THE SHADOW OF SPAIN FRIGHTENS THE BULL
MILAN -0,7%. THE SPREAD CLOSES AT 435 BP
Despite the closure of Wall Street, stopped for Memorial Day, which prevented the guns of speculation from hitting peripheral European countries and despite the successful outcome of theCtz auction, and of Switzerland (stops for Pentecost in Luxembourg and Norway) the Stock Exchanges took the downward path in the last part of the session.
European stock exchanges reverse course, also conditioned by the closure of bank branches in France and Germany: Paris loses 0,11%, Frankfurt -0,19%. Heavy loss a Madrid -2,05% for the Bankia chasm (-28%). In Piazza Affari, the Ftse Mib index closes at 13063 -0,69%.
For once the worst notes do not come from Athens. In all pre-election polls, Nea Democratia, pro-European, precedes the extreme forces. Meanwhile, the Greek government has paid 18 billion euros in the coffers of four national institutes. May 16th the ECB had announced that it had taken measures against undercapitalised Greek banks temporarily excluding them from normal refinancing auctions. The Greek government had pledged to unblock quickly the funds that had been transferred to her by the EFSF. The door to the usual ECB refinancing auctions should therefore be reopened shortly for Greek banks.
Things are worse in Madrid. Spain has clarified that it has not received the go-ahead from the ECB on the bank rescue plan (which provides for the issuance of ad hoc government bonds) but that it has only informed the Central Bank.
Yesterday they circulated other rumors about the capital needs of Spanish banks, in particular of Bankia, which has already received 4,5 billion euros in aid and, according to the Financial Times, may need another 19 billion euros. The stock of the bank born from the merger of 7 regional savings banks lost 13% but this morning it had lost 30%.
Il dollar, despite the absence of the major US operators, strengthens again on the'EUR to 1,253 from 1,261 of the opening.
The fever is rising on the government bond market, despite the positive outcome of the auction of Italian government bonds.
Lo spread between the Spanish Bono maturity 10 years and the German Bund it rises by 16 basis points to 506, a new negative record. That of the BTP rises by 6 basis points to 435.
Uncertainties weigh on bankers. Unicredit retreats 1,42%, Intesa San Paolo -1,9% Where's Banca -2,01% Banco Popolare loses 3,74%, Bper -4,75%.
In the sector of financial companies it shines Azimuth + 2,14%.
Fiat Industrial is up 0,06% while Fiat loses 2,21%. Exor salt by 1,02%, Pirelli + 0,5%. Ansaldo Sts leave 2,07% on the ground. Eni retreats 0,13% less than Snam - 0,81%.
Luxury stocks rise: Luxottica + 0622% Ferragamo +1,01% and Tod’s +1,16%. In evidence Rest + 1,89%.
The collapse continuesEspresso -8%.
