Nerve bags awaiting tonight's Fomc communiqué and the developments in Athens where the referendum hypothesis is looming.
Milan, which had managed to stay in positive territory in the morning, slipped into the red in the middle of the session (-0,08%). The other main European stock exchanges contrasted around parity: Paris -0,18%, London -0,06% and Frankfurt +0,15%.
This morning the Treasury placed i 6 billion euro of Btp offered at auction (4 billion five-year and two ten-year bonds). Interest rates rose from the all-time lows recorded in March, respectively from 0,55 to 0,63% for five-year bonds and from 1,34 to 1,4% for ten-year bonds. The spread down to 118 basis points.
On the growth front, while Renzi puts his trust in the electoral law amid opposition protests, Bank of Italy confirmed that the contribution of the ECB's bond purchase program is estimated at 0,5 points this year and almost 1,4 points in the two-year period 2015-2016. In addition, the contribution to inflation would be 0,5 percentage points in 2015 and around 0,7 in 2016.
Investors continue to monitor the situation in Athens. Worries about the referendum that Alexis Tsipras it could call to ask for popular approval for a change of course with respect to the electoral programme. "There is no time", warned the president of the Eurogroup Jeroem Dijsselbloem, pointing out that "Without further aid, Greece will not make it, this is the reality".
Business and consumer confidence fell in the Eurozone in April in the economy from 103,9 in March to 103,7. After the datum on the money supply, the euro-dollar exchange rate exceeded the 1,10 threshold.
Today Tokyo is closed for holidays awaiting Thursday's central bank meeting: the Boj should confirm the policy of robust aid to the economy. The Hong Kong Stock Exchange closed cautiously lower. In Asia, however, the climate remains positive: the news has spread that the People Bank of China, to stimulate the recovery of the economy, is preparing to launch an ECB-style Qe, which provides for the purchase of bonds and other corporate assets. But now caution predominates as we await the FOMC statement expected tonight, from which details are awaited on the timing of the rate hike.
At Piazza Affari Telecom Italia leads the increases +3,41% who benefits from possible involvement in a Vivendi-Mediaset project. The snake +1,06% runs again after the words of Pier Silvio Berlusconi on the possibility of an agreement with Vivendi "to work together". Mediaset's shares were up this morning, on the renewed press rumors regarding the interest of the French Vivendi, in a project that could also involve Telecom Italia and on those concerning a meeting between Silvio Berlusconi and Rupert Murdoch, number one of Sky . During the morning, the no comment from Sky and the official position coming from Cologno Monzese of "not knowing about the meeting" had cooled the headlines.
Also in the light Ferragamo +2,09% and Atlantia +1,79%. Also highlighted are Cnh +1,7 pending the accounts and Mediobanca +1,16%.
Among the thin titles he puts himself in evidence Tiscali +3,88% which rises by 5% on the day it won the Consip tender for the connectivity of the Public Administration.
At the bottom of the Ftse Mib took advantage of Mediolanum -2,46%, Azimut -1,59%, Ubi Banca -0,97%, Tenaris -0,96% and Saipem -0,97%.
