THE WIND OF PARIS FREEZES THE BAGS. MILAN -2,59%
IT IS ABOUT FONSAI + 5,3. AND JUVE FLIES TO +5%
The outcome of the first round of French elections, combined with the dutch crisis provoked by the stiffening of Geert Wilders' right, it unleashed at the start a rain of sales on the markets: the Stock Exchanges go down and government bond spreads rise. in Milan theFtseMib index now loses 2,59% (against a start at -3,25) at 14.029 bps, Madrid marks a worse decline, (-2,94%), smaller losses a London -1,67% Paris -1,82%. Impress the loss of Frankfurt -2,82% confirming that, in a certain sense, the French vote marks a mortgage on the German recipes for the EU.
The yield of the ten-year BTP rises by seven pointsi to 5,71% from 5,64%, even more is the spread with the German Bund, which grew to 404 (+11 points). The ten-year Spanish Bono is again close to the peak of 6%: it returns 5,96% with the spread at 429 points (+9 points).
Il French decennial, on the other hand, exceeds the 3% threshold: it yields 3,09%, the spread with the Bund goes up by 6 points at 142.
What is the reason for the nervousness of the markets? In part, the outcome of the polls was foreseen: the socialist François Hollande in the lead, the outgoing president Nicolas Sarkozy following. But the affirmation of the anti-European right in Paris, combined with the moods emerging in the Netherlands, puts a strain on the stability of the Fiscal Compact decided in the EU, with sinister repercussions on the governance of Europe, as outlined in this years. The Bear, therefore, commands the European price lists, but two stars are the exception: in Amsterdam, Philips scores +6,9% after better-than-expected quarterly results. In London, Cable & Wireless is up 16% after the board announced it was accepting Vodafone's takeover offer.
On the other hand, the Italian blue chips are all down, banks and more. Among the first Unicredit loses 4%, Intesa 3%, preceded by Mediobanca -3,1% and Ubi -3,3%. Hi-tech is no better: StM – 4,1% awaiting the results for the first quarter of 2012 released tonight. Prysmian -4,3%. It did not follow the rebound of A2A - 4,1%, after the rebound on Friday. Enel -2,3%.
Fondiaria Sai is up 5,3% over 1 euro, bouncing after -8,7% on Friday. The increase could be associated with the expectations of an improvement in the conditions of the merger with Unipol. The negotiations between the executives of the companies and the bankers involved in the operation continued throughout the afternoon and into the night of Sunday. The parties are looking for a draft compromise on the share swaps to be presented to tonight's board of directors of Fondiaria Sai. The hypothesis of the conversion of Premafin's debts to banks +6% takes substance. Unipol marks +1,9%.
The Juventus title leaps by 5% in Piazza Affari, benefiting from the victory over As Roma (-1,10%) and the leap to first place in the standings with 71 points. .
