The start was uncertain, as expected. Then the Milan Stock Exchange gathered courage: as the hours go by, it emerges that the agreement reached overnight in Brussels between the 17 countries of the euro is a positive, perhaps historical fact. Talks resumed this morning: the path chosen, as Angela Merkel declared during the night, is to renounce the agreement with 27 and to aim for an agreement between the 17 euro countries, leaving the others free to join (Denmark too, as well as to the UK, it would be called out).
The Ftse Mib index thus rose by 1,25%. The other European Stock Exchanges were slightly positive. London +0,2%, Paris +0,9%, Frankfurt +0,4%. The recovery of the Stock Exchange is not confirmed by a similar movement of the BTPs, which on the contrary continue to suffer. The 6,52-year yield rose to 8% (+452 basis points), the spread with the Bund widened to 2,1 points. Strong drop in oil which lost 0,4% yesterday and continues this morning with another drop of 97,8% to XNUMX dollars a barrel.
The sector driving the recovery is the banking sector, the most depressed by the diktat on equity capital coming from the EBA. Intesa, the only major Italian bank that according to the European Authority EBA does not have to proceed with capital increases, rose by 4%. Unicredit +3%, Ubi +2%, Mediobanca +2,3% and MontePaschi +2,8% were also positive. Insurance companies also rose: Generali +1,9%, Fondiaria-Sai rebounded by 2,6%.
Industrial stocks also recovered: Fiat +1,5%, FiatIndustrial +2,3%, Prysmian +1,7% and Finmeccanica itself +1,4%. Lottomatica drops 2,2% after being downgraded by Bank of America to buy neutral. Among the medium-sized companies, we note Maire Tecnimont with an increase of 5,6%, and Gemina +3,5%.
