European stock markets rose slightly towards the end of the morning, while traders awaited indications from Greece, where today the parliamentary debate on the country's new austerity measures begins. Milan rises by 0,56% (FTSE/Mib at 19.261), Madrid +0,6%. London rises by 0,2%, Paris +0,27%, Frankfurt is on parity.
Leading the progress are bank stocks, the European sector index marks a rise of 0,7%. The rebound follows three days of steep declines due to uncertainties about the possible involvement of lenders in the Greek bailout.
Meanwhile, the Wall Street Journal wrote that the French banks, the creditors most exposed to Greece, have prepared a plan for the voluntary restructuring of the debt, which provides for the extension of the maturities up to 30 years on half of the amount. In detail, bond holders would reinvest 70% maturing, 50% of which in thirty-year bonds which would have a variable component indexed to the growth of the Greek gross domestic product.
The strength of the bund future confirms the electric climate of the money markets, at 127,3 at its highest since December. High tension, however, on the bonds of Spain and Italy. The spread between the 220-year BTP and the German Bund is at an all-time record of 5,03 basis points, although the yield (5,02%) remains at the March levels (290%) due to the extraordinary strength of the German bund. Similar situation for Spain (spread 5,72, yield 20%). Meanwhile, the differential between Greek and German rates widened by 1.432 cents during the session, reaching XNUMX basis points.
BPM STARTS AGAIN AFTER THE SHAREHOLDERS' MEETING
UNKNOWN INCREASE FOR UNICREDIT
In Piazza Affari the dominant note is the rebound of bank stocks after Friday's landslide. Intesa rises by 1,8%, Unicredit +1,03%, Mediobanca +1,92%. With regard to Unicredit, one wonders whether or not the bank in Piazza Cordusio will have to make a capital increase in the light of the decisions of the Basel Committee. Over the weekend, the international supervisory authorities agreed on the basic principles on the minimum capital solidity thresholds to be imposed on so-called "systemic" banks. These banks will be asked to have a Core Tier1 ratio between 1 and 2,5 percentage points higher than the 7% required of the average bank. The largest and most interconnected companies will be called upon to increase their capital base, as the size decreases, so will the amount of the required capital supplement. The Financial Times writes that the law will affect about 30 large and very large global banking groups and adds that the new regulation represents a victory for the United States and Great Britain, the two countries that were asking for a soft intervention in terms of new capital.
However, the title on the shields is undoubtedly Bpm, up 4% after Saturday's shareholders' meeting which gave the go-ahead for the 1,2 billion euro capital increase.
Generali +1,83% and Azimut +2,34% also rose, while Fondiaria Sai +1,6% continued in the race to the bottom (-5%) on the day of the start of the capital increase.
THE MANEUVER GIVES LOTTOMATICA WINGS
ISAGRO AGREEMENT IN ISRAEL
Outside the financial sector, we note the increases of Lottomatica (+3,21%). The growth can also be explained by the measures against clandestine gambling envisaged by the manoeuvre. The fight against evasion favors the concessionaires, as it brings out the volumes of bets collected illegally, for example bets accepted by operators without AAMS authorization or bets made on slot machines not connected to the SOGEI network. Further revenues for the State will come from the sale of new online gaming concessions (in 2011) and possibly from the sale of new video lottery concessions
The Israeli group MA Industries has reached an agreement with Isagro for the exclusive global license of the active ingredient kiralaxyl. Ma has announced that it will have the rights to register, develop and commercialize kiralaxyl-based blends and formulas for the seed treatment market. Isagro will continue to produce and maintain registrations for the active principle of kiralaxyl, a systemic fungicide, it is mainly used for grapes, potatoes and vegetables.
The agreement allows for the development of products to better meet the needs of consumers in seed treatment, especially in North America. In the mid-morning, Isagro recorded an increase of 0,36%.
THE WIND FROM ASIA BRINGS GOOD RISES.
PIAGGIO AND LUXOTTICA ARISE
Asia gives wings to the luxury sector but also to Piaggio's two-wheelers. Roberto Colaninno's company (+4%) continues to score positive sessions thanks to the good performance of the Asian subsidiaries, in particular Vietnam. Luxottica is up 0,4% to 21,44 euros. In an interview with Affari&Finanza, the managing director Andrea Guerra states that “2011 will be a positive year like 2010 was: in a certain sense, 2011 is the evolution of 2010”. Guerra adds that “our brands are in excellent shape: the luxury segment recorded a very positive trend in the first few months of the year. Also in this case the positive notes come from China”.
