Deep red on the Stock Exchanges and pessimism in a hectic day on the Greek front. Milan loses 2,97%, worst among the main European markets. However, drops above the percentage point also overwhelm the other lists: London -1,43%, Frankfurt -1,96%, Paris -2,23%, Madrid -1,9% The Athens Stock Exchange remains closed until tomorrow.
The price lists began to feel the pinch after the new finance minister, Tsakalotos, presented himself to the Eurogroup this morning without a real new agreement proposal. The president of the Eurogroup Jeroen Dijsselbloem he told reporters that tomorrow the Eurogroup expects to receive the letter from the Greek government asking it to open a negotiation process to obtain a loan (2 or 4 years) from the European Stability Mechanism, the fund to save states in the area EUR. The letter from the Greek government "will be the start of the process" of involving the ESM.
In any case, Dijsselbloem specified, the European Stability Mechanism he can be involved "for medium-term programs as a matter of credibility", which would therefore rule out the hypothesis of a bridge loan at least through the ESM to deal with the liquidity emergency of the banking system. Chancellor Angela Merkel reiterated: it is impossible to take the necessary initiatives without reforms. Tomorrow the premier Alexis Tsipras will interveneà European Parliament. In the late afternoon, a spokesman for the Greek government announced that the Greek prime minister had a telephone conversation with US president Barack Obama, presenting the Greek side's line and proposals for resolving the crisis.
Meanwhile, sales on government bonds are rewarding the bund it has the spread with the BTP widened to 164,94 basis points. In today's auction, 2026-year Bunds (expiring in April 810 and linked to inflation trends) were assigned by Germany for a countervalue of 0,55 million euros at a negative rate of 2,31 per cent gross. However, purchases also on the ten-year BTP which in fact sees the yield drop to XNUMX%.
Wall Street proceeds weakly in line with Europe: the Dow Jones loses 0,59%. The S&P500 is 0,92%. Advanced Micro Devices continued to suffer as it cut its second-quarter revenue estimates citing weak consumer demand for PCs. The group expects a decline in revenues of about 8% on the first quarter against previously given guidance which was for a contraction of 3%. WTI oil dropped by 2,38% hit by fears about the Chinese economy and the appreciation of the dollar. The euro-dollar exchange rate drops 0,98%.
At Piazza Affari only one stock of the Ftse Mib manages to close with a positive sign: wdf +0,20%. At the bottom of the main basket, the collapses are above 5% and mainly affect banks and oil. Among the lenders, Mps -7,48%, Bper -6,44%, Bpm -6,36% suffers the most. The Greek situation and the tension on the markets make it more difficult to think about mergers in the sector as well as creating concerns about the repercussions on the economy and the banking sector. Saipem sells 6,71%. In the wake of the negative news on the US corporate front, Stm sales -5,42%.
