Fly the London Stock Exchange. In Milan, banks in random order

2019-12-16T12:19:20.912Z

European banks are doing well and it is above all a tail of the agreement between the United States and China on Phase One of the negotiations. New US duties have been avoided that should have started yesterday on Chinese assets worth 160 billion dollars. Those introduced in September have been reduced from 25 to 7 and a half percent. For its part, Beijing has canceled new duties that would have hit the US industrial sector and committed itself to buying more US agricultural products. Milan (+ 0.45%), however, is doing less well than Paris (+ 1%), Frankfurt (+ 0.69%) and above all London (+ 2.20%), which from the day after the elections that led to the Boris Johnson win and reduced uncertainties on Brexit continues to rise. The pound is still stronger today on the euro. The single currency has lost 1% in the last week, 7% since the beginning of the year. One euro is worth £ 0.8333. Industrial stocks are doing well in Piazza Affari (+ 0.62%) and oil & gas (+ 0.92%) but the boost from the banking sector (+ 0.26%) has decreased compared to this morning. Among the banking stocks, Banca Intesa Sanpaolo and Unicredit are above par, with Banco Bpm, Bper Banca and Ubi Banca below par. There is still uncertainty about the effects of the decree on the Popolare di Bari. From the press release following the CDM yesterday it emerges that the Medio Credito Centrale will be endowed with 900 million euros to operate as an investment bank. Medio Credito may participate in the capital increase of Popolare di Bari, together with the Interbank Deposit Protection Fund. However, it is not clear how much the Interbank Fund will put, which will meet on Wednesday. Nor will the 69 thousand small shareholders of Popolare di Bari be protected.