Business Square believes it: the next anti-spread shield it may be able to avoid new attacks on the public debt of the Bel Paese. Hence the robust recovery of banking stocks, starting with the flagship Intesa Sanpaolo (+3,28%), in line with Bpm bank, the most followed by speculation in the credit sector. Unicredit +3%. It's an exception Bper (-0,5%): Consob has ordered the suspension of the terms for the investigation of Banca Carige's offer until the completion of the information framework and in any case for no more than 15 days starting from 17 June.
Il BTP traffic at 3,55%, down slightly from Friday. The spread finally drops below 200, to 193, pending the words of Christine Lagarde, who at 15 pm will give a speech to the political and monetary affairs committee of the EU Parliament from which indications on the plan could emerge.
It doesn't weigh that much, for now, the uncertain outcome of the French elections. Salt, but not by much, the yield of the Oat, at 2,2359% (+4 basis points), the cac 40, +0,03% (thanks to Renault, +7%), against +0,7 of the Milanese index.
to 13 the new BTP Italy it collected subscriptions for 1,7 billion.
What will the ECB's anti-spread plan look like?
The rally of Italian banks is linked to the advances of anti-spread plan which should be finalized this week to then be approved after closed exchanges on Friday in Sintra, the medieval Portuguese fortress where, as every year, the meeting of the Central Bank is held. The plan, also endorsed by Holland, should count on a budget of up to 500 billion euros, including the reinvestments of the maturities of the bonds in the portfolio linked to the PEPP pandemic plan.
Due to its flexibility the system should normalize spreads on values closer to the fundamentals, but it cannot in any case provide explicit support for a single country, to avoid problems of legal sustainability before the EU Court of Justice and above all the German Constitutional Court.
Much will depend on conditions imposed on debtor countries. THE'omt announced years ago by the ECB, it was never implemented due to certain conditionalities implicit in its use which stigmatized the countries that would have resorted to it. For this plan, however, the markets are waiting softer terms.
Titles in the spotlight at Piazza Affari
Some Ftse Mib stocks detach their dividend today: among these, Italian post, Terna e Snam.
In great evidence besides the banks Telecom Italy e Moncler. Utilities exposed to hydroelectric power are suffering, as they risk being penalized by the weather trend this summer: the level of rivers and reservoirs is low. In sharp decline Saipem (4%).
Avanza Eni (+1,4%). The government could declare a state of gas alert next week if Russia's supply cuts continue. Meanwhile, Eni has been selected by QatarEnergy as new international partner for the expansion of North Field East, the world's largest LNG project. Eni also announced that the introduction of hydrocarbons into Coral Sul, the floating liquefied natural gas plant off the coast of Mozambique, has been started in complete safety.
Sale Tenaris (+1%), which signed an agreement with Energía Argentina to supply welded pipes for the construction of the President Nestor Kirchner (GPNK) gas pipeline in Argentina.
In Generali, Caltagirone falls to around 7,45% of the capital, after the exercise of derivative contracts on 2,5% of the capital which expired on 17 June.
In the rest of the price list, the thud of De Longhi (-6%): CEO Massimo Garavaglia resigned "for personal reasons" with effect from 31 August.
