He can't get back on top Business Square after the disappointment for the words of the president of the ECB. Mario Draghi warned that domestic demand could be weaker than expected due to insufficient implementation of structural reforms in theEurozone. This could affect confidence and delay the recovery. The Eurotower also kept the cost of borrowing at 0,75% but said it was ready to act. The market was expecting a more incisive message while it found itself faced with words that do not suggest particular measures. In the morning the price lists had in fact been supported precisely by the wait for Draghi's press conference after that Tokyo Stock Exchange announced aggressive monetary policy moves. The stock markets had also benefited from the Spanish placement of 4,3 billion euros of bonds with various maturities, 300 million euros more than the target of the issue.
In the afternoon, after the negative passage on Draghi's words, the Ftse Eb tried to rise above parity driven by some bank stocks and by A2A, Enel Green Power and Telecom Italia on shields in the wake of rumors of a merger with H3G. Despite the euphoria of some stocks, the momentum ran out again and the list closed down -0,30% at 15.154 points. In Europe, the other main lists closed with more marked losses: London -1,19%, Paris -0,77%, Frankfurt -0,73% and Madrid -0,71%.
Lo Btp-bund spread climbed back to 330 basis points, selling continues ongold dropped to 1.548 dollars an ounce, oil fell to 92,88 dollars a barrel (-1,8%) while the euro traded at 1,2861 against the dollar (+0,06%). The markets initially sold the single currency and then returned to buying only after having digested the message passed by Draghi on the Cyprus case. “If Cyprus, however small, were to leave the euro, the consequences would be dire for all of Europe. Statement that confirms the will to continue the strenuous defense of the single currency project by the European authorities. The fact that the official position of the ECB was communicated regarding forced withdrawals below 100.000 euro deposits also helped the recovery of the single European currency: in addition to being against it, the president of the Eurogroup officially denied himself, who last week pronounced in favor of the adoption of Cyprus, as a possible rescue model for other countries in difficulty”, he commented Matthew Paganini chief analyst of FXCM Italy.
Wall Street opened little move in positive territory and at the European close the Dow Jones was up 0,2% despite disappointment in the labor market where claims for new unemployment benefits rose more than expected. the Nasdaq was down by 0,11% but the eyes of the market are on the landing in the world of mobile phones on Facebook (+1,6%).
Eyes on Piazza Affari instead Telecom Italy on the shields on the indiscretions that indicate on the board table of April 11 the dossier for the merger with H3g, a subsidiary of Hutchinson Whampoa. After an upward suspension towards the end of the session (+8%) the stock closed at +7,8%.
Recommended bpm (+6,23%) while the go-ahead for the Spa project has arrived from one of the main trade unions, Fisac. Well too Mediobanca (+1,96%). But the banking sector moves against it: Understanding (-0,62%), Unicredit (-0,12%) And Ps -2,86%. Today Bankitalia has ordered sanctions of over 5 million euros to the former top management of MPS in relation to serious violations in the management of the bank. For the former president Mussari and the former general manager Vigni the fine would be more than 500 thousand euros while for the former head of finance Baldassarri about 400 thousand. Among the best increases were A2A (+3%) and Lottomatica (+0,71%), while Campari (+0,17%), Atlantia (+0,9%) and Snam (+0,5%) recorded fractional increases ).
