In Piazza Affari, it continues to keep the bank Intesa Sanpaolo’s offer for Ubi: the latter returns to rise after the extension of two groups which gives breath to the referees, while the membership of the Bergamo shareholders of the Car arrives. Tim is also in the spotlight, which raised the offer for Oi in Brazil to 3.2 billion. In the banking sector in general, it makes itself felt the request of the ECB to stop dividends until January 2021 and to limit bonuses to managers, to defend capital in a phase made uncertain by Covid. The publications of the quarterly reports continue, which concern the Campari: numbers in decline with Covid, but above the expectations of analysts who push the stock on the Stock Exchange.
The price oforo it therefore continued its run, at first, touching a new historical record in the spot version at $ 1,981 an ounce, then falling back to $ 1,945 an ounce. Threshold of the 2 thousand that was reached, however, by futures in the night. The uncertainty about the increase in contagions in the United States and the risk that all this could derail the American recovery weaken the dollar and favor the race for safe haven goods. Meanwhile, investors are betting that the Fed will reiterate its ultra-accommodative monetary policy tomorrow, on the eve of the spread of US GDP data, which in the second quarter should record an unprecedented contraction of the economy at -35%. Last night, Citi analysts updated their target price for yellow metal in the short term to $ 2,100 an ounce, with the prospect of reaching more than $ 2,300 in 6-12 months which is becoming more concrete: among the support elements mentioned, also record flows of investments by ETFs – derivatives that hold quantities of physical metal – and stagnant inflation.
L’euro opens slightly lower but remains above $ 1.17, after hitting a new 22-month high at $ 1.1781. The weakening of the greenback continues to 105.22 on the yen and to the lows since mid 2015 on the Swiss franc. The pound also remains above 1.28 against the dollar. Euro / yen up to 123.91. The rise in the Japanese currency, a currency considered to be a safe haven, is linked to fears of US-China tensions. The euro, on the other hand, has been rallying on the greenback since the announcement of the European agreement on the Recovery Fund. Investors are betting on the single currency because they perceive the euro area as safer than the United States. The spread between the BTP and the German Bund, 147 basis points moved steadily in the area in the early stages with a ten-year yield of just under 1% on the secondary market. In the meantime, the Treasury placed 3.25 billion (5.38 billion in demand) in a 24-month Ctz auction with a gross yield down by 13 basis points to -0.031 percent. Also 10-year BTP-i were placed for 1 billion (1.48 billion the demand) with a yield down 83 basis points to 0.46 percent.
The day is full of macroeconomic ideas: the first in importance is consumer confidence in the USA in July. On the European side, Eurostat highlights a 3% drop in consumption in the first quarter of the year, underlining that this is the largest collapse ever recorded since the beginning of its statistics, with Italy marking the EU’s most marked drop : -6.4%. In Parliament they take place important hearings on the Pnr, from Bankitalia to Minister Gualtieri.
A Wall Street the futures are few moves, after the new upward closing, driven by tech stocks. Dow Jones futures advanced 0.05%, S&P futures 0.09% and Nasdaq futures 0.19%. In the Senate, the GOPs launch a multi-billion dollar plan, the fifth round of aid which the dems have already rejected. The Republicans’ plan contains a reduction from $ 600 to $ 200 a week for jobless Americans, pending payments in September to combine with state subsidies to bring aid to the unemployed to 70% of their last salary. The $ 600 per week subsidies expire at the end of July, which the Democrats would like to extend until January.
The Asian stock exchanges moved positively in the morning, with the exception of Tokyo which files 0.1%.
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