Finally a breath of fresh air: European stock markets recover after three consecutive sessions down. In Milan, the FtseMib index, despite slowing down in the final stages, closed by 0,5% to 16.222. Paris +0,7%, Frankfurt +0,7% and London +0,5% also did well.
Favoring the rebound was the reaction of Deutsche Bank, which gained 2%, rebounding from yesterday's all-time low. CEO John Cryan ruled out a possible capital increase and denied reports that the German bank had asked for state aid. The German Finance Ministry also ruled out that the government is preparing a bailout plan.
Mario Draghi, in his speech to the Bundestag, avoided any mention of the crisis of the German giant: the president of the ECB defended the current monetary policy centered on zero rates, without which there would have been the risk of a new Great Depression. Conversely, the ultra-low interest rate policy cannot be held responsible for the woes of some German banks.
In Milan predominantly positive banks: Unicredit +1,5%, Intesa -0,2%, Monte Paschi -0,4%. Pop Bank. Emilia +2,2%. Insurance companies also recovered: Generali +0,1%, Unipol +3,1%.
It proceeds without ringing OPEC conference in Algiers: meanwhile Brent rose by 1,4% to 46,5 dollars, due to the drop in US strategic stocks of hydrocarbons, which fell below forecasts. In Piazza Affari Eni rose by 0,3%, Saipem -0,3%, Tenaris +1,3%.
Consistent earnings for industrialists: StM +1,2%, Fiat Chrysler +0,9%. Buildings are even better, after Prime Minister Renzi has relaunched the idea of the bridge over the Strait of Messina: Buzzi +3,2%, Salini Impregilo +6,7%, Trevi +4,4%, Cementir +2,8%.
