(Il Sole 24 Ore Radiocor) – The geopolitical tensions between the United States and China triggered by the planned visit to Taiwan by the president of the American House, Nancy Pelosi (none of the top American officials have set foot on the island in the last 25 years and Beijing considers Washington’s “interference” a threat in the territory that China has been claiming for years), first derailed the Asian stock exchanges (Tokyo closed down 1.4%, Hong Kong lost about 3 points, Beijing and Shanghai 2%) and also slow down the European indices, which opened with a fractional decline and then immediately widened their losses.
Moreover, the continental stock exchanges, returning from a July to the rescue and a first session in August in modest increase, are again under pressure due to the slowdown in manufacturing and the doubts about the stability of energy demand, pending the decisions of OPEC + ( meanwhile, crude oil futures have moved little, with Brent below 100 dollars a barrel).
Generali slips into Piazza Affari, Leonardo runs
In Milan, meanwhile, the quarterly season continues. Before the opening, Generali saw the main indicators positioned at the top of the consensus starting from the operating result, which reaches 3.1 billion (+ 4.8%). The company also confirmed the targets for 2024 and started the buyback from 500 million euros. Weak also the luxury titles (Ferrari and Moncler) and industrials (Interpump). On the other hand, Saipem had pressed on the accelerator in the early stages (up to + 2.7%), then it slowed down and went into the red, after having won an offshore E&C contract from Enimed in Italy for a value of 300 million. about euros. At the top of the Leonardo – Finmeccanica list awaiting the green light in the US for the Boeing B787s.
Positive BTp, spread with Bund drops to 219 basis points
Positive session for government bonds traded on the electronic secondary Mts. BTp appreciates faster than other eurozone sovereign bonds with the consequence that the spread with Bunds is narrowing. The yield spread between the benchmark ten-year BTp (Isin IT0005436693) and the same German maturity is indicated at 219 basis points, down from 221 basis points on Monday’s final (233 closing at the end of last week). The yields of the Italian ten-year continue on the downward path: they are this morning at 2.9% from 2.97% at the end of the day before (3.15% at closing on Friday).
Tokyo Stock Exchange: US-China tensions down (-1.4% Nikkei)
Sitting all down for the Tokyo Stock Exchange frightened by the possible effects on US-China relations from the expected visit of the Speaker of the US House Nancy Pelosi to Taiwan. The session was oriented downwards from the first trading and continued characterized by sales in all sectors. In closing, the Nikkei index of 225 leading stocks lost 1.4% to 27,594.7 points. Analysts recall that Japanese companies depend on China for a large part of their exports and Pelosi’s visit to Taiwan could have negative consequences for their trade if the tension between the US and China escalates.