BAGS. THE BCE EFFECT NEUTRALIZES THE FROST FROM HELSINKI
MILAN +0,24%, BUT THE SPREAD ON BTPs IS NO LONGER REDUCING
The cold shower came from Helsinki. The Finnish government, in a briefing to Parliament, said it intends to block the purchases of government bonds by the ESM. To be effected, secondary market bond purchases must be approved by all 17 eurozone members. In the report, the prime minister also reveals that Finland has reportedly proposed using covered bonds to access the market at lower rates.
The wind of hope continues to blow from Frankfurt. The ECB is expected to approve a quarter point cut in the discount rate on Thursday. Twenty-four hours before frau Angela Merkel will be in Rome: the duel with Mario Monti continues.
La Milan Stock Exchange withstood the impact of Finland's (and Holland's) no: the Ftse Mib index closed up 0,24% to 14.308. Madrid rises by 0,39%. London gains 1,25%, Paris +1,36%, Frankfurt +1,24%.
Il Wti-type oil trades at 83,8 dollars a barrel, down 1,3%. L'euro depreciates against the dollar to 1,261 from 1,266 on Friday.
The trend of sovereign debt is also fluctuating: first the spread between Bund and Btp it drops to 406 basis points then returns to around 2420, like last Friday. The future of the 10-year Bund moved little at 140,89 after reaching a high of 141,5 in the morning.
La American stock exchange it moves moderately down with investors disappointed by the negative ISM manufacturing data, an index that anticipates the evolution of industrial activity in the next three months. In June, the index fell below the 50 level, which acts as a watershed between growth prospects and contraction prospects, settling at 49,7 from 53,5 in May. Economist forecasts put it at 52.
On Wall Street the Dow Jones down 0,5%, Nasdaq -0,1%. The index S&P falls by 0,3%.
Returning to Piazza Affari, the contrasts in the banking sector. Unicredit -1,41%, Intesa Sanpaolo is down by 1,43%, Banco Popolare by 0,76%. Monte Paschi rises by 2,19% and Ubi Banca by 1,17%. Banca Popolare di Milano unchanged.
Generali rises by 1,2% while Fondiaria Sai marks a drop of 6%: pending the outcome of today's board of directors. Cattolica Assicurazioni rises by 4,5%.
In Europe, the construction company (Stoxx +1,7%), the mining companies (Stoxx +2%), the technology companies (Stoxx +1,8%) and the banks (Stoxx +1,8%).
In Milan, in the basket of blue chips, they are advancing Prysmian 2,64%%, Tenaris +1,96% and Buzzi + 2,43%.
Good upside of Atlantia +2,49% and by Eni +1,31%. Down Fiat -0,96% and Fiat Industrial -0,52%. Among the small caps runs Prelios +4%, the company has announced an operation to sell assets in Germany. In the end Impregile it -0,89%. Beniamino Gavio has flatly proposed a buy-back that could reach up to 20% of the capital and an extraordinary dividend to convince shareholders to vote in his favor at the next meeting on July 12, but excludes the launch of a takeover bid in case it goes out defeated by the clash with the contender Salini.
