The European Stock Exchanges are reducing pace with respect to the momentum of the opening. The Ftse Mib turns negative and travels around parity (+0,01%), the Cac rises by 0%, the Ftse 0,65 by 100k.0% and the Dax by 17%. The European stock exchanges are holding up: they are moving in anticipation of the European summit on Thursday and Friday, supported above all at the start by the rumors relaunched by the Financial Times on an agreement to boost the bailout fund to 0,39 billion. Then there is the prospect of a rate cut by the ECB at tomorrow's meeting. Despite the move by the US authority on futures and derivatives, which has banned foreign bonds (after the Mf Global case, the implicit reference clearly goes to the Eurozone), signs of confidence are coming from government bonds on the resolution of the debt crisis .
In Germany, after the November flop on the placement of bunds which forced the Bundesbank to intervene to rake in unsold bonds, today the 5-year auction recorded a boom in requests for 8,67 billion against the 5 available. Despite yesterday's S&P warning that for the first time questioned the German triple A and certainly not attractive yields of 1,11%.
The spread between 367-year BTPs and the Bund reacted immediately after the German auction to 5,80 points and a yield of 370%, swinging slightly up and down to 356 points, after dropping yesterday to 300 in the wake of the Monti manoeuvre. After the auction, the differential between the Spanish Bonos and the Bund is also back above 110 basis points and between France and Germany above 4,873. But the signal of greater confidence in the stability of peripheral countries thanks to the decisions expected from the summit comes from Portugal: the Portuguese Treasury placed government bonds this morning with double demand and slightly declining yields. In detail, it placed one billion euros in three-month bonos at an interest rate of 4,895%, compared to 16% in the previous auction on 1 November, meeting the set targets of between 1,25 and XNUMX billion.
On the bond front, the fund saves states Efs takes the field with a new short-term issue: the fund has announced the launch of a short-term bond issue by the end of the year after S&P has also put its stock under observation in the coming months triple A in the long term. The issuance of 3, 6 and 12 month bonds will be open to 47 financial institutions and will be attractive to investors. “The launch of a short-term refinancing program – explained chairman Klaus Regling – is in line with our ambition to broaden the fund's scope of action with the use of new instruments. The program will not replace the long-term issues envisaged by the Fund but will give it more flexibility”.
In Piazza Affari, the Ftse Mib is weighed down by the collapse of Fondiaria Sai which loses 6,61% also discounting the exit from the Ftse Mib in favor of Ferragamo. But today the spotlights are also on the meeting of the top management with Isvap which must decide on the capital management operation of the insurance group and in particular on the node of the vehicle company for strategic equity investments. Down by 3,33% Mps, which instead marked a marked increase in the morning, and Mediobanca by 2%. Ansaldo Sts is down 4% despite the new order in France. Banks were weak with Unicredit rising by 0,49%, Intesa by 0,22%. They resist and support the Ftse Mib Ubi Banca which rises by 3,77%, Bpm by 3,05%, Mediolanum by 2,13%, Banco Popolare by 1,18%. Among the major increases also A2a +1,31% and Fiat Industrial +1,19%
