AFTER GREECE. THE DESCENT OF THE SPREAD CONTINUES. BUT PROFIT TAKES PREVAIL IN THE STOCK EXCHANGE.
THEBrussels agreement on Greek debt does not arouse enthusiasm on the European markets which, after thespanish auction of government bonds, are down slightly. The Ftse Mib index is down by 0,8%. London, Paris and Frankfurt show declines of around 0,7%. Among other things, the greater burden that Greece's private creditors will have to bear compared to the initial forecasts weighs on it. Unicredit -2,1% and Intesa Sanpaolo -2,5% go down in Milan. Ubi -0,8% and Banco Popolare -1,2% also fell.
The decline in the stock market does not hinder the recovery of government bonds. The yield of the 10-year BTP falls by 10 basis points to 5,4% and the spread with the Bund narrows below 340 basis points, at the levels of early September. Madrid, meanwhile, has placed 2,5 billion euros of short-term bonds with steeply declining yields.
The only negative is the crude oil growth against the halt of Iranian exports: WTI oil rose by 1,9% to 105,2 dollars a barrel, on the highs of the last 9 months. Vitol, the leading independent oil trader, expects the barrel to rise to $150.
In the business square Mps takes off + 6%. The sale of a stake by the Foundation to Equinox and Claudio Sposito's Clessidra is approaching while the hypothesis of Alessandro Profumo as the new president of the bank is strengthened.
The prospect of the cancellation of the per capita vote in the Popolari stimulates a further rise in PopMilano +4,7% on top of yesterday's +8%. The Banca Popolare dell'Emilia Romagna also stands out +4%. On the rise, but at a slow trot, also Unicredit and Intesa Sanpaolo.
The projects at Finmeccanica's bedside multiply +3%: the latest hypothesis is that of a possible involvement of the State Railways and Cassa Depositi e Prestiti in the rescue of Ansaldo Breda. Enel Green Power rises by 2%: Goldman Sachs has named it the best green utility in Europe. Industrial companies were down: Pirelli -1,7%, Prysmian -1,6%, Fiat -1,8%. Stm retreats after yesterday's rally and loses 1,6%.
Continue the yo-yo of Maire Tecnimont, up 7% yesterday after sharp declines. The rebound was propitiated by the awarding of contracts worth 145 million dollars in Brazil and Saudi Arabia. Fiera Milano was postponed due to an excessive increase: the CEO of the company, Enrico Pazzali, has announced that an agreement is in the pipeline to export the Borsa del Turismo (BIT), the travel and tourism fair that closed its doors in Milan last week, to China.
