After the positive start, the European Stock Exchanges retreated on the wave of the disappointing albeit not dramatic outcome of the Spanish Bonos auction. At the beginning of the afternoon Milan gains just 0,19%, Paris 0,05% and Frankfurt travels around parity. While awaiting tomorrow's US employment data, attention is focused on Mario Draghi's press conference at the end of the ECB Governing Council held in Slovenia. The main question is if and when Spain will ask for help to control spreads.
In the morning, the Treasury of Madrid sold two-, three- and five-year government bonds on the market for a total maximum amount of 3,99 billion, against a target of 4 billion with falling rates on the two-year and five-year bonds but slightly three-year increase. The two-year rate fell to 3,282% from 5,204%, the five-year rate fell to 4,766% from 6,459% while the three-year rate rose to 3,956% from 3,845%. Once again there was no foreign demand for the Madrid bonds.
Meanwhile, Spain continues to hesitate about the possibility of applying for financial aid. Meanwhile, the yield on the 10-year BTP, traded at 5,13%, rose on the government bond market. Spread at 361. The Spanish spread widens to 443 points (5,88% yield).
Throughout Europe, banks are positive (Stoxx +0,7%) after the positive conclusion of the EBA stress tests. In Milan, Unicredit rises by 0,89%: the market awaits indications on the next dividend, a topic that will be discussed in the next few days by the management with the main shareholders.
Intesa gains 0,72%, Ubi advances by 0,33%. MontePaschi also rose +1,21%, which will reach the Core Tier 1 requirement requested by the European banking authority by the end of this year.
Oil is recovering after last night's drastic drop (-4%): the WTI is traded at 88,6 dollars a barrel, up 0,6% since the closure in New York. Brent at $109. Sector stocks recorded the drop in crude oil prices: Eni -0,82%, Saipem -1,05%, Tenaris -1,81%.
Starting up, utilities reversed course: Atlantia -1,06%, Enel -0,7%, A2A -0,74%, Enel Green Power -1,34%.
Lottomatica shines, +1,74%, after the news that its subsidiary GTech has won the tender to manage the Indiana state lottery.
Fiat moves up, +1,06%, while Fiat Industrial reacts badly to rumors about a possible postponement of the merger with the subsidiary CNH: the share falls by 2,32%. Finmeccanica gains 2%. Among the groups that can support the F2i fund in the Ansaldo Energia operation are the Malacalza family and the Camozzi group.
Tod's rose by 0,29%, promoted by Cheuvreux to outperform from underperform. Conversely, Ferragamo fell, -1,79%, again downgraded from Cheuvreux to underperform from outperform.
