Sunny day on the stock exchange for banks across Europe. After the agreement reached in the night by the heads of state and government during the last EU council, today in mid-morning the Stoxx gains more than 3%. The sector is in great shape especially in Piazza Affari, dragging the Ftse Mib up by more than two and a half points. Among the major increases in Milan, the pink jersey among the European stock exchanges, we note the shares of Intesa Sanpaolo (+ 4,09%) and Unicredit (+3,83%, after reaching a peak of +7%). Well too Monte dei Paschi (+ 1,68%), Banco Popolare (+ 3,63%) bpm (+ 2,63%).
According to what was established in Brussels, the ESM will be able to lend funds directly to credit institutions, avoiding going through state mediation and thus inflating the public debt. This mechanism for bank recapitalization, however, is subject to a single supervision of the sector in which the European Central Bank will be involved.
But Italian banks, saturated as they are with government bonds, also benefit from the anti-spread shield. The provision will allow the European state-saving funds (first the EFSF, then, when it is operational, the ESM) to buy on the secondary market the bonds of those countries which - despite having done their homework on the subject of the state budget - find themselves with an excessively high spread due to international speculation.
