THE EXCHANGES STILL BET ON THE AGREEMENT. MA TSIPRAS AND MERKEL: GREFERENDUM FIRST
Once again the stock exchanges have tried to anticipate the outcome of the Greek drama, the outcome of which, after the decision of the Eurogroup to wait for the result of Sunday's referendum, is postponed at least until next Monday. Piazza Affari took off at the end of the morning when the latest offer from Athens to Brussels was published by the Financial Times. In the end, the Milan Stock Exchange closed another hectic day up, marked by news regarding Greece: the Ftse Mib index closed +2,15%, in line with what happened in Frankfurt +2,15% and Paris + 1,94%.
The spread and the BTP slightly recovered. The yield on the Italian 2,27-year bond is 5%, down 146 basis points, spread at 11 basis points (-1,1087 basis points). In terms of exchange rates, the euro weakens to XNUMX against the dollar. Market moods cooled off in the evening.
“We will talk about the active proposal from Athens. But after Tsipras' statements, I see little chance of progress". Thus the president of the Eurogroup Jeroem Djissembloem froze expectations in an agreement, before the start of the conference call between the finance ministers. The Greek premier had reiterated his invitation to vote no in the referendum to be held on Sunday. For her part, Angela Merkel had already underlined, with regard to the new Greek offers, that no decision will be taken before the vote.
In this way, the hopes that fueled the rise in the financial markets are partly extinguished, prompted by the declarations of François Hollande who spent his time on an agreement immediately, on the basis of the text accepted by Tsipras: yes to the Eurogroup plan (with some modifications ), support from the ESM fund for Athens' debt until 2017.
In Milan, the banks have come to the fore. Where's Banca it is the best blue chip with a 4,5% upside. They follow Unicredit +3,4% ed Understanding +2,8%. Banca Popolare di Milano marks an increase of 2,5%. Generali +2,7%. In the rest of the price list in evidence Mediaset +4,13% after the indications that emerged from the Upa assembly (6% growth in funding in June). Pier Silvio Berlusconi alluded to a recent offer by Sky for Mediaset Premium, a platform that has risen to 28% of the market. Telecom Italy salt by 2,55%.
Very good Cnh + 4,9% on the wave of indications coming from the demand of US agriculture. Retrieve Fincantieri +4,1% after the government's reassurances on efforts to quickly reopen the Monfalcone plant, seized yesterday by the judiciary as part of an investigation into an alleged illegal dump. Bucking Saipem -1,90%. The Norwegian oil group Statoil has announced the suspension of the contract with Saipem for a platform due to the overcapacity of its rig portfolio.
