Shareby Fabrizio Patti Milano21 August 2019A positive day for the European stock exchanges: Milan today sees the biggest rise, rising by 1.79%, on a day in which even the other European markets have gains of over 1%: Frankfurt + 1.08%, London + 1.06% and Paris + 1.40%.
The spread trend is under observation today. Yesterday there was a descent, starting at 3pm, with the speech of Prime Minister Conte. The differential between the Italian 10-year BTP and the German Bund has increased from 215 to 203 basis points on the closing.
Also today downward trend: spread at 200 basis points and yield of Btp at 1.33 percent, at its lowest since early October 2016.
The decline in the spread favors banks, whose benchmark index rises by 1.85%.
Among the titles, today also those in the automotive sector stand out. In addition to Pirelli, +4.59, there is Fiat Chrysler: + 4%, on the rumors, reported by the Sole 24 Ore, of a possible descent of Renault's participation in Nissan. This move could make the merger between Fca and Renault easier.
The climate on the markets is generally expected: in the evening the minutes of the last Fed meeting will be released, the one that decided to cut rates in the United States. Investors will try to understand what will be the moves of Governor Jerome Powell, who on Friday will speak at the informal meeting in Jackson Hole, Wyoming, organized by the Kansas City Fed and which sees central bankers and economists participating every year. In the morning the Shanghai Stock Exchange closed in substantial parity, slightly up (+ 0.17%) for Hong Kong, -0.28% for Tokyo.