THE STOCK MARKET +2,58% WISHES MONTI
BUT THE BTP REMAINS ABOVE 6%
The prospects of European summit remain more uncertain than ever. But, after Tuesday's big landslide, the markets are healing their wounds, in the hope of an acceptable if not excellent outcome. The recovery is favored by the data arriving from the USA: Homes sold in May grew 5,9% month-on-month, well above expectations. Expectations for an easing of monetary policy in China contribute to the good mood. According to a Chinese newspaper, the government could introduce new measures such as a further reduction in bank reserves (it would be the third since the beginning of the year) and other measures to stabilize the currency, increase investment in infrastructure and reduce taxes.
Piazza Affari broke the delay and, after an initial colorless part of the session, it moved decisively higher. The FtseMib index rises by 2,58% at an altitude of 13.302. London +1,36%, Paris +1,53%, Frankfurt +1,31%. Madrid +1,63%. Wall Street also rose: the three main indices +0,7% Dow Jones, S&P 500 +0,69% and Nasdaq +0,78% .
Euro stable against the dollar to 1,247, while oil recovers with the WTI returning just above 80 dollars. Negligible decline for gold at 1.565 dollars.
Finally, the fact that this morning the Italian Treasury placed the full expected amount of six-month BOTs, albeit at a yield of 2,95%, the highest rate since the beginning of the year. In the previous auction of 29 May, the six-month BOTs had been placed at 2,10%.
But when one looks at Europe, the painful notes return.
1) The yield of the ten-year BTP it remains flat at 6,15%, an unsustainable level. Stable spread with the Bund at 460.
2) Also the Italian yield curve as at the end of 2011, it has taken on a flattened form, ie with an increasingly reduced difference between long-term and short-term rates. Between the three-year BTp and the ten-year BTp the difference is less than 1% (the three-year BTp trades at 5,30% while the 6,20-year BTp travels around 12%), but the maturities of less than 4 years have risen the most months, with the annual BoT on the threshold of 3% and the half-yearly which today came close to XNUMX% gross..
3) In a speech to the Bundestag, Merkel argued that there are no simple answers to the crisis by reiterating no to the European Union's proposals on joint debt issuance by the bloc. "The common debt can exist - she said - only when there are sufficient controls in place", she said, acknowledging that the governments of Italy and Spain have adopted important reform measures.
4) Cypriot government officials they requested financial assistance from the International Monetary Fund to manage the country's banking crisis. "We expect to send an IMF team to Cyprus to assess the situation on the ground as soon as possible, to discuss an economic program that will help Cyprus overcome the economic challenges it is facing," IMF Director Christine Lagarde said today. in a note.
Among the Milanese blue chips, the banks are recovering: Banca Popolare di Milano rises by 2,1%, Intesa +3,22%, Monte Paschi +0,47%. But Unicredit +4,67% above all is driving the pace thanks to the news that the Anglo-Russian private equity fund Pamplona has acquired 5,1% of the capital. The investment, says a source close to the fund, "is medium-term" and was decided on the basis of 'a mispricing condition which made the stock very attractive'. Pamplona Financial Institutions Fund is a financial vehicle created in November 2011 with an endowment of one billion euros. An increase in the stake in UniCredit is not in sight.
Positive Generals, up 2,97%. Mediobanca +1,91%.
Mediolanum gains 5,76%. The company has chosen Bruno Ermolli to replace Ennio Doris on the Mediobanca board of directors. Ermolli, who sits on the boards of Mediolanum, Mediaset, Fininvest and Mondadori, arrived at the Institute in Piazzetta Cuccia shortly before the start of today's board meeting. During the meeting, which is underway, the co-option of Alessandro Decio, as well as Ermolli, is expected, who will represent Unicredit in place of Fabrizio Palenzona and the new representative of Groupama, after the resignation of Pierre Lefevre, motivated as in the other cases by the new legislation which prohibits dual positions in financial institutions. The pre-final balance for the 2011-12 financial year is also on the agenda of the Mediobanca board.
In automotive sector, Fiat +1.88%, Fiat Industrial +1,48%. Positive Pirelli +0,4%.
StM cancels the losses of the morning and salt by 0,2%. The stock is influenced by the profit warning of the German competitor Infineon. Prysmian drops by 0,3%. Finmeccanica +3,11%.
It continues today too Enel's appreciation, up 2,47%. Yesterday it was one of the few positive titles in the list of Milanese blue chips. Terna +2,99%.
Splash Saipem +6,16% and best blue chip after the announcement of two new 1 billion dollar contracts, one in Saudi Arabia and one in Nigeria. Eni +2,24%.
Solo two blue chips in negative ground: Azimuth -0,07%, Diasorin -1,46%.
Among mid caps, Rcs rises +2,9% following the announcement of the sale of the French publishing house Flammarion based on a valuation of 251 million euros. TerniEnergia +3%, Telecom Italia Media +2%.
The endless battle on the insurance front continues. "In the belief that the operation satisfies FonSai's real interests, in the next few days, Sator and Palladio will once again present an offer". The representative of shareholder Sator said this at FonSai's meeting, adding that tomorrow the provision authorizing the UGF Project dated 20 June, with which Isvap authorized the FonSai-Unipol merger, will be challenged before the TAR.
Il Edison group concluded a partnership agreement with the British Fogl (Falkland Oil and Gas), one of the companies operating in the exploration of the Falklands, for new exploration activities for hydrocarbons in the deep seabed, investing approximately 90 million dollars. Under the agreement, Edison will have a 25% interest in the northern area, where two exploration wells will be drilled starting in July, and 12,5% in the southern area, for a total investment of approximately 50 million euros in next 24 months.
