MERKEL LANDS IN ATHENS: STOCK MARKET RECOVERY
STM +4% PUTS THE JV WITH ERICSSON FOR SALE
Piazza Affari recovers and resets the losses. The FtseMib index rose by 0,12% to 15582. The other European banks were down slightly: London fell by 0,26%, Paris -0,03%, Frankfurt fell by 0,49%. Madrid -0,87%.
The European agenda includes today the meeting of theEcofin in Luxembourg, in which the EU finance ministers will take stock of the crises in Greece and Spain.
But the spotlight is on the greater the expectations are for the visit of Chancellor Angela Merkel, who polls indicate as the most hated person by Greeks, in Athens. Frau Angela landed at Venizelos airport at 12. Coinciding with Merkel's visit, the Greek 29-year bond is gaining ground: the spread has dropped to 1.630, the lowest since March.
THEeuro is down slightly against the dollar to 1,293, from 1,296 at yesterday's close.
The government bond market was calm, where the 10-year BTP is traded at a yield of 5,06%, with an unchanged spread at 358 points.
Between the Milanese blue chips the rise in StM stands out, rising by 4%. According to rumors in the French newspaper Les Echos, StM and its partner Ericsson have hired the US bank JP Morgan to find a buyer or partner for the disastrous St-Ericsson joint venture, which they are unable to bring back into profit. Furthermore, the French government would be ready to co-finance a new nanotechnology plant in Crolles, in southeastern France.
The banks wiped out their initial losses with the exception of Banco Popolare -0,9% which was forced to withdraw the offer of a 500 million bond due to lack of demand. Intesa rises by 0,4%, Unicredit +0,1%. Ubi advances by 0,2%.
Asset management stocks were positive: Azimuth +1,3%, Mediolanum +0,5%.
Telecom Italy drops by 1,8%.
It moves down too Finmeccanica, which loses 1,4%.
Eni gains 0,7% thanks to the rise in oil prices: after two days of decline, the WTI increases by 0,3% to 89,6 dollars a barrel, Brent to 112,3 dollars (+0,4%).
Among the mid caps, Amplifon rises by 1,4% supported by the new buy opinion of Commerzbank. Acea -3% and Espresso -2,2% are down.
