È rally for Piazza Affari which rises by 3,35%, best among the main European markets which all close with a sharp rise: Frankfurt climbs 1,84%, Paris +1,69%, London +1,73% . In Europe, after yesterday's storm and this morning's new reductions, the lists have taken the upward path after the Spanish auction, which, albeit with rising yields, has reassured on the demand side (3,04 billion euro of bonds against an expected maximum of 3 billion). They are so loose the tensions on the front of the Bono-bund differential which fell to 550 basis points from the opening of 572 and on the Btp spread to 438 points from 465 in the morning. Even Greece, where the political leaders assure that the new government will see the light of day as soon as possible, has managed to place 1,3 billion of three-month bonds, with rates decreasing slightly to 4,31%. From Los Cabos, Mexico. Then came the positive news that 456 billion dollars will be added to the 380 already allocated for IMF interventions thanks to the new allocations from Russia, India and South Africa and above all China.
But to galvanize the lists, even on Wall Street, is the expectation of new stimulus measures that could be decided in the two-day meeting of the Fomc (Fed) which begins today. Overseas so at the closing of the European lists the Dow Jones salt by 0,93% and the Nasdaq 1,19%. Leap Oracle which announced better than expected results and Microsoft after the launch of the Surface tablet. The lists gave little weight to the disappointing data on the construction site for new homes started in May (-4,8% on April against expectations of a rise of 0,4%). However, the data on permits (+7,9%) allows us to look at the coming months with optimism. The confidence sentiment of the markets today also ignores the bad figure of the German Zew which signaled a dramatic drop in business confidence. L'euro it climbs back to 1,27 against the dollar.
Meanwhile the European Union is entering the hot phase for its own credibility on the markets in view of the summit of 28 -29 June. “On the Eurozone crisis, the next ten days will be decisive for approving measures to defend the single currency,” he said Mario Monti. For theECB exponent Nowotny it is possible that the summit will talk about an agreement on the banking union and that an agreement will be reached by the second half of 2012, albeit without Great Britain and on the basis of intergovernmental agreements and not a modification of the treaties. But there are still many unknowns about the road that Europe will take. Today from Germany the Constitutional Court ruled that the government did not give sufficient information to Parliament regarding the ESM permanent rescue fund, the ruling will not affect the effectiveness of the resolutions adopted to save the eurozone but the government will be required to better inform the parliamentary assembly in the future.
The market does not believe the denials and Telecom Italia closes on the upside boom at +7,88% in the wake of rumors about an ongoing negotiation with the Cassa Depositi e Prestiti to invest together in the new telecommunications network. On the Ftse Eb it is also rallying for A2A +5,84%, Enel Green Power +5,63% and Tenaris +5,61% after Exane raised its recommendation to outperform with the target price raised to 16 euros from the previous 15,50. Generali leap of 5,60%, the insurance group is a shareholder of Telco, and together with Mediobanca and Intesa, of Telecom Italia.
The easing of tensions on the Btp-bund spread and the expectation for new stimulus measures helps the banks that close positively on the Ftse Eb only two stocks finished the session in the red: Diasorin -0,67% and Prysmian -0,43%.
Unicredit +4,62% a reorganization and cost reduction plan is on the way. In a report, Mediobanca R&S notes that, despite the cleanup already carried out with the 2011 financial statements, at the end of the year both Unicredit and Intesa (+4,78%) they still had over 15 billion in goodwill on their balance sheet, mostly linked to past acquisitions: respectively 15,04 for Intesa and 15,68 for Unicredit. These sums are sums already deducted from the regulatory capital.
Mediobanca also reports that in 2011 about a quarter of banking assets in Europe (increased by 4,8%), consists of derivatives which recorded an increase of 33%, rising to 1.453 billion. Switzerland is at the top with an incidence of derivatives on the country's GDP of 254% while in Italy it is only 10,7%. The amount of Intesa San Paolo's derivative assets, for example, is approximately 52 billion against the more than 760 billion of Credit Suisse.
The market is waiting for the business plan of Mps (+0,59%) which will be presented next Tuesday. But no strategic revolutions: it will be inspired by rigor and cost cutting. Today Standard & Poor's put the long-term BBB rating and the short-term A-2 rating of the Sienese bank on negative credit watch.
Spotlights always on on the Fonsai galaxy (+1,69%): today the company's board of directors is called to evaluate Isvap's disputes on transactions with related parties and on the compensation of members of the Ligresti family. Said in other words, the Ligresti end up in court for the first time on the table of the Fonsai board for operations in conflict of interest and compensation which have impoverished the company. In fact, it is necessary within two weeks to reply to Isvap which on Friday sent its objections to the group, threatening to appoint a commissioner in the event of unsatisfactory answers. THE Ligresti risk a liability action. From what was learned before the start of the works, the management would be inclined to propose to the Board of Directors that they follow up on Isvap's request and proceed with any further actions on transactions with related parties.
