RENZI EFFECT: SIX YEARS OF REDUCTIONS CANCELED, SPREAD AT 161 BPS. BANKS, TELECOM AND MANAGED IN FLIGHT
Day of glory for Piazza Affari. Thanks to the rally following Matteo Renzi's affirmation, judged by Jp Morgan to be the only real surprise of the European vote, the Ftse Mib index jumped by 3,6% at 21.493,87 points, touching the all-time high since the beginning of 2008, before the financial crisis. The Btp/Bund spread narrows just above 161 bp, with a drop of 17 bp, much higher than the progress reported by the Spanish Bonos (152 bp, minus 8 points). The French Oat doesn't miss out: spread with the bund at 45.7 points, with a drop of only 0,7 points.
The other indices are more cautious, in the absence of contributions from Wall Street and London, and stopped due to holidays. But Frankfurt +1,1% reached a new all-time high thanks to the exploits of Commerzbank +2,6%, car shares and Lufthanza +2,8% Paris gains only 0,6%: it weighs on the list in Paris the crushing defeat of the French socialists and the triumph of the anti-European right. Madrid +1,1%.
Meanwhile, the Ukrainian Stock Exchange is up while the counting of the ballot papers continues, which should lead to the proclamation of Petro Poroshenko as President of the Republic: the Moscow Stock Exchange is also on the rise +0,5%, now at levels close to pre- -Crimean crisis.
In Milan it was the day of the banks: Intesa +4,2%, Unicredit +4,8%, Monte Paschi +5,7%. Popular Emilia +9,2%, Pop.Milano +7,1%, Ubi +6% also performed well. The upward movement has also infected the smaller banks: Banca Ifis rises by 6%. Generali +3,9% and UnipolSai +3% are also up. In asset management, the race for Mediolanum +5% and Azimut +4,7% explodes. Purchases also rained on Enel +3,5% and Eni +1,7%.
Fly Telecom Italia +6,4%. Atlantia also rose +4,1%. Snam +4,3%. A2A also climbs back +5,6% after the appointments, with the Municipalities now returning to hope for the placement of 5% by the deadline set for 30 June. At the end of the list, among the less brilliant, Buzzi +0,9% and Tenaris +1,3%. Among industrialists, Fiat gains 3%, preceded by Finmeccanica +4,7. StM +2,7%. D'Amico rises among the small caps. Falck Renew is up by 3,8%, Tamburi by 3%.
