The confirmation ofturnaround on peripheral debt, after yesterday's auction of Spain, arrived today from France which placed 8,439 billion of government bonds, close to the maximum forecast of 8,5 billion, but with slightly rising yields on the ten-year and fortnightly bonds but also on five-year maturities.
Increase pressure on all peripherals: the Btp-bund spread rises to 380 to then close in the 371 area with a yield of 5,45% and the Bono Bund differential flies to 402 with a yield of 5,75% after a daily peak of 410 (with the ECB not purchasing government bonds not even this week). The market looks to the difficult reforms in Spain and the evolution of the reform in Spain labor market in Italy, after Draghi himself yesterday urged governments to "carry out strong structural reforms", which are necessary together with fiscal consolidation to restore confidence and for sustainable growth. With particular attention to the reform of the labor market: for Draghi the flexibility and competitiveness of the labor market are crucial for the functioning of the euro area. On the other hand theemergency work will be, together with growth prospects, among the priorities of the next IMF meeting on the agenda in two weeks: the unemployed in the Eurozone reached a new historic record of 17 million in March.
On the employment front they are the Use which give the best signals: the data released today indicates requests for unemployment benefits at lowest since 2008, with applications down by 6 thousand units to 357 thousand, the lowest level in four years, i.e. since the outbreak of the subprime crisis. The data on non-agricultural employees is expected tomorrow. After a negative opening Wall Street it turned positive and also eased the pressure on European lists, weighed down in the morning by the boulder spread, which recovered towards the end. After the deep red, Milan closed down 0,20%, Frankfurt 0,13% while Paris was up 0,19% and London 0,35%. At the close of European markets, the Dow Jones was close to parity at -0,04% and the Nasdaq was up 0%.
THEeuro it closed at 1,3060 against the dollar. In Piazza Affari, however, the deep red for the banks continues: Mps -4,96%, Bpm -3,95%, Bper -3,14%, Unicredit -3,10%, Ubi Banca -2,69%. The Ftse Eb it is supported by the increase of the Fiat galaxy: +4,76% Fiat Industrial after the declarations of Sergio Marchionne who announced the exceeding of all the objectives set in 2011 and revised upwards during the year and confirmed the ambitious targets for 2012; + 3,69% Fiat. Stm +3,57%, Ferragamo +3,34% and Pirelli +2,80% also performed well. Sparks for Rcs +20,86% in the aftermath of the meeting of the pact which ended with the exit of Diego Della Valle from the pact (and from the council). Edison down -0,97% after Consob's request for an increase in the price of the mandatory takeover bid. The French EDF, who don't want to shell out more than 0,84 euros, took their time to decide what to do about Edison's future.
