As expected, the decisive day was not decisive at all. Confirmation has arrived from Greece that even for today there will be no announcement of a solution to the debt restructuring. In the early afternoon, Prime Minister Lucas Papademos announced that the meeting with the three leaders of the parties who support his government has been postponed until tomorrow, to the obvious annoyance of the EU Commission (“Greece has already passed the deadline that the EU had given it – said a spokesman – a delay that cannot be ignored”) and the Merkel-Sarkozy couple (“Our Greek friends – said the French president – must assume their responsibilities by voting on the reforms they are committed to".
The uncertainty on the front of hellenic bond (in the evening there will be a meeting of the Greek prime minister with private creditors) slows down the stock markets.
THEFtse Mib index closed with a drop of 0,3%. London drops by 0,15% e Frankfurt 0,03%. Paris loses 0,66%. Declining opening also on Wall Street: S&P -0,24%, Dow Jones down 0,33%, Nasdaq also falls -0,26%
Made only apparently singular: the Athens Stock Exchange it closed up 3% with banks in strong evidence (Alpha Bank +20%) on the assumption that bank nationalization will be avoided. Markets are betting that, however it turns out, Greece's debt burden will be eased.
Lo XNUMX-year Btp/Bund spread the German touched 390 basis points at the start and then returned to Friday's levels around 370. The yield on the 10-year BTP is set at 5,58%. The 2-year spread settled at 272 bps for a yield of 2,90%, the lowest since mid-June.
even the US XNUMX-year Treasury returns to the ranks, after trying to stretch above the maximum.
Banks challenged in Milan. Banco Popolare rose by 3,1%, after announcing that it will buy back its bonds on the market for a maximum amount of 4 billion euro. The transaction will favor capital strengthening and should also result in a capital gain. Banca Mps also achieved an increase of 2,61%. Unicredit rises by 1,6%, Intesa -2,37%, Ubi +1,81%.
The companies destined to join together to give life to a maxi insurance pole are making a big splash. Fondiaria Sai was suspended due to excessive increases for a good part of the session and then rose by 31,32%, Unipol takes flight +30,33%, followed by Premafin + 24,06%.
Fiat is down by 2,06% after Standard & Poor's put the automaker on negative creditwatch for a possible rating downgrade. Fiat Industrial drops by 2,82%, Pirelli +0,13%. Other industrial stocks such as Finmeccanica -2,02% StM -1,32% Tenaris -3,09% and Prysmian -0,33%. Salt, on the contrary, Telecom Italy: an article in La Repubblica hypothesizes a dividend distribution of 900 million euros per year for the next 3 years. This would be a dividend of 4,3 cents, or equal to a yield of 5,4%, down from the 5,8 cents distributed last year. In return, the share of investments destined for South America would increase.
Autogrill is down 4,46% after that Deutsche Bank cut recommendation to hold from buy. Same fate for Buzzi – 5,12%. Today the German subsidiary Dyckerhoff announced that it closed 2011 with revenues up 13% to 1,6 billion euros, a positive figure, but accompanied by Dyckerhoff's forecast of unchanged revenues for 2012, while many analysts they expected continued growth.
