AFTER THE GREEK AGREEMENT ONLY THE BTPS WILL PARTY
MILAN - 0,8% WAITING FOR US EMPLOYMENT DATA
Those who expected a euphoric reaction from the price lists after the agreement between private creditors and the Greek government were disappointed. European stock markets, on the contrary, move in random order without a precise direction. In Piazza Affari, the Ftse Mib index fell by 0,8% to 16552. London -0,17% was also negative, Paris -0,01% stable, the increase in Frankfurt +0,22% attenuated.
It is proof that the Greece dossier now belongs to history. The Stock Exchanges, having filed the swap on the Athens debt, engage the reverse gear, waiting to identify new reasons for an increase (or a decrease). The first test comes from America: US unemployment data will be released in the afternoon. The forecast is that the rate, equal to 8,3% in January, will not change.
Conversely, the Greece effect is still very much alive on the government bond front: the yield on ten-year BTPs falls to 4,71%, while the spread remains firmly below the 300 mark at 291 basis points (-7). The improvement in sovereign debt did not help Generali -1,8% this time. Meanwhile, Finance Minister Evangelos Venizelos underlined today that seven billion euros are still missing to reach 100% of the Greek swap. And he specified that investors who have not accepted the offer "will not recover the entirety of their investment". Meanwhile, the Eurogroup has postponed until next Monday the go-ahead for the second aid package envisaged and the 5 billion euro of the first plan.
The movements of Fondiaria-Sai and Unipol are of little significance: the ultimatum proposal of Palladio and Sator has been postponed. Mediobanca also falls: according to the latest Consob data, the investment of the BlackRock fund has dropped below 2% in the institute's capital.
“Siena is a beautiful medieval city and medieval cities are fascinating”. So replied Alessandro Profumo on the sidelines of a conference in the Chamber of Deputies, indirectly confirming that he is the "strong" candidate on the list that the MPS Foundation is preparing in view of the meeting on 16 March. Meanwhile Banca Mps loses 3,14%. Intesa drops by 1,5% (Société Générale lowered its rating) . Unicredit loses 0,9%, much less than Banco Popolare -2,2% and PopMilano -2%.
The negative phase of Enel -2,23% contributes to explaining the worst performance in Milan compared to the rest of Europe. Once again this morning, after yesterday's 6% landslide following the announcement of the cut in estimates and dividends, the utility's stock suffers a sharp decline motivated by the shower of negative reports from numerous brokers, including Ubs, Bank of America and Nomura .
The publication of Lottomatica's operating results had an opposite effect +3,8%, the blue chip in greater evidence after the announcement of results and targets for 2012 higher than analysts' forecasts. Among the industrialists, the slowdown of Fiat stands out -1,36%, after the revelations of The Wall Street Journal on the talks with GM for Opel at the beginning of 2012, which, moreover, faded into thin air. Stm -0,3% still recovering, after the initial landslide linked to the negative accounts of Texas Instruments.
