In anticipation of the European summit, the lists pull the brakes at the end of the session and close mixed: the Ftse Mib closes slightly moved up by 0,07%, the Ftse 100 by 0,50%, the Dax down by 0,51% , the Cac of 0,15%.
In truth, since the morning it has been an interlocutory session waiting to learn about the measures that the EU will have to adopt to face the debt crisis in Europe decisively. In the middle of the day, however, the lists gave signs of greater vitality in the wake of the indiscretions of the summit scheduled for 18 pm today which gave for sure an agreement on the recapitalization of the banks, with the obligation for European institutions to bring their Core Tier 1 to a minimum of 9% of the total capital. Merkel's mandate from the German Parliament also helps. The recovery was then facilitated by the US stock market which opened positively thanks to macro-economic data (orders of durable goods and the sale of new homes) which beat expectations.
The lists have accelerated by more than 1%, with Milan among the most tonic on the day in which the premier Silvio Berlusconi is facing the ultimatum of the Merkel-Sarkozy axis. In the afternoon, the letter of commitments on which the Government has been feverishly working in the last three days arrived in Brussels, which would provide for a soft agreement on pensions due to the opposition of the League: a mini-agreement on retirement for old age at 67 in 2026 and no agreement on old-age pensions. Mario Draghi, future president of the ECB, also intervened on the letter in his speech at Savings Day, defining it as an important step but which must now be implemented quickly and concretely.
But tempers are cooled, in a climate of high volatility and uncertainty which was also affected by the cancellation of the Ecofin scheduled for the morning, once again by Chancellor Merkel who reiterates that the work to solve the debt crisis is still long and full of problems. Germany's fixed points are clear: the resources allocated to the EFSF stop at 211 billion euros and the stop to the ECB's participation in the EFSF fund. In her speech to the Bundestag, Merkel then asked to "change the European treaties and 'stronger' sanction those who systematically violate the stability pact"'.
The positive macro data of the USA have thus also faded into the background. At the moment Wall Street is traveling mixed with the Dow Jones at +0,56% and the Nasdaq at -0,74%. Amazon stock crashes. The euro-dollar exchange rate is trading at the lows of the session at 1,38 after reaching, in the intraday highs, values that had not been recorded since early September. WTI oil falls to $91 a barrel after US crude inventories rose by 4,74 million barrels to 337,63 million last week, versus expectations for a $1,3 million rise of barrels.
Meanwhile, today the Treasury placed 8,5 billion six-month BOTs on the market at a rate of 3,535%, up sharply from the 3,071% of the September auction. Although slightly decreasing, the demand was totally satisfied. Two billion Ctz maturing in 2013 were also placed today with a yield of 4,628%. The demand was equal to 2,01 times the amount offered.
The spread between the BTPs and the German bunds, after having climbed back to 391 basis points, has now narrowed to around 388. In Piazza Affari, the session was mixed for the banks conditioned by the movements in the spread and by the expectation of the European summit. In fact, credit institutions lead the declines in the Ftse Mib: Ubi loses 5,02%, Bpm 4,52% and Bper 2,54%. Fondiaria Sai also fell: - 4,3%. Conversely, Unicredit closed up by 0,92% after a rise of more than 3% during the day and Intesa Sanpaolo recorded +0,39%.
The disappearance of the speculative appeal of the last few weeks before the meeting for the appointment of the new supervisory board and the node on the name of the new managing director, on which the timing for the start of the increase in capital for some time now on the table of the group. On the Ftse Mib, Prysmian shines (+2,71% ) thanks to a new order from Tim Brasil. Fiat Industrial closes at +2,01% after an upward run of more than 4% pending tomorrow's third quarter accounts. In recent days, the stock had benefited from the positive results of Caterpillar. Weak Fiat (-0,85%) after Marchionne confirmed the targets while Peugeot revised downwards the 2011 targets of its car division and announced the start of a cost cut that should lead to 800 million euros in savings in 2012. Buzzi Unicem rose by 1,95% and Azimut (+2,12%). On the other hand, sales on Stm continued in the wake of the negative data for the quarter which closed down by 0,79% despite Intermonte's improved rating to outperform. Among the mid caps it was an effervescent day for Maire Tecnimont which closed up 15,15% after being suspended at + 16,96%: the stock celebrates the second order in three days won by the company. Exploit also of Digital Bros (+15,71%) which rises on the heels of the 30 million euro revenue agreement with Majesco Entertainment Company, international supplier of video games for the mass market, for the edition and distribution of Zumba Fitness 2 for Nintendo Wii and a second platform to be announced at a later date and 12 other titles.
