DAY OF RECORDS ON ALL EXCHANGES. MILAN +4,6%
THE MARKETS BET THAT EUROGEDDON WILL NOT BE THERE
After so many negative records, the terrible autumn of 2011 also gives Monday a positive record: Piazza Affari, which started in the morning with an increase of 1,6%, gathered speed by the hour, with the power of a locomotive from the Alta Speed. At the end of the session, the Milan Stock Exchange +4,6%, the Ftse/mib index at 14.578, is second only to Paris +5,46%, driven upwards by bank stocks. Increases well above 4% were also recorded in Frankfurt +4,60% and Madrid, while London rose by 3%. Wall Street is also growing: Dow Jones +2,8%, also driven by the dazzling debut of sales for Christmas: +16% in the first day after Thanksgiving Day.
The rally has a common denominator: the conviction that, after having seen the abyss (now known as Eurogeddon), the chancelleries of Europe, perhaps at the request of the other big ones, have finally broken the delay. In short, it is not yet certain what will be done, but certainly something will finally be done. And so, despite the denials by the Monetary Fund on the mega loan for Italy, the markets continue to see pink. The revision of the Community treaties of the European Union is considered highly probable, starting from more powers of surveillance and rights of intervention by the Commission on the budgets of the States.
Good news also from the main battlefields, namely currencies and sovereign debt. The euro rebounds from the lows of the last month and a half reached on Friday evening and gains an advantage over the dollar to 1,335 from 1,331 (high at 1,339).
Meanwhile, on the government bond front, yields on 10-year BTPs (-11 basis points to 7,12%), Spanish bonos (-14 bps to 6,49%) and French Oats (-10 bps to 3,56 .483%). The Italy/Germany spread is 423, against 125 for Spain and 474 basis points for France. The spread fell to a low of 493 bps, but at the end of the day it was already at XNUMX.
It was a great day on the European stock exchanges for banks, insurance companies and the automotive sector, as usual the most sensitive and reactive cyclical sector.
At Piazza Affari Unicredit achieved the best performance in the blue chip index: +8,14%. Followed by: Intesa Sanpaolo +7,04%, Ubi Banca +5,77%, Banca Popolare dell'Emilia Romagna +5%, Generali +3%. Mediobanca rebounds by 5,32%.
In the automotive sector, Fiat stands out + 716% on the eve of the start of negotiations for the car contract, Fiat Industrial +6,34%, Exor does better +6,5%, Pirelli restarts with +4,8%. Finmeccanica -2,67% goes against the trend. Diasorin -1,96%, Parmalat -0,21% and Popolare Milano -0,15% also closed in the red.
Energy shares are up: Eni + 3%, Enel + 4% as well as the utility Snam Rete Gas. Terna scores + 3,67%, Telecom Italia rises by 3,29%. Great day also for Tenaris +5,57% and Saipem +607%. In Midex, Maire Tecnimont 18%, Trevi +11%, Mondadori +11% and Saras 9,4% fly.
