BENEFIT TAKEN IN MlLANO AFTER THE RALLY
Torpedoes from London on the future of the euro
The political and monetary institutions continue to condition the price lists, rather than the economic and market dynamics.
After gaining 11% in the last three sessions, the Ftse Mib index of the Milan Stock Exchange today falls by 0,26% at 14.616. Frankfurt falls by 0,76%, Paris loses 0,63%, London falls by 0,56% while Madrid is the worst with a loss of 2,2%.
At the origin of the turnaround are the profit taking after the mini rally but also the alarm coming from London. The Bank of England speaks of enormous uncertainty about the euro area. According to Nomura analysts, the United Kingdom is even considering the possibility of leaving the European Union.
La single currency it drops to 1,236 on the dollar from 1,239 at the close.
Interest rates have not moved much: the yield of the 2-year BTP is at 3,31% (+20 basis points) and the 5,96-year yield is equal to 9% (+454 basis points) spread at XNUMX.
In June industrial production in Spain fell 6,3% yoy, in line with forecasts, it is the tenth consecutive month of contraction. Germany industrial production in July it fell by 0,9%, worse than the consensus -0,8%.
Hopes of a third round of quantitative easing have been rekindled in the United States after Boston Fed chairman Eric Rosengren said the US central bank should launch a bond-buying program to boost the country's growth.
In Milan the race continues A2A +1,53% while other utilities are down: Enel -1,2% Terna -1,6%.
Mediaset is down 2,34% while Telecom Italy salt by 2,50%.
Turnaround on the bank front, now down: Intesa -0,8%, Banco Popolare -2%, Banca Popolare di Milano -2,2%. Unicredit drops by 1,7%. In an interview published by the German weekly Capital, the CEO Federico Ghizzoni says the bank could pay a dividend this year, a decision will be made by the end of the year or early 2013.
Fly to Spain Bankia +9,5%. Brussels and Madrid are evaluating an "advance injection" of funds to Bankia and other Spanish institutions as part of European aid up to 100 billion decided in July to support the Spanish banking system.
Generali loses 2,5% and Cattolica Assicurazioni, which today presents the data for the quarter, 0,8%. Sharp setback for Prysmian –2,62% following the presentation of the quarterly data.
Pirelli is down 2,36%: Finnish rival Nokia is down 5,7% after the presentation of data for the quarter.
