THE STOCK EXCHANGE CLOSES IN RED WAITING FOR THE EUROGROUP. MERKEL HOLDS BACK THE BIS AGREEMENT: HE DOESN'T TRUST TSIPRAS
“Even if the no vote is won in the referendum, Greece will not necessarily leave the euro”. There statement by Wolfgang Schaeuble, the German minister who represents the spearhead of the hawks, has made it possible to curb pessimism on the markets. But the day still ends with a no sign, to dampen the hopes of a possible agreement between Athens and the creditors.
Piazza Affari -0,48% closed the day in negative ground, after recovering the initial declines in the early afternoon. Similar trend in Madrid -0,78%. The losses of Paris -1,64% and Frankfurt -1,25% are much heavier. Among the worst exchanges, the English City -1,50%.
The session was conditioned by the flow of information, positive and/or negative, arriving from Brussels, Athens and Berlin. At the end of the day, after the offer of a new package by the Eurogroup, there was Angela Merkel's refusal to blindly grant a debt restructuring deal. The word passes to the Eurogroup, which will meet in conference call at 19 pm, five hours before the expiry of Athens' debt to the IMF.
The euro was stable at 1,1151 against the dollar. At the BTP auction, the 2,35-year bond was assigned 53%, an increase in yield of 2014 basis points which takes us back to September 5. The 1,25-year bond rose to 2014%, a yield that was not seen since June 170. The spread rose during the day to 150 and then fell to XNUMX.
Timid recovery on Wall Street, despite the recovery of US consumer confidence: the S&P500 index is up 0,2%, rebounding from yesterday's -2,1%, the heaviest daily loss for over a year. The Nasdaq rose by 0,3% and the Dow Jones by 0,2%.
The better resistance of Milan compared to the other squares of the Old Continent is largely linked to the rebound of bank stocks, starting from the Popolari. After yesterday's landslide, Bpm rose by 2,2%, Bper +1,14%, Ubi +1%. Unicredit closes up 0,4% at 6,025 euros.
Buzzi also stands out, +3,9% under the pressure of the buyout of Goldman Sachs. Telecom Italia is also recovering +1%. Luxury stocks did badly on the day of Louis Vuitton's downgrade (-2% in Paris). Ferragamo left 3,6% on the ground. Tod's is also down: Bank of America has issued an underweight judgment, targeting 60 euros.
