After a positive start, Milan's FtseMib index has drastically changed course and is now down 2,35% to 14.932. The other European Stock Exchanges are also down: London -0,67%, Paris -0,92%, Frankfurt -1,23%.
The reason lies in the unhappy outcome of the French auction. Paris placed 8,44 billion euros (against a target of 8,5 billion) at the top of the forecast range. However, the 2,98-year yield rose to 2,91% from 5,5% at the previous auction. On the government bond market, the ten-year BTP is once again suffering after yesterday's drop and the yield rises to 377%. The spread with the Bund widened to 15 points (+XNUMX points).
Meanwhile, the Spain effect continues to weigh on stock markets: the spread between Spanish ten-year bonds and the equivalent German bund flies to 400 basis points for the first time since December.
The possible positive effect of the OK to the labor reform was also nullified by the signals arriving from Istat: in the last quarter of 2011, the propensity to save fell by 12% to its lowest since 1995. The rest of the EU also multiply the negative signs. Industrial production in Germany fell by 1,3% in February (-0,5% the consensus) and by 1% per year (-0,5% the forecasts). Meanwhile, manufacturing output in the UK fell 1% on the month and 1,4% on the year in February.
Anticipation is growing for the data on weekly subsidy applications in the US which will be announced in the afternoon.
The fight around Rcs Media Group, up by about 16% after a suspension due to excessive increases, explodes on the Piazza Affari price list.
Consob's decision on the takeover bid price on Edison (the offer of 0,84 euros is insufficient, to be adjusted up to 0,95 euros) has accentuated, pending the response from EDF, the downward trend of the utilities involved in the Edipower operation: A2A -1,53%, Iren -2,73% . Enel -1,7% and Enel Green Power -1,3% also fell.
The real ballast of the list are the banks: Unicredit drops by 4,75%, Intesa -1%, Banco Popolare -3,6%. MontePaschi -5,36% and PopMilano -5,44% fell sharply.
Utilities are down throughout Europe and in Milan A2A -2,1%, Enel -2,39% and Enel Green Power -3,02% suffer. Below also Fiat -1,99%, Fiat Industrial -1,42% and Finmeccanica -2,59%. Also down were Eni +0,76% and Saipem -0,66%. Against the trend, StM recovered by 1% and the luxury stocks: Ferragamo +1,6%, Luxottica +0,8%. Among the insurance companies, Unipol loses 4%.
