The Treasury has placed all 7 billion euro of 1-year BOTs, paying higher interest, but still below the psychological threshold of 1%. The average yield rose to 0,962%, the highest since March, from an all-time low of 0,703% in May. Demand rose, with a coverage ratio of 1,49, from the previous 1,16. Bot placement impact on stock market limited.
The spread BTP-Bund, which was at 273 basis points this morning, dropped to 269. Despite the falling spread, the banks suffered: -4,2%% Bpm, -2,69% Mps, -2,41% Banca pop Emilia Romagna and -1,96% Banco Popolare. Fiat also down (-3,28%): UBS has removed the recommendation "buy" while waiting to understand how the company intends to move towards strengthening its capital, also in view of the acquisition of 100% of Chrysler.
Milan is the only stock exchange in red. If the other continental indices remain above the floating threshold, with the exception of the Madrid exploit (+1,6%), the Ftse mib falls by 0,21% and the Ftse All Share by 0,17%.
