MILAN (+1,9%) SNOBES S&P AND SEES PINK
WALL STREET STARTS AGAIN FOR ATHENS WAITING FOR THE FED
A nervous session, but with a happy ending. Piazza Affari closed the session with an increase of 1,91% (Ftse/Mib at 14.356), ahead of Frankfurt +1,7%, London +1%, Paris +1,5% and Madrid +1,6%. Even today, however, there has been no shortage of emotions on the financial markets, in the wake of the evolution of an extremely fluid situation. In summary, the news records: downward departure, on the wave of the downgrading of the S&P; progressive but constant recovery for most of the day, punctuated by reassuring news on the Greek front (denial of a referendum on the euro, regular payment of the coupon on thirty-year issues) and, above all, by the announcement that Brazil will offer the BRICS a loan of 10 billion in favor of European countries in difficulty.
Then, to follow, a frost that made the index plunge again, around 16, below 14 thousand up to 13.896 compared to 14.086 at the closing yesterday evening. The news coming from the outlook of the International Monetary Fund which reduced the growth estimates of the European GDP to +1,6% in 2011 from the previous +2% influenced the market performance. For Italy the estimates are cut to +0,6% from +1%. The international institute also considers the risk premium for the government bonds of Italy, Spain and Belgium "worrying" and writes that European banks should proceed immediately with capital increases going beyond the recommendations of the supervisors, as repeatedly urged by the new director Christine Lagarde.
Finally, the crescendo to which two other factors contributed: the start of the Fed summit. The wait for the last (perhaps) epic round of negotiations between the IMF troika, the EU and the ECB on one side and the Greek government on the other that it will begin at 19 pm. In the morning there was a first meeting, described as encouraging. At the beginning Wall Street also traveled under the sign of the stop and go, before the Bull took over pending the outcome of the Fomc: Dow Jones and S&P500 rose by 1,1%, the Nasdaq by 0,8, XNUMX%. Traders expect the Federal Reserve to announce Wednesday evening the launch of a new stimulus plan for the economy, not another quantitative easing but a more surgical intervention than simply "printing money", a rotation of the Fed's securities portfolio that should get the effect of a reduction in long-term interest rates, those that have the greatest impact on the dynamics of consumption.
Meanwhile, a red-warning calm reigns in the fixed-income market. Throughout the day, in the wake of the downgrading, the yield on 10-year BTPs remained at high peaks: 5,64% (9 points more than the day before), the differential with the Bund stable at 385 basis points, against 394 in the morning but only after several purchases by the ECB.
MARCHIONNE GOES TO GOAL ON THE COUNTERFOOT: FIAT +7%
BANKS GOOD, UTILITIES ON SHIELD
The surprise at the end of the day comes from Fiat. In the last part of the session, purchase orders arrived which pushed the Lingotto stock to +7,16%. The reason lies in the outcome of Sergio Marchionne's meeting with analysts in London, in which he confirmed the objectives of the business plan. A coup for effect, given that Marchionne himself had repeated several times that only in the third quarter would he decide whether to review the "guidance" on 2011 and subsequent years. Many analysts were betting on a downward revision given the slowdown in the global economy. Fiat Industrial also rose by 2,41%.
The performance of the banks was also good: Unicredit +0,249%, Intesa Sanpaolo +1,71% or Generali +3,53%. Mediobanca rises by 2,34% But the positive trend was mainly dictated by utilities, thanks also to the rebound in oil and the sentence of a German court which froze nuclear taxes for utilities across the Rhine, giving a boost to European sector index (+2,6%) . In particular, Terna +3,15%, Enel +2,43% and Enel Green Power +1,85% rose. Finally, the leap of Luxottica +3,24% and the recovery of Mediaset +2,34% should be noted.
