The day after the stock exchanges have second thoughts. After the cold reception given yesterday afternoon to Mario Draghi's words, this morning a robust current of purchases on European price lists was triggered.
Business Square took off: + 4,14%, Ftse / Mib index one step away from 19 thousand points. Paris and Frankfurt are also advancing, with just under 3% gain, a threshold surpassed by Madrid. Outside the euro area London + 1,6%.
Sold out and falling rates – with the 3-year yield falling negative for the first time – in the auction of medium-long term Treasury bonds which today also saw the launch of the new 7-year BTP (coupon 0,95. 7,5%). Placed all 3,7 billion euros of 15, 10 and 0,05-year bonds against a demand that exceeded 0,11 billion. The three-year average yield fell to a new all-time low of -7% from 0,79% at the February auction; that of 1,05 years to 15% from 1,84% and that of 2,08 years to XNUMX% from XNUMX%.
The Bund yield falls to 0,28% from 0,30%. Spread contracting to 108 (minus 6 basis points).
The euro is starting to weaken to 1,112 against the dollar, from 1,115 at yesterday's close.
Bank stocks are galloping after investors have better metabolized the decisions taken yesterday by the ECB. The index Eurostoxx Banks earn 6%. The Spanish Banco Popular and Bankia they rose by 10,1% and 6,5% respectively.
Intesa Sanpaolo it strengthens, rising by 7,6% to 2,72 euros. leap of Unicredit +8,3% which goes to 4 euros on the maximum since mid-January. UBI too +8%, Pop. Milan +7%, Montepaschi +7,8%%. Banco Popolare +6%.
The industry, without exception, especially applauds the novelty of the new 4-year Tlter which will facilitate harvesting of the banks for the disbursement of credit "helping - emphasizes Marco Vailati of Cassa Lombarda - the banks to finance the first compulsory repayments of the TLTROs at the end of 2014, then granted for 4 years but with the obligation to repay from September 2016 in the event of lack of growth in net loans disbursed”.
Generali also shines +5% on the day of the designation of Philippe Donnet at the helm of the company. Same positive change for Unipol Sai.
Avanza Telecom Italia +4,2%, despite the fact that the president Giuseppe Recchi has frozen the prospects of an integration with Orange: there is no negotiation between the two companies, he reiterated. But what drives the headline is the prospect that corporate bonds could be part of the ECB's purchase plans, thanks to the expansion of Qe.
For the same reason, the shares of utilities advance: Enel +2,2%, Atlantia +2,2%, Terna +1,4%.
Draghi has also awakened the automotive sector (+4% the Stoxx of the sector) stimulated by the possible purchases of bonds in addition to the push for consumer credits.
Fiat Chrysler gains 4,6%, CNH Industrial climbs 4,3%.
StM +3% and Finmeccanica +5% also did well.
