The European stock exchanges are uncertain whether to take the path of increases and give credit to the agreement on the European fiscal compact while the data coming from the economy are far from encouraging: the Ftse Mib rises by 0,61%, the Dax of 0,98%, Cac of 0,61%, the Ftse 100 of 0,65%. From Great Britain, which said no to the agreement by splitting the European front and launching a two-speed Europe, another cold shower is coming. Rumors in the press report that maneuvers have begun to deal with the collapse of the Eurozone.
The top management of the British Consob (Financial Service Authority) will hold a meeting today with the Association of British Banks to develop a plan against a possible financial collapse triggered by a possible disintegration of the euro. However, a strong sign of confidence in the stability of the Eurozone came from the Spanish auction which recorded a boom in demand and placed over 6 billion euros in countervalue (maturity 2016, 2020, 2021). However, the rate on the 5,545-year bond rose to 5,433% from XNUMX% at the previous auction.
The spread between BTPs and Bunds is also reacting well which, still at record levels, however narrows to 484 basis points from 495 (yield at 6,77%) and is now traveling down to 480 basis points. In Piazza Affari the banks are driving the Ftse Mib with increases up to 3,90% of the Bpm. Intesa rises by 3,10% and Mps by 2,61%. The sub-fund benefits, in line with the European one, from the rumors about a possible revision of the parameters of the capitalization requirements (9% of Core Tier1) with the aim of preventing the credit crunch.
But in the uncertainty about the real scope of the fiscal compact and its green light in the various countries of the eurozone, the price lists slowed down in the morning conditioned by numerous factors. Starting with the alarm from the ECB which sees "high uncertainty" and "considerable downside risks" for Europe. For Italy, while the maneuver is preparing for a vote of confidence tomorrow, Confindustria has sounded the recession alarm by drastically revising its GDP forecasts downwards to -1,6% from +0,2% for 2012.
The "locomotive of Europe" is not shining either, which after having undergone a downward revision of growth estimates first by the Bundesbank and then by the Ifo in recent days, today receives the heavy forecast of the German Institute for Economic Research Iwh. At the eurozone level, the contraction in manufacturing continues for the fourth consecutive month according to the Markit PMI index. The euro continues to trade below the psychological threshold of 1,30 against the dollar in the 1,2993 area while strong sales are also recorded on commodities.
Oil returns to 95,94 dollars a barrel (New York) after yesterday's collapse following OPEC's decision to increase supply and raise the production ceiling to 30 million barrels a day. In Piazza Affari, Enel is among the best stocks together with the banks +1,64%. Among the worst still Fondiaria Sai -1,65%, Azimut -3,50% and Mediaset -2,94% after the downgrade of Goldman Sachs.
