Height 300 in sight. The recovery of Italian government bonds continues at a very strong pace, on the wave of purchases by Italian and non-Italian banks. As a result, the spread between the BTP and the Bund narrowed to 308 basis points. The 5-year yield pierces the 4,91% threshold downwards (the frontier of the risk of no return towards a possible default, as wrongly predicted by the Cassandras) to reach 28%, -XNUMX basis points compared to the day before.
The Milan Stock Exchange closes at a high, with the FtseMib index rising by 2,93% to 16830. The London Stock Exchange rises by 0,9%, Paris +1,2%, Frankfurt gains 1%.
The rebound in government bonds and European stock markets, led by Italy, is also good for Wall Street: the Dow Jones and S&P indices rise by 0,3%, the Nasdaq advances by 0,66%. The US macro data, on the other hand, is negative: the ISM index drops to 52,4, well below the expectations of economists, who indicated 54,5. For the ISM, 50 represents the watershed between forecasts of expansion and forecasts.
The performances of the banks are amazing. Fly the Banco Popolare (+10,51%), one of the institutions most exposed to the judgment of the EBA, the European authority which is about to finalize the accounts on the capital increases. After the rebound in government bonds, the emergency should at least be shelved. In great dust too Unicredit (+ 5,98%), Understanding (+ 4,49%), Pop.Milan (+ 5,89%), MontePaschi (+4,9%), Ubi (+5,79%). Meanwhile, the rally in asset management securities continues: Mediolanum (+ 2,56%), Azimuth + 3,14 %.
Industrial stocks also rose. Fiat gains 4,88% after the excellent data on sales of the subsidiary Chrysler. In February, the American group recorded a sales boom: +40%, to 133,5 million euros. The figure adds up to an excellent January. In the first two months of the year, Chrysler recorded a 42% increase in sales. Also shop on Fiat Industrial (+2,2%). A sharp rise Prysmian (+3,4%), after Bank of America confirmed the recommendation buy and raised the target price to 13 euro from 17 euro.
Salt too Generali (+2,8%). The Ligresti-Unipol archipelago also rose: Fondiaria-Leaves salt by 3,9%, Unipol earns 7%, and more than all runs Milano Insurance, the subsidiary of Fon-Sai, which is suspended after gaining 17%. Down A2A (-3,3%), after Alpiq's failed attempt to sell its 5%.
