The revenge of Piazza Affari continues. The Milan Stock Exchange, in fact, leads the increases in Europe with an increase of 0,84%. But the real protagonist of the rally is the Unicredit share, which marks an increase of 4,2% to 1,21 euro. This morning the stock had been suspended due to an excess of downside with a theoretical -7,1% at 1,062 euros, a price it hadn't seen since April 2009.
The rebound started when the Italian Treasury announced the outcome of the Bot auction which saw the placement of 6,75 billion euro of 12-month bonds against a request for 10,4 billion. The gross yield was 3,67% against 2,1% in the previous June auction.
Shortly afterwards, Minister Giulio Tremonti communicated his return to Rome from Brussels to anticipate the approval times of the maneuver, which according to the latest developments should already be examined by the Senate this Thursday as confirmed by President Renato Schifani, so that the Chamber can start examining it already in the afternoon and approve it by Sunday, probably also with the "other measures" anticipated yesterday by Prime Minister Silvio Berlusconi himself. Finally, the President of the Republic Giorgio Napolitano is satisfied, sources from the Quirinale say, also because the European Commission has declared that it supports the maneuver by the Italian government.
This is a strong signal from the EU in favor of Italy, which is linked to another initiative: the president of the EU council, Herman Van Rompuy, has declared that an extraordinary summit of the 17 members of the euro area is not excluded for next Friday.
The news favored the return from the most acute phase of the crisis: the spread between the ten-year BTP and the German Bund fell to 286 basis points from 350 this morning, the yield fell to 5,53% from 6%.
Meanwhile, on the stock exchange, in addition to Unicredit, the other financial companies rebound. the banks rebounded: Intesa (+2,10%) Banco Popolare (+1,53%) Monte Paschi (+4,495) and Ubi (+4,31%). Azimut contends (+7%) with Unicredit for first place among the blue chips, while Generali is up slightly (+0,52%).
