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Positive stock markets, the spread is still falling. At Piazza Affari Lights on Mediaset



DAY

After the negative session of Ferragosto, European stock exchanges follow the example of the Asian lists and return. Yesterday, China announced it was ready to take revenge as soon as the new 10% tariffs on Chinese goods planned for early September began. In Piazza Afri weak Fca and Pirelli

by Andrea Fontana

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3 & # 39; from reading

European Stock Exchanges follow the Asian stock markets and date after a session of Feragosto downgraded to major indices (-1.1% London, -0.7% Frankfurt and -0.27% Paris), marked by the threat from Beijing to apply 'Counteraction' required for US import duties, which will start in September, a message that does not mention Washington's opening to delay tariff increases on consumer goods. Piazza Affari, which yesterday did not reject those factors because it was closed for the holidays, also shows rising indices and also takes advantage of the gradual decline in tensions on Italian government bonds, which are waiting to explain the development of the Italian government crisis: The FTSE MIB earns half a percentage point despite sales in the automotive sector, and in particular Pirelli & C and Fiat Chrysler Automobiles. The oil is also weak with Saipem and Eni. Utilities – Enel, Terna and Snam above all – and Unicredit are positive. Leap for Mediaset, which has been following the recovery for the past few days and has returned more than € 2.77, is the equivalent cash value provided to shareholders who will not approve the announced reorganization and who will decide to withdraw.

China: ready to avenge tariffs. In the US, retail sales are good
Yesterday, China announced it was ready to take revenge as soon as the new 10% tariffs on Chinese goods planned for early September began. Investors are not particularly surprised by the announcement, given that Beijing has always said it would respond in kind to Washington in terms of tariffs. If anything, time has shifted the markets. After the recent US compromise (Trump postponed the entry into force of tariffs for certain product categories), markets began to ease tensions between China and the US, and the announcement somehow caught a counterattack.
Meanwhile, mixed signals arrived from US markets yesterday: if operators continue to be on the lookout for recessionary signals, they pull US sovereign bonds at historically low even with long maturities and an inversion of the yield curve, while macroeconomic data show better sales. retail sales in July (+ 0.7%), followed by second quarter data from Walmart.

The trend of Btp / Bund spread

BTp, tensions are still falling as we wait for a solution to the government crisis
Meanwhile, the tensions drop in BTp is being confirmed in the sovereign bond market. Salvini's recent openings for a 5-star dialogue following the announcement of a no-confidence motion in Conte and the threat of early elections offered further confirmation to investors that the return of the ballot box was not immediate. All this contributes to the decline in the spread, which dropped from below 240 points last Friday to below 210th.
The yield gap between the 10-year BTp benchmark (Isin IT0005365165) and the German Equal Duration is set at 208 basis points from 217 points on Wednesday's final. The 10-year BTp yield is 1.38% from 1.53% before mid-August.

The euro returns below $ 1.11
The euro / dollar currency market is below 1.11 for the first time since early August. The exchange rate between the dollar and the yuan is stable, remaining in the area of ​​7.04 Oil reaching $ 55.07 per barrel in September WTI and $ 58.8 per barrel in October Brent.

Nikkei ended with parity (+ 0.1%), uncertainty over US-China dispute


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