ATHENS STILL CRYING, BUT THE BAGS RISE. STM SPRINT, SPREAD FALLS BELOW 150 BP
The European stock exchanges rebound in the final after a very tense morning. Milan closes in positive territory +0,25% at an altitude of 22.384 points, after falling back in the morning below an altitude of 22 thousand. The rebound in Paris and Frankfurt was more vigorous, in both cases exceeding half a percentage point. London +0,43%, Madrid flat +0.08%.
The pressure on government bonds is also slowing: in the evening the Btp/Bund spread fell below 150 basis points after having crossed the threshold of 170 points in the morning.
The start of Wall Street was also positive, coinciding with the start of the meeting of the Fed's monetary committee: the Dow Jones advanced by 0,3% on the wave of the increase in requests for building permits.
The trend reversal does not find, at least apparently, a justification in the plot of the Greek tragedy: the Athens Stock Exchange closes with a drop of 4,77%. Alexis Tsipras continues to challenge creditors speaking of "criminal liability" of the IMF. But Angela Merkel has promised to devote every energy to reaching an agreement within 1-2 days.
Meanwhile, the Qe parachute is working, which yesterday curbed tensions on Btp and Bonos. Mario Draghi emerged victorious in the verdict of the European Court of Justice on the OMT program, against the appeal presented by various German entities, including the Bundesbank.
The banks closed in positive territory after a difficult morning. Intesa +0,13% and Unicredit +0,75% are up. Monte Paschi +3,78%. The auction of the unexercised rights closed on the first day of the offer. Unipol Sai also rose +2%, Generali unchanged. Kepler has raised Saipem's rating to Hold from reduced -0,1%. In positive ground Eni -0,1%.
Finmeccanica -2,4% and Telecom Italia +1,4% are down sharply. Also noteworthy is the crash of Autogrill -2,8%. In great evidence Stm +2,9%, the best blue chip, closely followed by another technological stock, Prysmian +2%.
