The banks are flying over the rumors of the plan to save Europe which would also include the definition of a banking union. Solution that the Spanish Finance Minister, Luis de Guindos, is also working on to find a solution capable of saving the Iberian banking system without resorting to an international bailout, which would mean new austerity measures. The Spanish objective is to create a mechanism aimed at all European banks through the use of direct recapitalization through the Fund Esm and with the use of a continental deposit guarantee fund. France has already expressed its support. Overall, the plan to save the euro provides for a European supervisory body for the banking sector with new powers, greater powers for the European institutions on national budgets, greater harmony on fiscal, economic, foreign and security policies and a reform of welfare programs.
In Milan Intesa rises by 5,76%, Banco Popolare by 5%, Ubi Banca by 4,80% and Unicredit by 4,48% they drag the Ftse Mib to + 1,19%. Madrid is good too + 2,88%. The other European squares with Paris are more uncertain which stops at +0,14% e Frankfurt which closed in negative at -1,19%. London it is closed for holidays. The moods of operators are weighed down by signs of a slowdown in China, which mainly affect the auto sector, but also some disappointing US data in the afternoon. Factory orders fell 0,6% as the New York area ISM fell to 49,9 points in May, a drop of more than 10 points from 61,2 in April, the highest in three years. The Dow Jones fell by 0,13% and the Nasdaq by 0,12%. The euro climbed back against the dollar to 1,25.
In terms of the euro-saving plan, the European Commission specifies that "there is no secret plan" for solving the Eurozone crisis but that a road map is being defined in the direction of strengthening and deepening the monetary union. Meanwhile, the ECB also did not buy government bonds last week, marking the twelfth consecutive week without purchases in the programme. The Btp-bund spread fell after a rollercoaster day: after an opening at 455, the differential reached the maximum intraday at 481 points according to Bloomberg data to then fall back to 443. The Bono-bund spread also fell to 511 points. Portugal cuts its 2013 GDP estimates to +0,2% from +0,6% but collects the promotion of the Troika (ECB-EU-IMF) on the recovery program and the disbursement of the 4,1 billion euro tranche of aid. The government is preparing to inject capital of 6,6 billion euros into the country's three largest banks, Banco Commercial Portugues, Banco BPI and Caixa Geral de Depositos.
It's not the day for luxury in Piazza Affari with Ferragamo losing 3,72%, the worst stock in the Ftse Mib, and Tod's 1,83%. Among heavy industrialists, Pirelli -1,82% and Fiat Industrial - 2,89%. Fiat closed at +0,11%. Some unconfirmed rumors would have indicated that Fiat intends to postpone the market introduction of the new Panda and the new Grande Punto, initially planned for 2014, to 2013. Generali reacts to the change of management with + 2,24%, among most traded securities by value. In terms of the Fonsai insurance pole (+1,48%), the Unipol board is expected tomorrow to resolve on the swap proposal. Meanwhile Paolo Ligresti replied to those who asked him about the response to Consob's request regarding the waiver of indemnity that "it will be a personal choice but today the family is united".
