Le European stock exchanges reduce the rises and pass in the negative with the exception of Milan: -0,08% the Dax, -0,05% the CAC, -0,24% the Ftse 100. The change of mood is in line with the performance of Wall Street which travels in the red at the closure of the Old Continent ( Dow Jones -0,38% and Nasdaq -0,25%). Instead, the Ftse Mib rose by 1,08%, driven by a good performance by almost the entire banking sector but also by some energy and industrial stocks.
Particularly A2A leads the way (+6,18%) after the resignation of Giuliano Zuccoli, chairman of the management board, from all positions in the group. Also in the light Enel (+5,40%), Prysmian +4,95%) and Ansaldo Sts (+4,58%). Intesa Sanpaolo rises by 2,97%, Unicredit by 2,24%, Bpm + 2,27%, Banco Popolare +1,03% while Mps (-0,53%) and Ubi (-1,86%) are negative . The spread fell below 350 points during the day and then recovered to 360 points.
While investors wonder about the default or not of Greece, the head of sovereign ratings of S&P, Frank Gill, speaks in a web conference: Greece is heading towards a "managed default" with 70% write-downs for private creditors and will be able to repay the 14 billion euro bonds on time March 20th. In the "baseline scenario, Greece will remain in the euro", says Gill, also because any "exit from the eurozone would lead to bankruptcy of the Greek financial system". Then there is the Eurozone rating chapter: there is a one in three chance that the rating of most of the Eurozone countries will be cut, with the exception of Germany and Slovakia.
Thomas Mayer, chief economist of Deutsche Bank, Greece has three days to get a new bailout: otherwise it will be "full-blown default". No official confirmation from the ECB regarding the Greek debt which galvanized the lists in the morning. According to rumors, the Frankfurt institute, which is in principle in favor of cutting its Greek debt, should make a final decision between the weekend and the first days of next week, pending the agreement with the ECB-EU-IMF troika and with the banks. Meanwhile, in the afternoon the meeting between Greek Prime Minister Lucas Papademos and the leaders of the three Greek parties backing his government to approve the troika memo. The euro traded at 1,324 while WTI oil fell back slightly below $99 a barrel after US crude inventories rose less than expected.
