Mid morning Business Square reverses course and finds its way up to +0,8% with the banks returning to positive territory.
After a new peak at 366 basis points, the Btp bund spread falls back to 350, a level that is always alarming. The uncertainty surrounding the new government weighs heavily on the unknown factor of the downgrade of Moody's on which, however, the Economy Minister said he has no news. He also engraved the warning of the president of Istat Giovannini that it cannot be excluded that the 2013 GDP will drop more than the 1,3% expected by the government.
On the rise, albeit always fractional, too the other lists: London +0,81%, Frankfurt +0,38%, Paris +0,39%.
While Bersani is preparing to go to Colle, the change in sentiment on the stock markets came together with the declarations of the chief economist of the OECD Pier Carlo Padoan and the data on deposits from the ECB which in February indicated an increase of 0,1% on the month precedent for Spanish banks have increased and an unchanged level for Portuguese ones.
Italy underlined theOECD it was the only G7 country to see its GDP fall in the second quarter but the reforms carried out are a solid basis for recovery. The end of the recession is expected between 2013 and 2014. Debt is under control and the market continues to have confidence. The hope is that the country will repay the debts to businesses and that while continuing on the path of compliance with the structural targets that are in sight and within reach, it will certainly not worry too much about the nominal performance in the short term in the event of disappointing negative growth". . Lastly, the OECD has asked for a more accommodating European monetary policy and on the Cyprus case, excluding a contagion between Italy and Spain, instead has mesos on guard on the situation in Slovenia.
The spread a Business Square le banks recover share: Bper +3,30%, Ubi +3,09%, Unicredit +2,25%, Intesa +1,85%, Mediolanum +1,55%. Mps +0,6% awaiting the board of directors on the accounts. In contrast, Bpm on profit taking -1,2%.
S&P Cyprus' bailout plan does not have an "immediate effect" on the ratings of Eurozone banks. But for credit institutions, the climate has changed and the Cyprus affair "may create a precedent" which will induce any new EU aid programs that are less favorable than the previous ones in Spain, Portugal, Greece and Ireland. A sign, notes S&P, of the "reluctance of the strongest countries in the eurozone to use their taxpayers' money in recapitalizing banks outside their own countries". The specific characteristics of the Cypriot banking system, however, notes S&P, have influenced the decision to involve creditors, investors and depositors.
They come back sales after yesterday's rally on Mediaset -0,65%, Profits also on Ansaldo Sts -1,5%. Terna -1,10% Finmeccanica -1,10%.
In light Telecom I +2,92% after the union agreement and the decision of the president Franco Bernabè, and the CEO Marco Patuano to reduce the salary. Rcs -0,92% after the approval of the plan and the capital increase
