After a bold start, Piazza Affari retraced its steps. Indeed, the Ftse Mib index, which gained almost 2% at the start of the session, took the downward path, accumulating a loss of 12.30% at 2,02 below the 22.000 point limit. Meanwhile Carlo Cottarelli went up to the Quirinale ehreceived the task of forming the new government specifying that, in case of lack of confidence, the elections will be called after the August break. The words of the Prime Minister in charge partially reduced the losses and the Ftse Eb it drops 0,9% returning above 22 thousand points.
The other European stock exchanges also slow down, below parity after a positive start. Madrid also down -0,3% which thus nullifies the attempted recovery after the sharp declines at the weekend due to the risk of early elections.
Back to climb in the late morning too spread against the Bund which at 13 pm is above 230 points. The 2,60-year yield climbs back to 2,34%, from 114% this morning. The gap between two-year titles also widens again to 174 points. The CDS, the derivative that measures the Italian default risk, is still up: 2017 basis points, a new high since June XNUMX.
The dramatic tug of war has already produced a first very significant result on the debt front, also on a psychological level: the yield of the Ctz is back in positive territory at 0,35% against the previous one - 0,275%. The request was 3,25 billion, with a coverage ratio of 1,86, higher than the 1,58 in April.
Tomorrow the auction of the six-month Bots will be held for 5,5 billion euros.
L'EUR trades at 1,1649 on the dollar.
Also noteworthy is the sharp decline in the Petroleum. Russia and OPEC have confirmed their intention to increase production. North Sea crude oil loses 2% to 75 dollars a barrel, closing last week with a drop of 2,6%. The differential between the two reference oils, Brent and Wti, widens again and reaches the maximum of the last three years at 8 dollars a barrel. They slow down Eni -1,5%. Saipem -1%.
Asset management in Piazza Affari is bad: -5,51% General Bank, -6,6% Finecobank. Banks collapse: Bper -7, Bpm bank -6,9% Where's Banca -6,8% Unicredit -4, Understanding -2,75%.
It resists in positive ground Ferrari +0,8% after gaining more than one percentage point.
