Buzzi Unicem runs, Telecom Italia runs, Eni and Enel run, Fiat runs and the banks run. An afternoon like this hadn't been seen in Piazza Affari for days. After a morning of uncertainty, the wind changed in the early afternoon.
The most probable causes are two: US retail sales and rumors of a new ECB liquidity operation. The American data especially gave breath to industrial stocks but the rumors concerning the ECB supported the recovery of banking stocks. Naturally, other elements also weigh: the possible revision of the Fiscal Compact if the left were to win in France, the Italian tax reform and – let us never forget this – the algofinance which allows a few large international banks to direct financial and speculative flows as they wish and with a speed that no one can match. Market day isn't over yet, but for now let's enjoy a sunny afternoon: the Ftse-Mib index soars, the Btp-Bund spread decreases.
