THE BAGS STOP THE RECOVERY IN THE FINAL
BUT THE SPREAD DOWN TO 424 POINTS
Final in the name of caution for Piazza Affari which in the final stages resets the rise. In Milan, the FtseMib index closed at -0,21% at 13.283, while Paris reduced the gain to +0,36%%. In negative ground Frankfurt -0,21% % and London -0,49%. Madrid closed at -1,26%.
It probably weighs the disappointment for Angela Merkel's speech; the public statement announced focused on the relay to the Ministry of the Environment: Norbert Roettgen leaves, overwhelmed by the electoral defeat, the successor Peter Altmaier arrives who will have to stop the advance of the Greens.
The Monti government was promoted with full marks by the annual mission of the Fondo Monteario Internazionale. To defend itself from the contagion of the Greek crisis, Italy must "maintain the reformist thrust that has characterized the last six months under the leadership of Mario Monti and ensure that national banks have sufficient capital to provide credit to businesses".
"Italy is in the right direction, it has made enormous progress in the last six months," he said Reza Moghadam, director of the IMF European Department at the press conference. "What Italy must do is continue to carry forward the reformist effort undertaken so far", added Moghadam, answering the question on the consequences for the country of a further worsening of the Greek crisis.
Wall Street indexes up: Dow Jones +0,16%, Nasdaq +0,06% and S&P 500 +0,24%. The American stock market benefits from the good indications from the US economy: in April, industrial production rose by 1,1%, a growth that is almost double the +0,6% forecast on average by economists.
Another very positive data is that relating to theconstruction activity: also in April, 717 new construction sites were started in the US, a number well above the 685 forecast on average by economists.
The first French auction under the patronage of François Hollande closed well. Paris placed 8 billion government bonds, the maximum expected for the day, with yields down on the previous auction.
Thus they recover the core/peripheral spreads compared to the opening, while remaining at red alert levels: 424 bp (from a maximum of 455), the Spanish one returned to 469 basis points from the 500 at the opening.
The euro fluctuates around 1,27, around the yearly lows. “I don't care about Moody's”. Ennio Doris he launches the anti-rating agency campaign in his own way. Piazza Affari responds. Unicredit +0,55% and Intesa +2,05% run in Milan. Banco Popolare rises by 0,8%, Popolare Milano gains 4,3%, Popolare Dell'Emilia 2,45%.
Among industrial stocks, the rise of Finmeccanica stands out +4,58% on the wave of rumors about the entry into the capital of Thales. Fiat +1,12%, while Fiat Industrial suffers a decrease of 1,97%. Telecom Italia -0,26%, despite the promotion of Goldman Sachs which raised the rating to neutral from sell.
Good upside of Terna +1,48%, which presented results for the first quarter better than expected, the fall of Iren continues -8,3% after disappointing results.
