AID TO BANKS PUSHES THE MARKETS: MILAN +2%
THE ECB KEEPS RATES UNCHANGED: THE STOCK MARKS KEEP RUNNING
Stock markets continue the positive trend that began yesterday, thanks to optimism about Europe's ability to help the banks and contain the debt crisis. In Milan, the FtseMib index accelerates to +2,01 at 15.103 points. Paris +1,3%, Madrid +1,6%, London +1,1%. The leading Stock Exchange is Frankfurt +2% thanks also to the sprint of the car. Indeed, the Stoxx index of the European sector is up 2,5%. Fiat confirms itself among the best with a 4% gain, which adds to the 10% leap it achieved yesterday. Also noteworthy in the Agnelli galaxy is the increase in Fiat Industrial +1,5% and Exor +2,7%. Pirelli rises by 3,8%.
The ECB, as expected by the majority of economists, has kept interest rates unchanged. It was the last Governing Council chaired by Jean-Claude Trichet.
The three-month Euribor was fixed at 1,556% from 1,558% yesterday. Confidence in Italy recovers: the yield on the 10-year BTP falls by 6 basis points to 5,43% and the spread with the German bund (+4 basis points to 1,87%) narrows to 357 basis points from 363 this morning. Oil staged a strong rebound last night with WTI recovering to 80 dollars a barrel (+5%) and Brent to 103 dollars (+3%). Euro stable this morning at 1,332 against the dollar.
"Le Figaro", a newspaper close to the Elysée, announced this morning that the French government is working on a bailout plan with the aim of entering the capital of banks in difficulty. A government source denied the rumor but the market seems to believe it judging by the strong recovery of French banks: Bnp Paribas +7%, Crédit Agricole +4%, even +10,8% for Natixis. In Piazza Affari, Unicredit and Intesa rose respectively by 2,2% and 1,7%. Generali gains 1,7%: Moody's specified that it has not cut the company's rating due to its strong diversification outside Italy.
MODIAN. ME IN BPM? IT'S A GAG
LISTS READY BY SATURDAY
Pietro Modiano withdraws from full nominations for the Popolare di Milano (+0,36%). His name had been put forward by the union component Fisac CGIL, but the banker is not interested. "I have read of this interest - he says - I take note of it, but this gag opens and closes today. I read that by Saturday the lists will come out and everything will end ". Today Modiano participates in a conference as president of Nomisma.
Flurry of increases in the industrial sector: Prysmian +4,2%, Tenaris +4% and Saipem +2,5%, on par with Ansaldo Sts. Buzzi grows by 2,4%. Indesit goes up by 4%. Campari slides down 0,1%: SocGen cut its rating to sell from hold. They recover The recovery of luxury continues: Yoox +6%, Ferragamo +4%.
