Business Square manages to close in positive territory despite the rain of sales on Finmeccanica. The Milan price list is dragged by the Bpm which officially opened the governance site with the project on the transformation into a joint stock company which arrives for the first time in the councils. The banking sector as a whole also performed well thanks to the drop in the spread in the area of 286 basis points. Milan is in line with the other European price lists which benefit from the words of Mario Draghi who spoke to the Spanish Parliament. Paris +0,99%, Frankfurt +0,35%, London +0,98%. Madrid +1,93%. The euro trades against the dollar at 1,3456 (+0,37%).
For the president of the ECB it is exaggerated to speak of a currency war. Draghi he defined the appreciation of the euro as a positive sign, reiterating that it is a sign of "return of confidence in the Eurozone" and that the nominal and real exchange rate of the euro is in line with the long-term average. But he also specified that "exchange rates must reflect economic fundamentals" and "we are aware that they have an impact on growth and price stability: now we want to verify whether this appreciation, if sustained, could change our assessments of risks for the prices.
Il exchange euro Dollar it was also the focus of today's Ecofin meeting. The European Commissioner for Economic and Monetary Affairs, Olli Rehn, speaking today at the end of the Ecofin, confirmed the non-interventionist orientation declared in the last few hours by the G7 leaders, but warned against the "excessive volatility of exchange rates , which can have negative effects on growth and inflation”. For Rehn, it is necessary "to aim at an active coordination of policies to prevent a wave of competitive devaluations". The market is now looking to the G20 in Moscow this weekend, where the French Economy Minister, Pierre Moscovici, will bring the invitation to "reflect globally on a coordinated and intelligent exchange rate strategy".
Wall Street moves contrasted at the closure of Europe: the Dow Jones rises by 0,24% and the Nasdaq drops by 0,30%. Facebook is under pressure (-1,31% to $27,88 per share) after analyst downgrades from Bernstein and BTIG. WTI oil rose by 0,30% to 97,32 dollars.
In Milan, Finmeccanica fell sharply to -7,31%: more than 31 million pieces changed hands, a record compared to an average of 6,3 million in recent months. Pirelli -3,02%, "There is no project at the moment", said the president of Pirelli, Marco Tronchetti Provera, on the sidelines of the conference 'Renewable energies and energy efficiency, scenarios and opportunities' to those who asked him press rumors according to which the company is studying a joint venture with a Chinese company for truck tyres. Ansaldo -2,99%, Telecom Italia -1,79%, Mps -1,27%. In light of the Ftse Mib instead Bpm 6,74%, Intesa +2,32%, Bper +2,03%, Mediolanum +1,90%, Stm +1,82%.
