Banks down, spreads up. He is not alone in triggering one of the most classic effects of the Italian market waiting for the sentence of Karlsruhe. The shares of lenders still suffer from a merciless report by Société Général.
One hour after opening Unicredit, Intesa Sanpaolo e Banco Popolare they lose about a point and a half in Piazza Affari. Also in red Montepaschi (-1,24%) And Mediobanca (-1,2%). Meanwhile it is spread between BTPs and Bunds it returns above 270 basis points – at 275 – with the Italian ten-year yield rising to 4,34%.
Analysts SocGen they argue that the above-expected first-quarter results of Italian banks show an aggregate profit of 771 million, one of the highest levels in the last five quarters, but also that the quality is bad. The French broker advises taking advantage of Italian banks after the recent appreciation. Not only that: the report also states that Italian banks trade at a 16% premium compared to their competitors in the euro area and this is not sustainable given the deterioration of the scenario.
