The OECD forecasts on growth reduce the impact of the overnight agreement on Greece which, due to the uncertainties that remain, does not warm up the markets much. In Milan, the FtseMib index rose by 0,19% to 15.549. London advances by 0,3%, Paris +0,15%. Better Frankfurt, +0,34%. The Athens Stock Exchange loses 1,5%, National Bank of Greece it loses 10% and similar declines are recorded by the other lenders on the Greek list.
The OECD's six-monthly Economic Outlook revises its growth estimates for all industrialized countries as a whole to 1,4% this year and next from 1,6% and 2,2% respectively in the May projections. For the Eurozone, estimates point to a drop in GDP of -0,4% in 2012 (from -0,1%), -0,1% in 2013 (from +0,9%) and an increase of 1,3 .2014% in 2,2. The USA, on the other hand, should go from +2% this year to +2,8% next year to recover to +2014% in XNUMX. Therefore, the estimates for the big emerging countries have also been revised downwards.
Greece will receive up to 43,7 billion euros in more tranches as it fulfills the conditions set. The December tranche will include 23,8 billion for banks and 10,6 billion for the balance sheet. The goal is to reduce the Greek public debt to 124% of gross domestic product by 2020, reducing the stock by 40 billion euros. For 2022, the goal is to arrive "well below" 110%. In 2016, "when Greece has reached, or is about to reach, a surplus in full compliance with the agreements - said German Finance Minister Wolfgang Schaeuble - we will consider, if necessary, further measures for the reduction of the total debt".
After an initial positive reaction, the euro is retreating. In early trading it had risen to 1,299 against the dollar, from 1,297 at yesterday evening's close. It is now back at 1,297.
A modest reaction also for government bonds: the Bund/Btp spread remained unchanged at 332 following the successful reopening of the placement of a Zero Coupon Treasury Certificate (CTZ) maturing in September 2014. The Treasury placed 3,5 billion euro, exactly the target of the issue, at a yield of 1,92%: on the secondary market the same security was trading at 2,06% this morning. This Ctz was issued in September with a yield of 2,65%.
In Milan, the rise is driven by Mediaset, which gains 2,79% after the promotion of Mediobanca to “neutral" from "underperform”. Among the few stocks in negative territory is Telecom Italy (-2,23%) after the declarations of the Egyptian entrepreneur Naguib Sawiris, who says he is willing to subscribe to a share of a capital increase of three billion, provided that the new shares are issued at market price. Furthermore, Sawiris says he is absolutely against the unbundling of the network. He also walks away from the sale of Telecom Italy Media -2,3%.
Instead, the banks are advancing: Unicredit 0,6% salt, Understanding + 0,8% MontePaschi + 0,35% Pop.Milano + 0,42%.
"The hypothesis of an intervention by Intesa Sanpaolo and Fondazione Cariplo in defense of the Italian spirit of Generali it is a theme that does not exist”. Thus the CEO of Intesa, Enrico Cucchiani, commented on the hypothesis that the Bank and the Cariplo Foundation could increase their respective stakes in Generali. "It's a completely non-existent issue", said Cucchiani, on the sidelines of a conference, recalling, moreover, yesterday's denial by the president of the Cariplo Foundation, Giuseppe Guzzetti, who explained that technically the body cannot make investments in generals. “It seems to me that this is an answer that stops one's mouth definitively”, concluded Cucchiani.
Among industrial stocks, Fiat loses 0,4%, Finmeccanica earn 0,89%. stm (-1,97%) was chosen by Nintendo for the new Wii. The game console adopts a geomagnetic sensor that allows a new leap in quality in the movement of electronic games.
In balance Eni (+0,06%). The six-legged dog announced the accelerated placement of 49,7 million shares, equal to 5,9% of the capital of the Portuguese company, and the issue of a bond convertible into Galp Energia ordinary shares for an amount of 1,1 billion euros. Details of the placement are expected to be released later in the day. In July, Eni had sold 5% of the capital of Galp Energia to Amorim Energia at the price of 14,25 euros per share, remaining with 28,34%.
Finally, the ascent continues, albeit less lively, of Rcs + 2,3%.
