At the end of the morning, Piazza Affari recovers from the lows of the start of the session but moves extremely volatile after an attempted recovery around parity. In mid-morning, the recovery was facilitated by the spread falling below 400 pending the 12- and 3-month BOT auction. And that collected a good result: the Treasury placed on the market all seven billion euros of 12-month Treasury bonds in May 2013 against the 12,5 billion requested by investors with a yield down to 2,34% from 2,84 % last month and the 3-month Bot also got high demand.
But there are too many uncertainties on the table and lists throughout Europe are moving uncertainly in negative territory awaiting further developments in the situation: Milan once again extends the declines to 0,51%, Paris loses 0,98%, London 0,60% and Frankfurt 0,54, after the Asian markets closed down (Hong Kong - 1,3%, Shanghai -0,63%). The euro is down slightly against the dollar towards 1,29.
Featured the evolution of the Greek political crisis: under pressure from the EU, which demands compliance with the commitments for the disbursement of aid and assures that otherwise Europe will be able to manage Greece's exit from the euro without problems (an eventuality that more and more observers believe probable), the Greek political forces are trying to find an agreement for a government of national unity. The meeting between the leader of Pasok, Evanghelos Venizelos, and that of the coalition of the Left (Syriza), Alexis Tsipras, has been postponed this evening to 19 pm. The fear of new elections could push parties, reports the Greek press, to a positive result during the meeting of party leaders under the presidency of the head of state Karolos Papoulias which could take place between Sunday 13 and Monday 14.
Then there is the Spanish front where the Bono Bund spread remains at 448 pending the fourth national bank restructuring plan in three years expected today. Contradictory signals also from the international banking front: if yesterday the news in which Goldman Sachs announced that it had subscribed 2,3 billion dollars of Italian government bonds in the first quarter and increased its exposure to a series of peripheral countries of Europe has galvanized the stock exchanges today the French insurance group Cnp Assurances announced the reduction of its exposure to Italian sovereign debt by 1,38 billion euros in the first quarter of 2011, from 12,64 to 11,26 billion. Meanwhile, Jp Morgan's hole of over two billion dollars in trading is recorded, caused by a "gross" error in risk management reported during the night by the CEO of the US bank.
There's more: China released worse-than-expected industrial production data and to its lowest since 2009, industrial production in India slowed by 3,4% in March compared to the same month of 2011, confirming the slowdown of the Indian economy as well, finally, the EU cut its GDP estimates for Italy and the February picture for the Eurozone was confirmed, while the OECD signaled that Italy is only bringing up the rear for employment ahead of Greece and Turkey and at the level of Spain and Hungary.
A cocktail of tensions that justifies the uncertainty and volatility of the Stock Exchanges in the last session of a particularly volatile week. In Piazza Affari, the losses are generalized and transversal by sector: at the bottom of the Ftse Mib is Tenaris -2,75%, weighed down by the thud of Vallourec, its French competitor, which released a weak quarterly report, halving its estimates on the growth of the turnover in 2012. Stm also fell by 2,52%, Mediaset -2,63% still in the wake of the disappointing results released during the week, Ubi Banca -1,51%. The banking sector also weighs. In red, just above the percentage point, the main institutes. On the other hand, A2A +4,69%, Pirelli +4,05%, Mediolanum +2,51, Fiat +1,80% stands out.
