Europe brakes on Covid fears. In Milan Atlantia awaits the verdict of the CDM

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market day

List prices down and volatility on the continuous increase of contagions in the Americas. In Piazza Affari Atlantia is on the rise, while the concessions dossier comes to the attention of the Council of Ministers. Stable spread below 170 points

by Stefania Arcudi

(REUTERS)

List prices down and volatility on the continuous increase of contagions in the Americas. In Piazza Affari Atlantia is on the rise, while the concessions dossier comes to the attention of the Council of Ministers. Stable spread below 170 points

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A downward departure for the European stock exchanges, in the wake of Asia, while concerns about the spread of the pandemic are returning: in the Americas the contagions are continuously increasing, only two countries, the United States and Brazil, catalyze 50% of cases and the WHO warned that “too many countries are going in the wrong direction”. The fear is only partially mitigated by hopes for a breakthrough on the anti-Covid vaccine. Some support comes from economic news arriving from China, where imports rebounded after five months of decline.
Thus, in the first part of the session, Paris and Frankfurt lose more than one point, the latter after rising in line with inflation expectations, London is in a more contained decline, after the data on GDP (+ 1.8% cyclical and -24% trend). Downhill also Piazza Affari, where the special observed remains Atlantia (up and on top of the Ftse Mib after -15% yesterday). The dossier on the revocation of concessions is brought to the attention of the Council of Ministers today, while the company’s extraordinary board of directors is also on the calendar.

On Ftse Mib attention on Ubi, down St

Ubi is also in the spotlight (-0.84%), after the Cattolica Assicurazioni board of directors (-0.19%) has unanimously resolved to adhere to the public exchange offer launched by Intesa Sanpaolo (-0.1% ) on Ubi shares. On the Ftse Mib few stocks rose, with Tenaris at + 0.3%. At the end of the list St (-2.3%), Nexi (-1.5%) and Campari (-1.41%). Spread opens stable at 166 points, like yesterday’s close. Attention will then be paid to Wall Street, where the quarterly season begins: before the American bell, the first major banks, Citigroup, JPMorgan and Wells Fargo will publish the accounts.

Waiting for the European summit on the Recovery Fund

While European heads of state travel from one country to another to build consensus on the Recovery Fund and the European budget, markets have their eyes only on the final appointment: the European summit on Friday that will have to take stock (perhaps not definitive) on both issues. Investors are waiting to know the answer that the European Union will be able to give to face the economic emergency born with the coronavirus, and above all how the Recovery Fund will be on which so many battles are being fought. Thursday will also be the turn of the ECB meeting, but no news is expected: the important event of the week will be the European summit on Friday.

Performance of the Btp / Bund spread

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Stable spread below 170 points, government bonds on auction

After last week’s BTp Futura and BoT auctions with negative interest rates, the Treasury now places 3, 7 and 20 year BTp for a maximum of 10 billion. This is a favorable period for Italian government bonds (thanks above all to the purchases of the ECB), so today’s auctions start on the right foot. Yesterday the spread between BTp and the Bund closed down.

Euro strengthens further, oil still falling

Oil continues on its way down: the WTI expiring in August drops by 1.2% to $ 39.62, while Brent September loses 1% to $ 42.3 a barrel. On the currency market, the euro strengthens and changes hands at 1.1345 dollars (1.1329 yesterday) and 121.763 yen (121.4 yesterday), when the greenback is worth 107.31 yen.



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