The recovery of the Milan Stock Exchange takes off after yesterday's fall. In Piazza Affari, the FtseMib index rose by 2,1%. The rise of the other European Stock Exchanges was more modest: London +0,1%, Paris +0,7%, Frankfurt +0,5%. The markets appreciate the decisions of the EU summit, without complaining too much about Great Britain's choice not to sign the agreement. The president of the European Council, Van Rompuy, declared that the EU will make an additional 200 billion euros available to the IMF. The funds of the European financial stability facility and, from 2013, of the European stability mechanism will be managed by the ECB.
However, the sovereign debt market continues to suffer: the yield on the ten-year BTP rose to 6,50% (+8 basis points), the spread with the Bund widened to 449 points despite the intervention of the ECB in support of the short of the Btp curve.
The price of oil is recovering, having lost 2,1% yesterday and this morning gaining 0,4% to 98,73 dollars a barrel.
Leading the rise are the banks on which the downgrade of Moody's on the three French banks Socgen, Crédit Agricole and BNP Paribas. Intesa, the only one among the big Italian banks that second the European Authority Eba it does not have to proceed with capital increases, it rises by 4,7%. Closely followed by Unicredit +4,2%, Ubi +2,5%, Mediobanca +2,8% and MontePaschi +3%.
Generali are up +2,7%, a shot in the arm for Fondiaria-Sai +1,2%. Industrial stocks also recovered: Fiat +3,8%, FiatIndustrial +3,4%, Prysmian +3,2%, Finmeccanica +2%. The prices of Eni +1,4%, Enel +1% and Telecom Italia +1,3% are up.
