Stock exchanges run, the spread collapses, the euro gallops and oil catches fire. Ben Bernanke has dropped his bazooka. A move in which the markets hoped and in a certain sense they expected but which went beyond expectations of predictions for courage and range. The price lists thus reacted with euphoria. Milan flies by 2,3% driven by the positive reaction of the banking sector and moreover by the fall in the spread of 332 points from 342 at the opening: Unicredit +2,92%, Intesa +2,48% and Bmps +3,75%. But at the top of the Ftse Mib stand Mediaset +4,50%, Prysmian +4,32%, Pirelli +4,25%, Fiat Industrial +4% where since last week the popular banks and the French savings banks (BPCE) have been the second largest shareholder of Fiat Industria with over 5% of the capital.
Stm rises by around 4% with sustained volumes after the news that the group's new strategic plan will arrive in December, which will focus on the two pillars, namely digital and analog. Today Georges Penalver, member of the France Telecom/Orange board of directors, was also appointed executive vice president, member of the Corporate Strategic Committee and Corporate Strategy Officer. Eni rises by 3,34%, thanks to the increases in oil prices, after the first easing of the CDP in the capital. Yesterday the Cassa placed a first quota exceeding 30%, equal to 1,7 per cent. Among the possible buyers are the sovereign wealth funds of Qatar, Abu Dhabi and Kuwait.
However, Telecom Italia does not participate in the general euphoria on the Ftse Mib -0,30%, which announced an agreement with Fastweb for new generation networks, Parmalat -0,64%, Lottomatica -0,24%
Europe also runs: Frankfurt +1,49%, Paris +1,98%, London +1,54%. The euro rises above 1,30 against the dollar to 1,3065. Oil, also due to tensions in the Middle East and North Africa, climbs back to 100 dollars a barrel for the first time since May in New York's electronic trading. Gold gallops towards 1.800 on inflationary fears, rising to 1.776, 30 dollars an ounce.
In Europe, the new tensions in Greece remain in the background where there has been talk of the need, denied by Athens, for a third aid package. The three diehards, Holland, Germany and Austria, have already blocked new aid, while allowing Greece more time to achieve its recovery objectives. Meanwhile, the aid plan for Spain is taking shape, which Prime Minister Rajoy is still reluctant to ask for but according to many observers it is only a matter of time. The ECB, writes the Dutch newspaper Financieele Dagblad, would have started informal contacts with the IMF for a possible package of 300 billion euros. The issue should be on the table today at the Cyprus Eurogroup. In particular, the plan should include the launch of the program for the purchase of Spanish government bonds by the ECB and Frankfurt wants the IMF to ensure close monitoring of Spain to verify the implementation of the severe conditions regarding reforms and spending reductions .
But the mere announcement of Draghi's anti-spread shield has already brought the Spanish Bono-bund spread rapidly below 400 points. Europe is already seeing "positive results" from the European Central Bank's announcement that it is ready for unlimited purchases of government bonds issued by eurozone countries, Draghi argued in an interview with the German newspaper Suddeutsche Zeitung. Let's get ready to see Draghi under the glass dome in the Bundestag to convince the Germans of the goodness of his moves. The president of the ECB, who has demonstrated his ability and vision with his decisions, still won't let go and aims to persuade even the most diehards by stating in an interview that he would be happy to be able to explain his plans to parliament German.
To give hope for greater stability on the markets there is also the single supervision of European banks, entrusted to the Eurotower, which will start in January 2013, even if the German finance minister Wolfgang Schauble has already pointed out upon joining the Eurogroup that the direct recapitalization of the banks, through the ESM bailout fund, will not take place by that date.
