The attempt to raise the Italian stock market seems to die down at noon, then a timid rebound follows. Business Square already up by 0,7%, it abruptly passed into negative ground around 21.300 points and then returned at 13pm to positive ground +0,4% at 21.455 points. Just above parity Frankfurt +0,15%, Paris +0,3%.
The change of course was triggered by the publication of the draft agreement for the reform of the euro area, which takes no account of the requests of the new Italian executive in view of the EU summit scheduled for next Thursday and Friday. determined to confer greater powers to the ESM States Save Fund which, in emergencies, will be able to intervene with loans to contribute to the resolution of failing banks, but will have greater powers to propose and monitor assistance programmes.
Go back to widen it spread Bpt/Bund reached 260,115 basis points with the yield on Italian bonds at 2,90%, up sharply from 2,84% on the eve. The margin of advantage over Greek stocks is still thinning, down to 110 points.
In today's auction a new leap was recorded in the yield of the Ctz: +57 basis points to 0,917% after the +63 basis points of last month's placement. Good demand, equal to 3,29 billion, with a coverage ratio of 1,88. The entire maximum amount offered of the seventh tranche of the security on 30 March 2020 was assigned at a price of 98,41. Also up for auction today are two Btpei. The 5-year security on May 15, 2023, third tranche, was requested for 1,44 billion and the Treasury placed bonds for 838 million with a gross yield of 0,90% (clearance price 96,18). The thirty-year 15 September 2041 (24th tranche) recorded requests for 727 million: 412 million in securities assigned with a yield of 2,14% and a clearing price of 107,7.
The banking sector, after an upward start, turned negative, with the sector index -1,10%. Stay positive Bper +0,3% sustained by the axis with Unipol +0,2%. Instead, they have moved into negative territory Bpm bank -1,7% Mediobanca -1,03% Ubi -1,04%), Understanding -0,94%), Unicredit -0,42%. Negative too Carige-1,2%) after the resignation of the president Giuseppe Tesauro.
The robust recovery of Fiat Chrysler +2,5%: Morgan Stanley values Jeep and Ram at 28 euros. The house has announced a $3 billion investment in Latin America. The goal is to sell one million vehicles in 2022 (700 this year).
In reverse Leonardo it is the worst blue chip with a drop of 1,8%.
Bounce content for Prysmian +0,43% after the 10% plunge the day before, in the wake of the profit warning linked to the Western Link project. It also recovers stm + 1,95%.
Utilities are strong, in line with the sector at European level +1,1%: Italgas gains 2,4%, closely followed by Terna +2% and Snam +2%.
In the rest of the list:
- biesse sells 5,9% after announcing the withdrawal of the application to Consob for authorization to publish the prospectus relating to the listing of the subsidiary HSD.
- Also declining Avio -3,2%.
