GERMAN BUNDS IN SLIGHT DECREASE. BAGS IN BRAKING
INTESA AND FINMECCANICA ACCELERATE IN MILAN
Weak bag, but the banks are still positive at the halfway point of the session.
In Milan the Ftse Mib index it is down 0,2% after a bet into positive ground. Paris and Frankfurt are down and lose 0,7%. The weakness of European markets can be largely explained by the outcome of the German bund auction.
Germany placed 4,08 billion euros of Schatz with a two-year maturity and zero yield. The target of the issue was 5 billion euros. On July 18, the Berlin Treasury had placed two-year bonds with a negative yield (-0,06%). On the secondary market, the yield on the two-year German government bond is unchanged at 0,007%.
Il Greek Prime Minister Antonis Samaras will see Eurogroup President Jean-Claude Juncker today, in what will be the first of a series of meetings at European level, precisely with the intention of obtaining more time to reform the country's economy, whose accounts are kept afloat by international financial aid.
Meanwhile the Dutch Finance Minister Jan Kees De Jager he said he was against delaying the time frame within which Athens has to finalize the package of reforms and budget cuts: "If this means delaying reforms and budget cuts, then it's not a good idea".
Lo spread between Bunds and BTPs with a 10-year maturity, after having fallen to a minimum of 402 basis points, it is now fluctuating at 408. Monte Paschi is up again today, albeit slightly, +0,5%. On the other hand, Intesa Sanpaolo does not slow down +3%. Unicredit +0,7%, Banco Popolare +0,8%, Mediobanca +1%. Generali is down by 0,8%.
Finmeccanica is up 2% after a downward start on the wave of the planned merger between Ansaldo Energia and the subsidiary Ansaldo Energia Holding, an operation which could herald a definitive exit of Finmeccanica from the energy activities. The disappointing results of the American Dell, which announced a downward revision of its earnings estimates for the whole of 2012 due to the drop in PC demand, weigh on the tech sector. StM drops by 0,9%.
Down Eni -0,8% and other oil-related stocks such as Saipem -1,8% and Tenaris -1,3% Among utilities A2A rises +1,5% and Enel loses 1,4%.
