DRAGHI: EU ECONOMY WITH "HIGH UNCERTAINTY"
MILAN WEAK -0,19%, THE BTP 10 RECOVERS
The “economic prospects” in the eurozone “remain subject to high uncertainty”. So Mario Draghi in front of the European Parliament. The outlook for inflation, by contrast, promises "to stay above 2%" for many months "before starting to fall". But the executive of the ECB "is determined to ensure that expectations remain anchored" in order to keep inflation in Europe "below or close to the 2% level". Faced with this scenario, expected but no less sad, the European stock exchanges slowed down at the end of the session. In Milan, the Ftse-Mib index lost 0,19% to 15.258. Paris rises by 0,06%, Frankfurt closes at -0,34%. The three main American indices mark increases of 0,1%.
But Draghi's real challenge, on the eve of the first of the ECB's two three-year bond auctions to be held on Wednesday, is played out on the liquidity front guaranteed to the banking system. Even today, on the government bond market, the recovery of the ten-year BTP continued with the yield falling to 6,74% (-16 basis points). Merit of the central bank's purchases (3,36 billion in the past week against 630 million in the previous eighth) but even more of the strategic turnaround in Frankfurt based on the ECB's "extraordinary" measures for banks, such as three-year loans , which "serve to stabilize funding and to give institutions the possibility of continuing to lend to businesses and households", as Draghi himself said yesterday. “Banks can use the liquidity to buy back their bonds, buy sovereign bonds. “The important thing – he concluded – is that they make independent decisions on the basis of their investment strategies and reactivate the credit circuit for businesses and households”. Let's hope the therapy works. Yesterday we saw substantial purchases on the secondary market: the banks took over securities to be presented as collateral to the ECB for liquidity. And so the recovery of the ten-year BTP continued on the government bond market with the yield falling to 6,74% (-16 basis points).
The effect was felt in In Piazza Affari. Not surprisingly, it was the day of the banks, which rose sharply during the session, despite the slowdown towards the end: Intesa +0,33% and Unicredit +2,20%, Mediobanca +1,86%. Off to a good start, Ubi -1,01% and Mps -2% are turning downwards after it had gained more than 3,5%. Banco Popolare +1,28%.
Fondiaria-Sai +5,3% recovers after the recent decreases in the week that will culminate in the board of directors who on Friday will have to choose between the capital increase option proposed by Mediobanca or welcome one or more investors (Clessidra and/or Sator, for example) in support for the Ligresti group. The two Lingotto stocks contrasted: Fiat -2,10%, Fiat Industrial +0,57%, Pirelli -0,7%.
Impregilo runs up 1,51% on the hypothesis of a "war" between Gavio and Salini for control of the leading Italian construction group. Tomorrow the proposal from Argoo (Gavio) to the partners in Igli expires. Weak Mediaset -3,18%. Eni gains 0,27%, Saipem -1,20%, Tenaris gains 0,37%. Off to a good start, Telecom Italia down by 0,99%, %, Terna +0,87% and Snam +1,21%.
