Final sprint of Piazza Affari which manages to close in positive territory up 0,77%, in line with the other main European markets: Paris +0,81%, Frankfurt +0,64% and London +1,16%. In a volatile day, the stock markets were supported by the unexpected drop in crude stocks which pushed the prices of the Petroleum: the WTI closed up 4,26% at 37,42 dollars a barrel. In terms of exchange rates, the single currency strengthened against the dollar to 1,1387.
At the end of the session came the yes of the Senate to the trust requested by the Government on the decree law on banks. There were 171 votes in favour, 105 against, one abstention. It's about the final go-ahead. The law addresses the age-old problem of non-performing loans. The text provides for a guarantee on the securitization of NPLs which may also be requested by "registered financial intermediaries". The provision rises from 100 to 120 million euros, while non-performing loans can be sold no more than «their net book value at the date of the sale. Eyes now on bank stocks which in recent weeks have returned to the eye of the storm on fears that the ECB may push for the sale of NPLs and that an 18% valuation is applied to them, the one proposed by the Apollo fund for impaired assets of Carige Bank.
Today the sector closed trading overall in negative territory: Banco Popolare was the worst stock on the Ftse Mib with a drop of 3,38% to 4,77 euros per share and after reaching a new all-time low, as well as the his betrothed Bpm filed a red of 1,39%. The managed savings of Banca Mediolanum -2,12% and Anima Holding -1,73% also fell. Ubi -1,25%. In the sector, the exceptions are Mps +2,71%, Unicredit +1,71% and Intesa Sanpaolo +1,18%. On top of the Ftse Mib A2a +4,26% which announced its 2015 results this morning, closing with a net profit of 73 million and a dividend of 0,041 euro (+13%), followed by Luxottica +2,74%. Also in the light Exor +2.4% and Ferrari +2,29% while FCA loses 1,32% after the announcement of 500 million investment in the Argentine plant in Cordoba.
It is the last day dedicated to retail for Btp Italy 2024, indexed to national inflation. The Btp-Bund spread is 116 points with a yield of 1,29%. Markets are now eyeing the release of the minutes of the latest Fed meeting, due tonight. On Wall Street, the Dow Jones rose by 0,37% and the Nasdaq 100 by 0,91%, the S&P500 by 0,61%. Spotlight on Pfizer and Allergan abandoning the $169 billion merger after the US Treasury's fiscal tightening.
