THE BAGS ON THE "DAY AFTER" TRY TO START AGAIN
ALSO ASIA AND WALL STREET CLOSE IN RED
Piazza Affari started after yesterday's catastrophic day for the markets, Spain and Italy in the lead. But all world lists closed the session in the red: today they are in recovery.
This morning Tokyo -1,22% and Hong confirmed the negative judgment on the Frankfurt summit: the roadmap of the ECB, as illustrated by Mario Draghi, does not coincide with the intervention times required by the markets. In a note to customers, Merrill Lynch stressed that the conversation was all about "we could": we could do this, we could do that, but no "we will".
Wall Street too, hit by the umpteenth injury of electronic traders (the "victim", Knight Capital, lost 59 percent), it closed in negative territory, albeit limiting the losses: Dow Jones -0,71%, S&P -0,74 %, Nasdaq – 0,36%.
The reaction in Europe was much heavier. In Milan, the FtseMib index of Piazza Affari fell by 4,6%, London fell by 0,7%, Paris and Frankfurt lost respectively 2,3% and 2,1%. The Madrid Stock Exchange finished down 4,7%.
THEeuro, which had risen to 1,24 against the dollar during the session, dropped back to 1,214. The disappointment had serious effects on the secondary government bond market: instead of shrinking, as Draghi had hoped, spreads widened at an impressive rate. The yield of the ten-year BTP jumped to 6,30% from 5,85% at mid-morning. The spread rose to 4506 (+52 basis points).
Il performance of the Spanish Bono it returned to 7,07% (from 6,65%), spread at 583 (+55 points). Why this reaction? First of all because, while waiting for the ECB to finalize “further unconventional monetary policy measures” in the coming weeks, the market remains exposed to the action of the sellers, favored by the stubborn opposition of the Bundesbank. In short, we don't like the idea that the ball returns, as it was logical and inevitable, to the field of politics. It will be up to the governments to activate the bailout funds. It will be up to the countries under fire to resign themselves to signing the memorandums of understanding necessary to obtain help from the bailout fund.
Piazza Affari has thus acknowledged that the crossing in the desert is far from over and the hopes aroused by Mario Draghi's speech in London are a mirage or little more. Most of the blue chips have gone down. The biggest drops concern financial stocks: Unicredit -7,3%, Intesa -9,6%.
General -6,4% on the day of the first press conference of the new Group CEO Mario Greco who undertook to present the group's new strategic plan to the board of directors "in the coming months", focusing it "on the growth rate of profits and on strengthening the balance sheet". In the conference call with analysts, Greco began by revealing that, when contacting him, the Generali board of directors indicated "the improvement of shareholder returns as the main priority".
Mediobanca fell 9,3% down under the weight of the investigations concerning the managing director Alberto Nagel for the now famous "papello" (simple acknowledgment of requests, as claimed by the manager, or a real contract signed with Salvatore Ligresti, as hypothesized by the indictment ). The first meeting of Mediobanca's board of directors is scheduled for September 20 but it is not excluded that the corporate body may meet earlier for information on the investigation. The call could arrive around mid-August. The fall of Enel -5,8% and Enel Green Power -7,3% was very heavy. A2A fell by 9%.
Bad day also for Telecom Italia -6,6% which also got off to a good start on the wave of the statements of the chairman Franco Bernabé who had declared in a conference call that “our dividend policy is absolutely sustainable to ensure consistency with the plans and with external conditions”. Thanks to the "good liquidity position", Telecom Italia will not need to turn to the capital market until 2014.
Only Ferragamo +0,8% and Tenaris +0,1% survived.
Among the industrialists, Fiat and Finmeccanica they fell by more than 5%.
