THE SHOCK OF DRAGONS IS GOOD FOR THE EXCHANGES (AND THE BTP)
TOKYO AND WALL STREET SUPER. GOLD ONLY CRY
Price lists to the rescue, thanks to the governors. Mario Draghi it gives guarantees on the ECB's willingness to continue with an expansionary monetary policy. The same reassurances come from Mervyn King, on the eve of leaving the Bank of England. The words of the president of the Virginia Fed, Jeffrey Lacker, postpone the end of QE in time, while the data reveal that US GDP grew in the first quarter by 1,8% (and not by 2,4%). Last but not least, the Chinese central bank has resumed supporting the credit demand of its cash-hungry banks.
The result? This morning there Tokyo Stock Exchange advances by 2,5%, followed by Hong Kong +1,5%. The recovery in Shanghai is slower +0,6%, which in any case celebrates its first positive session after seven consecutive declines.
Strong rise in the evening for i US price lists: Dow Jones +1,02, S&P 500 +0,96% and Nasdaq +0,85%.
In Europe only Madrid +2,87% beats Piazza Affari +2,03 and Paris +2,09% on the day of an ideal revenge of the Latin price lists. London +1,04%, Frankfurt +1,66%.
Continue the rush of the dollar, which broke the 1,30 barrier against the euro. Only gold (1223 dollars an ounce -4,3%) and silver lose ground while the prices of T bonds recover
THE BTP AUCTION IS NOW LESS SCARY
Today it's up at the last auction at the end of the month, the most difficult, dedicated to BTP at 5 and 10 years. But the operation, thanks above all to the reassurances of the president of the European Central Bank Mario Draghi, is less scary. Yesterday the Treasury placed 8 billion euro of six-month BOTs at auction, the yield rising to 1,05%, practically doubled compared to the auction at the end of May.
Even this morning is taken for granted an increase in rates: the two securities placed at 3,01% and 4,14% respectively on the secondary market were traded at a rate of 3,66% and 4,71% at the closing. It should be noted, however, that Spain is reducing the gap: the differential between Bonos and Btp. which a dozen days ago was well above 30 points, yesterday was around 12 basis points.
ITALY- SPAIN, THE DERBY OF BANKS
Waiting to challenge each other in the Fortaleza stadium, Italians and Spaniards met yesterday above all to the sound of rebounds in bank stocks.
Madrid fielded the two best teams, namely BBVA and Santander who gained 4,3% and 3,7% respectively.
In Milan the reply was entrusted to MontePaschi with an increase of 8,8%, Intesa gained 3,5%, Unicredit +1,4%, benePop.Milano +2,6%. After the long landslide, Mediobanca restarts +1%.
Apart from the playful tones, the rebound of the financial sector after the tensions following the messages following the Fed meeting was the dominant note of the day.
Asset management companies are on the rise following the release of data on May's record collection (the best in the last 14 years). Azimut rose by 3,9%, Mediolanum +1,1%, Banca Generali +1,9%.
Among the insurance companies, Generali closed up by 2,1% and Fondiaria Sai by 2,3%.
EU, THERE IS THE AGREEMENT ON THE BANKRUPTCY OF THE BANKS
Il bank rebound it preceded by a few hours a historic agreement at Ecofin on the Banking Union. Yesterday evening, in the extraordinary meeting of economy ministers which preceded today's summit of heads of government, agreement has been reached on one of the most delicate chapters of the Banking Union: who has to foot the bill in the event of bank failure. It has been decided that, in order, they will pay shareholders, bondholders and deposits in excess of 100 euros. Only after having paid at least 8% of the liabilities, the States will be able to exempt some creditors from payment. The use of community instruments, such as the EMS funds, will be possible after a further 5% intervention by the Statutes. The agreement marks a compromise between the German thesis, which demanded rigid and equal rules for all, and France, which demanded greater discretion for individual countries.
OBAMA PUSHES ENEL GREEN POWER
In the rest of Piazza Affari, the leap of Telecom Italy +3.1% and by Mediaset + 7,4%.
Utilities are highlighted. Enel Green Power rose by 3%: the company, also present in North America, could benefit from the Obama plan for climate change. The parent company Enel salt by 3%.
Strongly recovering, thanks to the lower rate of tension, the utilities: Snam Rete Gas + 2,7% That + 2,6% A2A + 3% Iren + 5,2%.
The technology sector in evidence throughout Europe: Temple Size +4,6%. StM marked an increase of 3,4%.
