Clear upward acceleration of the European stock exchanges in the wake of the improvement of the BTPs on the government bond market. In Milan, the FtseMib index rose by 2,48% (Ftse/Mib index at 15622), Paris +2,22%, London and Frankfurt also advanced.
The yield on the ten-year BTP fell to 6,39% (below the no-return threshold of 6,50%) and the spread with the German Bund narrowed to 427 basis points. The phenomenon of reduction of the spread started by France and Spain has finally reached the Bel Paese too: a sign that speculation tends to cover itself before ending up in the grip of central banks. But the emergency is far from over. Yesterday the maximum number of requests for funds from the ECB by banks was reached: 8,64 billion. Draghi is now the only lender of capital for the eurozone. The euro is trading at 1,348, unchanged from last night's close.
In her speech to the Berlin Parliament this morning, Chancellor Angela Merkel said the euro zone debt crisis could not be solved in one fell swoop, instead urging a long-term approach based on closer fiscal integration. “Resolving the sovereign debt crisis is a process and this process will take years,” Merkel said. "Our goal is a fiscal union, we are going to Brussels with the aim of amending the treaties", she added, specifying that the German constitution does not allow for fiscal control to be delegated to a European institution. But the chancellor underlined the need to proceed quickly with the reform of the treaties. Merkel and French President Nicolas Sarkozy will meet on Monday to outline common proposals to bring to the summit.
In Europe, the best securities are those of banks (Stoxx of the sector +3,6%), insurance companies (+2,8%) and the car industry (+2,8%). In Milan Unicredit runs up by 3,77%, Intesa +6,14%, Pop Emilia +3,78%, MontePaschi +3,7%. Mediolanum salt by 3,61%. Among the insurance companies, Fondiaria-Sai +10,98% flies, Generali is cautious +0,97%, Milano Assicurazioni +3% and Unipol +3,4% gain. Car stocks are up: Fiat up 5,62%, Fiat Industrial +2,40%, Pirelli +1,15%.
Difficult morning for Finmeccanica, which was initially suspended due to excessive downtrend, then achieved a rise of 1,7% and is now +0,73%. The exit of the president Pier Francesco Guarguaglini and the transfer of all powers to the CEO Giuseppe Orsi are going in the direction desired by the market, but the downgrade of HSBC weighs on the stock (the target price at 3,1 euro from 3,5 euro). Consistent increases for energy stocks: Eni +1,85%, Saipem +3,26% and Tenaris +3,96%. Utilities are also in a positive zone: Enel +1,72%, Terna +2,1% . Telecom Italia +1,79%.
