The European stock exchanges are rolling. The alarm for Greece, together with the confirmation of the deflationary prices, was the signal that triggered a shower of sales on the various price lists, starting from Piazza Affari. Milano, after a moderate upturn, now registers a heavy decline, in the order of 2%, rapidly deteriorating. The Ftse Mib index, having broken the resistance at 24 points, is slipping towards 23 points (23.138).
The Stock Exchange is also in deep red Madrid (-1,97%). Paris -1,29%, better than Frankfurt (-1,74%). London -0,43%, partly sterilized compared to the Greece effect. Leading the fall are the banks, but the decline affects all sectors to a certain extent.
They still brake prices in the Eurozone (-0,1% in March, against -0,3% in February). The growth rate of the Italian economy in the next twelve months will hardly go beyond 1%, remaining far from its potential, although the scene is dominated by favorable assumptions.
It still grows the alarm for Greece. The Greek finance minister, Yanis Varoufakis, speaking in Washington, made it clear that the cash on hand is about to run out and that without an agreement there will be default. Europe is not backing down a millimeter and does not intend to release aid without touching progress on reforms.
Meanwhile, time is ticking: on May 12, Athens must repay about one billion (750 million in capital account to the IMF). Otherwise default will be inevitable. The 0,061-year spread against the German bunds (now at 1.240%) is hovering at 12 basis points for a 2012-year Greek yield of over XNUMX%, the highest levels since XNUMX.
The scissors between the BTPs and the Bunds rebounds to 146 basis points, highest since Jan. 7.
In Piazza Affari, prices deteriorate very quickly. Goes down UnipolSai (-2,63%) despite the sale of 61,4% of Sorin for 4,6 million euros carried out yesterday evening with an "accelerated book building". Sorin -2,1% to 2,846 euros: the sale took place at 2,81 euros per share.
Accelerate the banking landslide. MontePaschi drops by 3,56%%, Ubi -3,73% Popular Milan -3,02%. Unicredit falls by 3,14%%, Understanding -3,10%.
In asset management, profit taking on Anima (-4%). Azimuth loses 2,9%.
On the industrial front, Fiat Chrysler loses 0,13% after a positive start: yesterday the CEO Sergio Marchionne confirmed the 2015 targets.
“We are in advanced discussions with Mediaset for a possible commercial agreement on content.” This morning Marco Patuano, ceo of Telecom Italy (-2,54%).
The finalization of the agreement with Telefonica on Gvt which provides for the acquisition by Vivendi even 8,3% of the capital of the former Italian incumbent should take place between "the end of May and June, with the possibility of going to July". The managers of Vivendi said so at the shareholders' meeting.
The closing depends not only on the go-ahead from the authorities "also on the execution of Telefonica's capital increase", explained the CFO Herve Philippe. Just the timing of the Spanish capital increase could lead to the finalization in July.
Thwarted oil producers: Eni -0,7%, profit taking up Saipem (-4%), Tenaris -0,4%.
