Two days after the referendum that rejected the constitutional reform and while there is talk of possible elections, the Milan Stock Exchange is unleashed bull, which closes at the top of the European lists: +4,15%, to 17.757 basis points. The Ftse Mib is dragged up by the banks and even Mps, after a day in the volatility auction, closes positive at +0,91%. On the bond front, the spread decreased by 6,05%, 158.50 basis points, the yield of the Italian ten-year BTP equal to 1,96%.
Wall Street opens flat, but essentially consolidates yesterday's new records. From one part of the world to another there is waiting for the decisions of the central banks. The ECB meets on Thursday and the conviction of an extension of quantitative easing beyond the March 2017 deadline is strengthened, also in light of the increase in political risk, especially in Italy. The Fed on the other hand, in its next meeting, will have to take into account the strength of the American recovery for an intervention on rates. The other European stock exchanges were also exuberant, especially Madrid, rallying at 2,64%. For Paris the increase is 1,26%; while Frankfurt marks +0,85% and London +0,49%.
Purchases are raining down on the Ftse Mib and it is the banks that are contending for the primacy of the day. In the end it's feverish for Unicredit, +12,81%; followed by Mediobanca +9,94%; Ubi Banca +9,70%; Intesa San Paolo +8,16%. In recovery, compared to yesterday's collapse Bp +9,02% and Bpm +9,03%. Day on the shields for Bper: +7%. Banca Generali stands out from the main list, +13,54%, after collection boom in November. Looking at it like this, the Italian banking system seems to be bursting with health, however worries for the future remain looming, so much so that the vice president of the EU Commission Valdis Dombrovskis, at the end of the Ecofin, declared: "Regarding the current situation of the banks in Italy we are in close contact with the Italian authorities”, who “are prepared and ready to move if necessary”.
On the hot front of MPS, a meeting should have taken place in Frankfurt between CEO Marco Morelli and Danièle Nouy, head of banking supervision of the ECB, to ask for time or to evaluate a possible precautionary recapitalization, with a public guarantee. Meanwhile Rocca Salimbeni confirms that subscriptions for the conversion of subordinated bonds into shares reached 1,028 billion euro.
The only minus sign is ahead of Luxottica -0,30%. Weak but also in positive territory Tenaris, which suffers a bit from the tension on the oil front, awaiting the new summit in Vienna on Saturday 10 December between OPEC and non-OPEC countries. At the center is still the reduction of world production, to decide which quotas to apply to members outside the producers' cartel. “The goal – writes Reuters – is to conclude at least one agreement with Russia, to implement the cut of 1,2 million barrels decided last week. Informally, there is talk of a reduction of 600 barrels for third countries, of which 300 to be paid by Moscow”. Black gold suffered a setback today: Brent -1,80%, at 53,95 dollars a barrel. Euro slightly moved against the dollar.
