Milan closes at the bottom of the European stock exchanges, with the Ftse Mib falling by 1.3% to 29,153 points. In Piazza Affari, the banks are especially slowing down, with MPS at -7.9% after the sale of 25% of the capital by the MEF. Banco Bpm (-4%) and Bper (-3.9%) are also in the red. Only Recordati (+0.6%), Nexi (+0.5%) and Terna (+0.2%) remain above parity.
A day lacking in macroeconomic insights, with a focus on the speeches of Lagarde and Schnabel in the afternoon. Meanwhile, the EU Commission’s verdict on the maneuver has arrived. Brussels judged Italy’s 2024 policy document “not fully in line” with the Council’s recommendations, along with those of eight other countries, including Germany.
In the USA, the spotlight this evening will be on the Fed minutes and Nvidia’s accounts, which will be released when the markets are closed.
On bonds, the BTP-Bund spread widens slightly to the 175 bp area, with the Italian ten-year bond at 4.3%. On Forex the euro/dollar stands at 1.093 while the dollar/yen drops to 147.9. Among raw materials, Brent oil remains in the area of 82 dollars a barrel, in view of the OPEC+ meeting on Sunday.