More than a honeymoon. The markets greeted Mario Monti's appointment according to the most classic tradition: buy on the rumor, sell on the news. But more than the decline in Piazza Affari, the trend reversal of the sovereign debt market has a negative effect, following the positive but not exceptional outcome of the five-year BTP auction, closed at a rate of 6,29% , much less than the maximum peak (7,50%) of a week ago, but significantly higher than the yield between September and mid-October (5,00-5,50%) .
The FtseMib index erased initial gains (+1,3%) and is now down 1,5%. The stock exchanges of London (-0,8%), Paris (-1,3%) and Frankfurt (-1%) are negative. In Europe, the greatest losses are on insurance companies (Stoxx -1,5%), utilities (-1,4%) and banks (-1,2%). In addition to the tensions on bonds, the macro data weigh: the OECD communicated that the so-called "super-index" marked the sixth consecutive contraction (-0,4 points) to 100,4. The euro area recorded a more marked contraction of 0,8 points
In Piazza Affari some banks remain positive: Banco Popolare +0,8% and Monte Paschi +1% while Intesa -2% pays for the non-rebound of debt securities. Under fire, a few hours from the board of directors on the capital increase, Unicredit -3,6% while Banca Popolare Milano sinks -5,6%. Auto stocks were weak from the early morning: Fiat dropped by 2,3%, Fiat Industrial -4,1%, Pirelli -2,2%. Negative signs are coming from the quarterly reports.
Campari falls -7% after lower than expected results. After a long suspension due to excessive downtrend, Prelios falls by 16%. Rcs +5,5% remains positive.
