The European stock exchanges accelerate after the publication of the Ifo index on the expectations of German entrepreneurs: in September the index dropped to 107,5 (against 108,5 in August), better than the forecasts of 106,5. In Milan (the Ftse Mib index +3,26% to 14.110) he leads the race for European lists: Paris is +1,3%, Frankfurt +1,7%. London, weighed down by the drop in gold stocks and metals in general, followed the opposite path and the Ftse 100 index lost 0,7%.
Gold trades at 1606 dollars an ounce (-3%), silver (-6%), copper (-4%), platinum (-4,5%). Meanwhile, on the eve of the Italian Treasury auctions, tensions on the public bond market are decreasing: the Italy-Germany spread drops to 380 from 390 on Friday evening. The last positive note concerns the euro, which has risen to 1,344 from the lows of the beginning of the session at 1,336. Behind the rebound is the expectation for the strengthening of the bailout fund with a five to tenfold leverage on which, for now, there is no confirmation of any kind. A part of these resources would be made available to the banks, in order to strengthen them and remove doubts about their soundness. On this basis it would then be possible to deal with the Greek emergency without the nightmare of a domino effect on credit and on the periphery of Europe.
In Milan, as in all of Europe, the banks are driving the race. The banks are running in Milan. Intesa San Paolo rises by 6%, Unicredit +4,3% rises above 1 euro, Bpm marks +3,3%, Ubi +6%. Positive response from the Zurich stock exchange to the changing of the guard at UBS. The arrival of Sergio Ermotti as CEO was greeted by a rise of 4,3%. The bank has announced that it will step up risk controls as part of an accelerated restructuring of investment banking. It will be Sergio Ermotti himself who will take care of relaunching the division, after the "hole" for the operations of trader Kewku Adoboli.
Of note, among the utilities, Atlantia + 2,9%. Fiat goes up 1,85%. Generali also rose +3,9%. Fondiaria Sai +2.%. Oil companies suffer from the decline in crude oil: Saipem loses 2%, ENI stationary.
