The rebound in Piazza Affari lasts less than an hour. In the aftermath of Giuseppe Conte's resignation from forming a new government and the tough clash between the President of the Republic, Sergio Mattarella, on the one hand and the Lega and Movimento 5 Stelle on the other, the Ftse Eb it opened trading up 2% and then gradually slowed down. At 12.36 the Stock Exchange, prey to very strong volatility, turned negative, losing more than 2% to 21.939 points.
Identical trend for the spread. The spread between the BTP and the Bund opened the day at 190 basis points, down sharply from 206 points at Friday's close. An hour later, everything was canceled and the spread skyrocketed: spread at 233 basis points and yields at 2,638 euros. Rates also rose sharply in the auction of inflation-indexed BTPs with 5- and 10-year maturities. The gross yield on the 1,28-year bond leapt to 0,47% from 0,05% in the April auction and that on the five-year bond rose to -0,43% from -XNUMX% in the March placement.
The maximum pre-established amount of 1,25 billion euros has been assigned for requests exceeding 3 billion. 24-month Ctz were also sold for 1,75 billion (maximum expected amount) with the rate rising to 0,35% from -0,275% in April.
In summary: equity and secondary are on a roller coaster, prey to political uncertainty that seems destined to continue in the coming months, despite the forthcoming appointment of Carlo Cottarelli who will lead the country until the elections. On the one hand, investors seem to appreciate the failed creation of the Lega – Movimento 5 Stelle government, considered a danger not only for Italy but also for the stability of the Eurozone. On the other hand, however, Italy's future remains an unknown factor and the chances that the two majority parties will strengthen further with the current electoral law frighten the markets. In one week the Ftse Mib lost more than 5% (-7,3% in one month).
In this context, in Piazza Affari it is above all the women who suffer banks which, after the initial increases, are once again hit by a tsunami of sales. The worst are General Bank e Bper, down by 5,3% and 4,7% respectively. Down too Finecobank (-4,3%) Bpm bank (-3,5%), Where's Banca (-2,8%) And Intesa Sanpaolo (-1,5%).
Outside the Ftse Mib he continues to suffer Monte dei Paschi, a bank whose main shareholder is the Treasury, which is down 4,5%.
Oil companies are also down due to the trend in crude oil: Saipem (-1,2%) ed Eni (-1,5%).
Among the blue chips are currently saved Ferrari (+ 0,8%), Unipolsai (+ 0,55%), Prysmian (+ 0,44%) and Italgas (+ 0,43%).
Outside of Italy, the other price lists are slightly up: +0,1% per Paris e Frankfurt, +0,3% per Madrid. London closed.
Moving on to the currency, the exchange euro/dollar, rose above 1,17 in the morning and then dropped back to 1,667. Sales on Petroleum: Brent at 75.53 dollars a barrel, Wti at 66.79.
(Last update at 12.18).
