In the aftermath of Draghi's intervention in defense of the euro, the Bot auction closed with good demand and yields down by half a percentage point. This morning the treasury placed bonds for 8,5 billion euro (demand at 13,7), the maximum amount expected at 2,454% from 2,957%. The result supports Piazza Affari which is moving again in positive territory at +1,66%, after being turned red in the middle of the morning.
On the markets and on spreads, after the positive performance also of Tokyo and Asia, uncertainty returns to make itself felt in the morning after the bad data on Spanish employment, at 24,63% and 5,7 million people out of work , and the new outstretched intervention of the Bundesbank.
The German central bank reiterated that the purchase of government bonds by the ECB remains problematic because it will create false incentives and is not the best way to fight the crisis. On the other hand, the purchase of government bonds by the fund saves EFSF states without problems. Berlin then intervened specifying that "The German government respects the independence of the ECB", responding to a question on Mario Draghi's claims that the ECB is ready to do everything to save the eurozone. If the German government affirms that it is ready to do "everything that is politically necessary" in the euro crisis, it also reiterates that for recourse to the bailout fund with an anti-spread function, "a State must submit an application, in line with the already foreseen".
The European stock markets move nervously trying to recover after the reassurances of Berlin on the independence of the ECB: around 12.45 Frankfurt is up by 0,02%, Paris +0,62%, London +0,02%. Madrid -0,66%. The Btp-bund spread also saw swings, which dropped below 460 in the morning, first returned to above 480 points and a yield above 6% and then cooled down again towards 452 and a yield of 5,97%. The Bono-bund spread is down at 551 points after opening up 548 points from 560 yesterday.
The markets are also looking at a possible coordinated action between the ECB and the states to limit the rise in rates in Spain and Italy, anticipated by the French newspaper Le Monde. Eyes increasingly focused on the ECB meeting in early August.
On Tuesday in Paris, Prime Minister Mario Monti will meet the President of the French Republic François Hollande on an official visit on Tuesday in Paris. On Wednesday Monti will travel to Finland.
The debate on Greece's permanence in the euro continues: Berlin reaffirms its willingness to make every effort to keep Athens in the Eurozone while the president of the EU Commission Josè Manuel Barroso warned Greece to bring "results" as soon as possible so as to save one's permanence in the euro area. Meanwhile, the EU Commission has given the temporary go-ahead for the bridge recapitalization of the main Greek banks (Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece) through the Hellenic Fund for Financial Stability.
In Piazza Affari, Pirelli shines +5,4% after the half-year (profits +39,6%) +5,6%. Positive banks Mediolanum +3,8%, Unicredit +2,48%, Intesa +1,2%, Ubi +1,41$, Banco +1,15%. Mps turns negative -0,29%. On the Ftse Mib Atlantia also stands out +1,8% the approval of the 500 million credit line by the EIB.
Fiat rose by 2,35% among the most traded stocks by value. New negative data for the European car were released today: Renault closed the first half with a net profit down 39% to 746 million euros. "Continued international growth did not compensate for the weakness of the European market," he said. explained the group.
The clash between Sergio Marchionne and Volkswagen continues, after the thrust of the Fiat boss on the prices of the German manufacturer (it is causing "a bloodbath on prices and margins"): "Marchionne is unbearable as president of Acea, we ask him to resign,” retorted Volkswagen communications manager Stephan Gruehsem.
At the bottom of the index Diasorin -1,12%, Impregilo -0,66%, Enel -0,83% Prysmian -0,92%.
