From the three-way summit between Mario Monti, Sarkozy and Merkel no strong signal emerged for the short-term management of the crisis. The German chancellor has once again reiterated his no to Eurobonds ("they are not necessary", he said) and to an ECB lender of last resort.
The lists thus lost momentum: they quickly reduced the rise which had reached 2% in the morning and went into negative territory in the afternoon. Of all the main European markets, only the Ftse Mb manages to close just above parity, with an increase of 0,12%. On the other hand, the Dax down by 0,54% and the Ftse 100 down by 0,24% confirmed the red. The Cac closes close to parity with a slight drop of 0,01%. Instead, the EuroStoxx rose to +0,04%: in Europe banks are holding up, while the retail and energy sectors are under pressure. Wall Street is closed today for Thanksgiving.
In the morning, the lists had hoped that after yesterday's flop in the bund auction there were the conditions to open a breach in Merkel's armor, hopes fueled by the German press (the German front against Eurobonds is apparently crumbling, some newspapers claimed) . The spread between the BTPs and the Bunds also rose again, rising to 490 points and yielding 7,06%. The differentials of France and Spain also rose to 153 basis points and 440 respectively. The euro, which was strengthening against the dollar in the morning, is losing ground again and trades in the 1,33 dollar area. Wti oil is in progress in the area of 97 dollars a barrel.
In Piazza Affari the financials move in contrast: Unicredit rises by 2,81%, Ubi by 0,59%, Mediolanum +3,80% and Intesa by 1,48% at the top of which comes Enrico Cucchiani. In red Azimut -3,44%, Banco Popolare –1,66%, Bpm -1,98%, Bper –2,55%, Bmps -2,41%. In evidence Fiat +4,29%, Today is the last day of production for the Sicilian plant in Termine Imerese. From tomorrow the 1556 direct employees and the 700 associated companies will go into layoffs until 31 December. Fiat Industrial +3,60% and Mediaset +2,34% also performed well. The vice president, Pier Silvio Berlusconi, reiterated that Alfa Romeo will not take part in any auctions for the purchase of Endemol.
In line with the rest of Europe, energy stocks are losing ground with Eni falling by 1,36%, A2A by 2,93 and reaching a new all-time low of 0,7285 euro per share. Citigroup today initiated coverage on the utility with a sell rating. Finmeccanica gains 2%
