The news from Germany is helping the European stock exchanges and easing selling pressure on the main stock markets after a negative start. The German Parliament has approved the new financial aid package for Greece and the Bundesbank, the German central bank, has revised upwards its growth estimates for 2011 to 3,1% from 2,5% in February. Forecasts for 2012 are also improving with an expected rise in GDP to 1,8% from 1,5%. The German stock market thus recovered its losses, moving into slightly positive territory (+0,22%) after an early session down by 0,10 per cent. But the recovery doesn't last long and all the lists remain in swing awaiting the first news from Wall Street. The Ftse Mib marks a drop of 0,20%, Paris loses 0,2% and Frankfurt 0,2 percent.
The German boost partly offset fears of a too abrupt slowdown in Beijing's economy: the trade balance surplus in May was 13,1 billion dollars, below market expectations of 19,3 billion. But the lower export growth is combined with the positive US export data (at 13% of GDP, an all-time record for the star-striped economy) which allowed Wall Street to break the longest negative streak since February 2009 At the same time, the dollar regained breath against the euro with the currency of the Old Continent reaching 1,447 against the greenback from 1,451 at yesterday evening's close. Oil reverses course after a three-day rise (with Opec which in recent days has not reached an agreement on the increase in production): the WTI future is down by 0,7% and trades at 101,2 dollars the barrel.
On the Milan list (-0,35%) there was a discreet recovery of the banks, led by Intesa Sanpaolo, +7%, and Unicredit, up by 1,1 percent. The exception is Bpm, still under fire for the revelations about the liquidity crisis that the institution allegedly risked last year. The bank in Piazza Meda has announced judicial initiatives against the dripping of news in recent days. Fonsai's performance is good (+2%), one of the few blue chips on the rise.
On the other hand, the morning was down for various industrial stocks that had taken a luvce on the eve, including Fiat (-0,6%) and Prysmian (-1,2%)
Three corporate stories stand out: the recovery of Maire Tecnimont continues (+5,2%) from the lowest levels to which the stock had fallen; the air of reorganization among the various subsidiaries is good for RCS (+2,6%). Finally, Piaggio (+4%) makes good use of the landing in Indonesia.
