Volatile and swinging price lists on the eve of the ECB meeting which should resolve the doubts on the antispread shield. The rumors reported by Bloomberg indicate that tomorrow the ECB will present an unlimited government bond purchase plan, with no ceiling on spreads or fluctuation band. The purchase program, which will be sterilised, will focus only on short-term government bonds, up to around 3 years. However, the plan will be subject to some very strict conditions that must be met by the countries concerned. But Angela Merkel is against an unlimited shopping program. The German Chancellor "can accept" a "temporary" government bond purchase plan by the ECB "but not unlimited purchases", said CDU MP Norbert Barthle after a closed meeting with the Chancellor and other MPs from the match.
The European stock exchanges closed with mixed results: Milan -0,62%, Frankfurt +0,46%, Paris +0,20%, London -0,25%. On Wall Street, the Dow Jones rose by 0,30% and the Nasdaq by 0,13%. Facebook recovers, rising on the Stock Exchange (+4,5%) after Mark Zuckerberg announced that he will not sell securities for 12 months. Wti oil falls to 94,93 (-0,39%).
While waiting fears about the economy weigh on the lists. After the data on the ISM manufacturing index down to 49,6 from 49,8, today the ISM index of New York confirmed the fears by falling more than expected in August. In the Eurozone the services PMI index fell more than expected in August to 47,2 points from 47,9 in July and the composite index, with manufacturing, fell to 46,3 from 46,5 against waited for a slight climb.
But the positive expectations for the government bond purchase plan are reflected above all in the spreads with the Btp-bund differential down to 403 points from an intraday peak of 433 and an opening of 424. The yield is at 5,52%. The Bono-bund spread is also down, at 491 points. The reduction of the differential on peripherals accelerated after Germany failed to place all the expected 5 billion bunds in the auction this morning, stopping at 3,93 billion with a stable yield at 1,42%. A sign that Germany is beginning to lose its appeal as a safe haven (but also of the willingness of investors to try to diversify with respect to a German stock which is now yielding nothing and is not immune from a worsening situation in the Eurozone, as demonstrated by the full of corporate issues these days). While German Minister Schaeuble says no to new aid programs for Athens but warns against speculation about Greece leaving the Euro, the single currency climbs back against the dollar to 1,2611 (+0,36%).
In Piazza Affari, the banks benefiting from the significant drop in the spread are highlighted: Ubi + 3,44%, Bper +2,48%, Bpm +1,98%, Mps +1,30%. Mediobanca, at the top of the Ftse Mib for a good part of the session on the day of the board of directors for Nagel's explanations on the Ligresti papello, closes fifth best stock at +0.97%. Stm -5,31% after the rejection of Exane and Ubs, Telecom Italia - 2,98%, Finmeccanica -2,57% after new rumors about alleged irregularities by the CEO Giuseppe Orsi, who this morning has already denied . Mediaset -2,41%, A2A -2,24%.
The rise of Rcs continues which today records a +29,21%. Cam,fin closes at +2,55% on the day of the face-to-face between Malacalza and Tronchetti Provera. The board of the Gpi safe it ended in the afternoon but no one wanted to comment on leaving. Geox +9,28% confirms the recovery and closes at 2,286 euros per share.
