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by Fabrizio Patti June 25, 2020
Day of fluctuations for European markets, after yesterday's drops. Now they are all around parity, Milan + 0.03%. London and Frankfurt and Paris indices were slightly negative. 

The strategic partnership announced yesterday by Generali and Cattolica Assicurazioni is highlighted. Generali will enter Cattolica with a capital increase of approximately 300 million, corresponding to a share of approximately 25%. Cattolica had recently received a request from the insurance authority for a capital increase of 500 million.
The reaction was decided: Generali + 32%, Cattolica -0.30%.

But it is a very diversified trend between sectors. Today the rise is mainly from energy and water suppliers, utilities (+ 1% for the sector index in Piazza Affari). They are less tied to business cycles, a sign that there is no lack of worries.

Yesterday the International Monetary Fund revised its forecasts for World GDP downwards (-4.9%). The White House leaked the possibility of new duties on European goods for 3.1 billion dollars, this shortly after the Vice-President of the European Commissioner Margrethe Vestager had said that the Union is ready to move forward on the web tax alone, the tax on technology companies. Investors are also looking closely at the contagion data, which is increasing in different areas of the world.

All of this has kept gold high since 2012 and close to historic highs, at $ 1,767 an ounce.

The financial centers of Seoul and Tokyo were weak during the night. Shanghai and Hong Kong were closed for holidays, the so-called dragon boat festival. 
The futures on Wall Street anticipate a slightly lower opening, while like every Thursday the weekly data on unemployment benefit requests are expected, at 2.30 pm Italian time.
Update: 12:50