DRAMATIC DEPARTURE FOR BUSINESS PLACE – 3%
BTP AND BONOS SPREAD UNDER PRESSURE
Dramatic start to the week for the stock exchanges. The index FtseMib drops by 3% to 14.755 points. Net decline also of the other European Stock Exchanges: London down 1,9%, Paris -2,3% Frankfurt -2,8%. The Exchange of Madrid loses 1,8%. Part of the decline in Piazza Affari is explained by the detachment of the dividend or an interim dividend by a large group of companies: A2A, Atlantia (interim 2011), Enel (interim 2011), Mediobanca, Mediolanum (interim 2011), Recordati (interim 2011), Tenaris (interim 2011), Terna (interim 2011). The coupon detachment weighs about 0,6% on the index.
But the real concern remains the storm on sovereign debt. The Bono, the 18-year Spanish government bond, is hit hard by the selling and the yield rises by 6,48 basis points to XNUMX%. The spread with the German Bund it is at 469 points. The Italian BTPs are also under pressure: the yield has risen to 6,67% (+6 points), lo Italy-Germany spread it widened to 484 basis points.
The market has little confidence in the next European measures, given the implementation issues of the reforms of the mechanisms to protect the euro. Furthermore, the climate is already suffering from the effect of the probable failure of the bipartisan US commission which was supposed to find an agreement to reduce the country's deficit: from 2013, after the elections, automatic cuts of 1.200 billion dollars will be triggered in ten years .
AIR OF RESIGNATIONS AT FINMECCANICA -3,5%
AFTER THE INCREASE NEW OXYGEN PER BPM +2,1%
Storm in Milan on Finmeccanica – 3,5% . The market gives the next ones resignation of the president Pier Francesco Guarguaglini (74 years old) could resign. He also weighs the drop in oil on the wave of the decline Wti crude (-1,2% to 96,4 dollars). They go down Eni - 2,2%, Saipem – 4,5% e Tenaris -3%.
Among the banks, the click of PopMilan +2,1% as they go down Unicredit -1,2% Understanding -2,3% Ubi -2% and Pop Emilia -2,9%.
Generali is down 2,2%. Heavy losses even for Telecom Italy - 3,1%, Tod’s -5% and StM -3%.
