Contrasted markets in Europe and slight respite for government bond spreads. Milan closes up 0,23%, the only one together with Madrid (+0,48%) among the main European stock exchanges, in the wake of the confidence obtained by Prime Minister Mario Monti in the Chamber. In Europe, the Dax drops by 0,85%, the Cac by 0,44% and the Ftse 100 by 1,11% (while tensions rise between Germany and Great Britain, which however is not part of the Eurozone). Wall Street opens positive, at the end of the European markets, the Dow Jones rose by 0,43% and the Nasdaq dropped by 0,10%, despite the October superindex having risen by 0,9%, marking the strongest increase since February.
The tension on the spreads between the BTPs and the Bunds eased in the wake of Monti's speech and the confidence in the Chamber and during the day the differential cooled to around 466 basis points. The spread between Spanish (below 450 points) and French (160 points) ten-year bonds is also decreasing, a symptom in recent days of a crisis that is spreading like wildfire in the rest of Europe as well. Because if Italy's "weak link" is worrying, the real game for the stability of the euro is being played at the top European levels. And this is why Mario Monti will see Angela Merkel and Nicolas Sarkozy in Brussels next week, in a tripartite summit after the management of the crisis has been increasingly dominated by the Franco-German duo in recent months. The Eurobond proposal could also return to the table, while in December Merkel aims to open the building sites for the reform of the European treaties.
Mario Draghi, as president of the ECB, intervened to ask for the acceleration of the measures aimed at strengthening the economic governance of Europe and the implementation of the decisions taken, starting from the EFSF States-saving fund. In the background, an economy that according to the ECB is still weakening. But it is precisely the role of the ECB, which is continuing to buy Italian and Spanish government bonds to calm tensions on spreads, the crux on which the greatest divergences between European states are consumed.
The recovery of the euro continues, rising just above 1,35 against the dollar, while US WTI oil retraces the area to 98 dollars a barrel.
RUNS UNDERSTANDING TOWARDS AFTER PASSERA
SAFILO'S LEAP
In Piazza Affari, the easing of tensions on the spread helps the banking sector which ends overall positive despite Morgan Stanley's view on the sector: for the investment bank, the prospect of a new wave of recession for Italy, combined with the increase in funding costs, is expected to put pressure on the earnings of major institutions. Intesa Sanpaolo shines +2,44% and Ubi Banca +3,72%, Unicredit rises by 1,14%. Among the best also Bper + 2,71%. Heavy decline in the Bpm banking sector (-6,95%) on the last day of the capital increase and Mediobanca -3,63%.
Among the best non-banking stocks in evidence on the Ftse Mib Campari (+3,24%), Buzzi Unicem (1,74%) Mediaset. Safilo redeems itself on the All Share with a leap of 6,45% after conquering Polaroid Eyewear. Still in the red instead Finmeccanica (-2,78%) on which sales continue after the downgrade of Deutsche Bank. Fiat (-3,16%) and Luxottica (-2,6%) were also bad on the rumors that Andrea Guerra would be in pole position for the leadership of Intesa Sanpaolo after the departure of Corrado Passera.
