Bad day for Milan: Spread Btp-bund at 318 and the Stock Exchange at -1,7%. The banks weigh on the Ftse Mib with Banco Popolare collapsing by 4,66%. The increase in the target price by Equita to 2,4 euros from 2,2 and the confirmation of the buy judgment was of little use. Bad too Bper -4,28% and Mediolanum –4,44% which falls on the accounts with the 2011 net profit decreasing by 70% to 67 million. Exor loses 4,28% e Finmeccanica 3,93%. In contrast with the best rises on the Ftse Mib Stm +1,46%, Diasorin +0,90%, Telecom Italia +0,38%, Snam +0,11% and Terna +0,27%. Fitch confirmed the ratings (and also the negative outlook) while from Consob surveys it was learned that Gernerali holds 2% of the share capital.
Another blow to Italy has come from Standard & Poor's, just as the Government is facing one of the most difficult tests for its political stability: the labor reform which has already triggered harsh controversies against the modification of article 18. “Italy – said Moritz Kraemer, one of the main Standard & Poor's analysts according to reports from Bloomberg – is the country most watched by international authorities, and this because of its large funding requirements that exceed any credible backing with the current financial safety net”.
In the meantime though the Btp Italia is starting to close the last day of placement with a demand that exceeded 6,5 billion euros, well above the Treasury's initial estimates of 1,5-2 billion, a sign that confidence in the Italian debt of small savers, but also of institutions, is returning. And today from Brussels Monti would have received an initial confirmation of what he has been repeating for some time: new reforms are not necessary. European sources told the Ansa agency that Italy "does not need an additional manoeuvre" and seems well on its way towards balancing its budget in 2013, as promised to Europe which now expects "a further growth-oriented effort" .
Judgments that are added to scathing words by ben Bernanke (the European situation remains difficult) and to renewed fears about European growth with the contraction of the manufacturing activity index which has not spared France and Germany. Without forgetting the clouds gathering over the slowdown of the Chinese economy (Chinese PMI index worsened in March as well).
Finally, theEuropean Systemic Risk Board dfter his fifth meeting held today in Frankfurt, he affirmed that the situation on the financial markets "has improved", even if there remains "a systemic risk" linked to uncertainties about sovereign debt, pressure on bank funding and low growth prospects .
They didn't help some good data coming from the US: Jobless claims fell to their lowest level in 4 years in the past week, and the economy super index climbed 0,7%. On the other hand, the data on house prices was negative, the index of which was unchanged in January against expectations of an increase. On Wall Street at the close of the European lists the Dow Jones yields 0,52% and the Nasdaq 0,12%. The euro-dollar exchange rate falls slightly to 1,3190 while the WTI cools down to 105 dollars a barrel.
