Le European stock exchanges they looked for a rebound but volatility remains sovereign and at the end of the morning. After the positive start, the markets move into negative territory. To the uncertainty on the Greek political front, where today the ball passes to leader of the socialist Pasok party, Evangelos Venizelos (it was he who formed the pacts with the troika), the gloomy picture of the May bulletin of the ECB was added. The most alarming figure concerns unemployment which is expected to rise to 11% from the 10,6% forecast three months ago and the Eurotower does not rule out further negative developments. milan loses 0,25%, London 0,49%, Frankfurt 0,18%, Paris 0,96%%. And Wall Street too starts at a declining opening. From the United States, the data on the trade balance and on the claims for unemployment benefits are expected at 14.30.
Lo BTP-Bund spread it is still well above the threshold of 400 basis points (407 points) and reached a peak of 413 in mid-morning. This is the highest level since the end of January. The new level of the spread between Btp and Bund corresponds to interest rates on our ten-year bonds equal to 5,6%. In this climate, things are no better for Spain. The Madrid spread travels over 450 points, the highest since last November. France's differential also widens, reaching 135.
Bank sales are back in Piazza Affari: Mediobanca, following the nine-month accounts, dropped 4,34% with Equita which reduced the target price to 5,6 euro, Bpm, 3,05%. Mps drops 3,38% to 0,2255, burning all the stock market gains since the beginning of the year and returning below the 30 cents threshold, important in the plan for the restructuring of the maxi-debt of the Mps Foundation, exposed to a pool of banks for around one billion euros. The stock is overwhelmed by yesterday's blitz by the Gdf investigating the Antonveneta operation.
Among the banks Unicredit limits the decline at 0,60%, Banco Popolare is unchanged while Intesa travels against the trend with a positive 0,78%, among the best of the Ftse Mib. Also highlighted on the FTSE is Mib Enel Green Power at +4,24%, Mediolanum +1,60%, Lottomatica +1,90% after the accounts and positive expectations for the coming months, and Telecom Italy +0,53%, after the publication of the accounts and the approval of the board of directors for the disposal of the media sector. Telecom Italy Media thus leaps by 12%. Fondiaria reduces the increase by 6% following the announcement of the new Sator Palladio offer and rises by 2,63% pending the board of directors on the accounts for the first quarter. Bad Buzzi Unicem which sells 3,95% and Fiat Industrial which sells 3,12%.
