kong Democracy Bill, in support of human rights and democracy, a move that China did not appreciate. In the background, the possible impeachment of Trump, which leads China to slow the pace of an agreement.

Piazza Affari FTSE Mib trend

The uncertainty on the stock markets returnstherefore, the stocks of raw materials and energy suffer the most. "We remain positive on the stock exchanges despite the strong increases of this year – commented Luigi Nardella of Ceresio Investors – above all in light of the particularly accommodating monetary policies and of a truce in the trade war between the United States and China". Nevertheless, he adds, "we have started to buy put options – therefore protection against a possible correction – taking advantage of the low levels of volatility". According to Nardella, "political uncertainty in the United States could strongly influence the markets probably starting from the beginning of next year when the process of the American primaries will go live".

Nexi in the spotlight of Piazza Affari, after confirmations on ongoing contacts with Intesa Sanpaolo to strengthen the existing partnership. However, Nexi denied the press rumors that they spoke of a 30% -40% share of the company that would have been handed over to the bank. The securities of the banking sector are generally weak, starting from Banco Bpmche it is at the bottom of the list. Atlantia also bad, after the Finance, as reported by the press, seized a document in March which highlighted the risk of collapse for the Ponte Morandi. Meanwhile, the company said it was not available to rescue Alitalia. Outside the main list flies As Roma after the return of interest of the American billionaire Dan Friedkin for the Giallorossi company, with the hypothesis of an entry into the capital.

Today the macroeconomic agenda provides for the publication of the minutes of the last meeting of the American central bank. Traders will try to see evidence of the next monetary policy moves after the Fed has disillusioned the markets with further cuts in "preventive" interest rates, unless the data shows a worsening of the economy and thus justifies other expansive interventions.



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