Le European stock exchanges see the light at the end of the tunnel of the Eurozone crisis and, although awaiting greater certainties, are overall optimistic about the political will to put an end to the current crisis: after the rally yesterday Milan, the most volatile of the European markets, climbed again by 1% after having almost wiped out the gains before 13pm, Paris by 0,34%, London by 0,58%, Frankfurt by 0,29%.
Under worldwide pressure, in an interview broadcast this morning by the public broadcaster ARD and anticipated last night, the Chancellor Angela Merkel opened to a political union and announced the presentation, for the next EU summit at the end of June, of a work plan to advance the EU political unification process at a summit which, he said, will have to give a clear signal for ”more Europe” and set deadlines for further reforms in this direction.
Then there is the waiting for a plan to save banks for Spain, which has not officially asked for help, which does not go through a rescue of Madrid, as hoped by various parties, not least the Chancellor of the Exchequer George Osborne in an interview with BBC radio 4. At the moment the audit of the banks is underway for understand the situation of the sector. But confidence also returns to Spain as a confirmation today the auction of government bonds: Madrid saw solid demand and even raised a little more than the expected maximum, with a total of 2,07 billion. However, yields increased: those on 10-year Bonos reached 6,121%, against the 5,778% paid in a similar auction last April 19th. The Madrid Stock Exchange benefited from this, but also the Bono-bund spread which fell to 471 basis points. The result of the French auction also performed well: Paris placed 7,836 billion euros on the market (in line with expectations) of medium and long-term bonds, obtaining falling rates. After the auctions, the Btp-bund spread also fell to 421 points while, according to Bloomberg data, at the end of the morning it rose again to 440 points above the opening level.
But at the end of the morning to weigh down the price lists, however, comes yet another denial by the EU on a possible rescue plan under study: "There is no request for assistance to the EU from the Spanish authorities and therefore there is no rescue plan", said the spokesman of the EU commissioner for economic and monetary affairs Olli Rehn, reiterating that "direct payments to banks do not are possible” neither from the current EFSF fund, nor from the future ESM fund. After today the Boe decided to keep the interest rate unchanged at 1% and according to reports from Bloomberg China cut interest rates by a quarter of a point, now the attention of the markets is now for the intervention of Ben Bernanke of the afternoon.
At Piazza Affari the luxury of Salvatore Ferragamo shines again at +3,5% but also in evidence Mediobanca +2,6% after the declarations of Vincent Bolloré that he said he was ready to increase his share e Telecom Italy +1,79% after the opening of the CDP to a collaboration on the new generation fixed networks. Saipem +2,49% and Bpm +1,81% also did well. The A2A -2,53%, Mediaset -1,87%, Mediolanum - 1,37%, Azimut - 1,35 and Finmeccanica -1,2% list weighed down. The banking sector moves weakly and in contrast. Unchanged Fondiaria Sai which confirmed the board of directors for Monday to examine the new proposal from Unipol which accepted the proposal for 61% of the post-merger entity but said no to capital gains from real estate sales for Fonsai shareholders. Also set for Monday for the Milano Assicurazioni board of directors, which rises by 4,54%
