THE RECESSION DOESN'T STOP THE STOCK +2%
FLAT CALM ON THE BOND MARKET
Markets continue the run of recent days on expectations that the European Central Bank will soon take steps to lower i financing costs of Spain and Italy.
European stock exchanges they mark a good rise, driven by the more peripheral markets. London cancels losses and gains 0,44%, Frankfurt +0,67%, Paris +1,45%. In Milan the FtseMib index accelerates upwards and rises by 2,19% to 14.655 bps, Madrid +1,66%.
Italy's blue-chip index slipped below par after that the dissemination of data on GDP of the second quarter and then caught his breath in the afternoon after the opening of Wall Street. In the period May-June of 2012, the Italian economy recorded a decline of 0,7% compared to the previous quarter, economists were expecting a decline of 0,8%. Compared to the same period of 2011, GDP fell by 2,5%, worsening from the -1,4% in the first quarter. With the decline in the second quarter, Italy reaches the fourth consecutive quarter of contraction.
Meanwhile without the intervention of the ECB, the spread between German government bonds and that of peripheral bonds closes. The two-year Portuguese government bond spread recovers 70 basis points to 4,9% in just one day. The 15-year bonds of Italy and Spain also recovered with spreads down by 9 and 10 basis points respectively. The yield of the 6,6-year Bono falls to 5,88% and that of the BTP to XNUMX%.
The euro is trading on last night's close against the dollar at 1,242.
Wall Street started the trading session sharply higher, with investors regaining some optimism about the future of the European crisis. Minutes into the game, the Dow Jones was up 0,41%, the Nasdaq was up 0,52% and the S&P 500 was up 0,53%.
American banks are up sharply with Citigroup +2,7%, Bank of America +2,2%, Jp Morgan +3,7%.
Banks shine in Milan too. Unicredit earns 6,68%, Understanding + 1,82% Mediobanca + 2,68% Banca Popolare Emilia + 5,17% Banco Popolare + 1,462%.
Crédit Agricole flies to Paris +4,8%. The sword of Damocles of the threat of the withdrawal of the US banking license causes Standard Chartered to fall -18,7%. Generali gains 2,36%. Mediolanum salt by 3,79%. Azimut slows down and closes at +0,45%.
Eni it gained 0,6% while WTI-type oil trades at 92,80 dollars a barrel, up 0,2%.
Buying wave on energy stocks and utilities after that the German giant E.On announced a tripled half-year profit compared to 2011. Companies exposed to electricity generation are very popular (very penalized in recent months due to the drop in demand). Enel rises by 3,2%, A2A even +9,94%, Terna +1,58%.
Telecom Italia is up by 3,82%. Fiat Industrial is up 1,9% and Pirelli up 2,06%. Prysmian cancels earnings and rises by 0,8% on the day of the presentation of the quarterly data.
