Greece finds the square with the Troika of the IMF-EU-ECB and the Stock Exchanges catch their breath after a morning on the roller coaster. Milan rose by 0,82%, Frankfurt +0,27%, Paris +0,59% and London +0,12%. The Dow Jones is up 0,11% while the Nasdaq is down 0,28%.
Lo Btp-bund spread drops again to 327 with a yield of 4,83% despite the data released today by Eurostat showing a new record for the Italian public debt which in the second quarter of 2012 rose to 126,1% of GDP. The Bono-bund spread drops to 401 points. L'euro it is slightly down against the dollar at 1,2951. Furthermore, in an interview with Il Sole 24 Ore, the number one of the Esfs assured that if Spain were to have a "sudden need" for a loan, the Esfs would be ready to grant "30 billion" of bonds by the end of the year .
The Athens-Troika agreement was communicated by Greek Finance Minister, Yannis Stournaras confirming that it is "all over" and that the package of austerity measures has been implemented". The Greek government undertakes to adopt new austerity measures for 9,2 billion euros in 2013 and for a total of 13,5 billion by the end of 2014. Furthermore, the retirement age will pass from 65 to 67 years. The postponement to 2016 of the deadline for the consolidation of the accounts is confirmed, which has not yet been formally approved by Greece's creditors but which was decided in consideration of the much worse than expected recession that hit the country bringing unemployment and company bankruptcies at unprecedented levels. The formal decision by the international community on whether to grant Greece this new two-year postponement, and how to finance it, is expected to be addressed by eurozone finance ministers or heads of government over the next month.
Berlin makes itself heard again: the undersecretary of the Berlin Ministry of Finance, Steffen Kempeter, he clarified in a radio interview that no decision has been taken on the matter and that the German government awaits the report of the troika of the ECB, EU and IMF: "Everything else is bar talk". Meanwhile this morning Mario Draghi spoke to the Bundestag to explain the anti-spread shield to the German parliamentarians: "The OMT - he said - will not lead to disguised financial aid to governments, it will not compromise the independence of the ECB", underlining that Germany the eventual collapse of the euro "would be the most expensive scenario". Today the Ifo index, which measures the confidence of German businesses, fell in October for the sixth consecutive month, reaching its lowest since February 2010 and registering a result much worse than expected at 100 points.
Some signs of détente have instead come from the USA after the data of the past few days. New home sales rose 5,7% above expectations in September and the October PMI improved to 51,3 from 51,1 in September. In terms of corporate results, Wall Street recorded brilliant accounts for Boeing, Dow Chemical and Facebook which redeems itself on the Stock Exchange with a 21% rise thanks to better than expected results due to the leap in advertising on mobile phones.
In Piazza Affari at the top of the Ftse Mib runs Stm +4,17% which has announced a savings plan of 150 million euros. Enel Green power +1,88%, Saipem +1,74% after the accounts and Parmalat +1,73% also stand out. Finmeccanica +1,70%. Ansaldo Energia, controlled by Finmeccanica and First Reserve Corporation, has been awarded a contract with a global value of approximately 300 million euro by Societe Algerienne de Production de l'Electricite (Spe), Sonelgaz group. At the bottom of the Ftse Mib Telecom Italia -1,08%, Prysmian -0,81%, and also the luxury of Salvatore Ferragamo -0%. The main banks are positive. Fonsai holds +65% while developments are awaited in the blitz by the Turin prosecutor's office in the aboitation of Isvap president Giancarlo Giannini.
