STOCK MARKET UP +1,58% WAITING FOR THE VOTE
FIREWORKS FOR INTESA, CALA MEDIASET
The Milan Stock Exchange +1,58% (FTSE/Mib index at 15.974) is betting on the turnaround, like the rest of Europe which is anxiously awaiting the outcome of this afternoon's vote in the Italian Parliament. As the Greek example demonstrates, a relay race at the top is judged a necessary, albeit not sufficient, condition for launching the reforms that Italy promised in the letter to the EU dated 26 October last. It is striking but not surprising that, among the 40 blue chips that make up the FtseMib index, the only one in marked decline is Mediaset -2,48%.
The London Stock Exchange rises by 1,3%, Paris +1,36%, Frankfurt +1,47%. On the government bond market, there is a slight relief for 6,60-year BTPs. The yield fell to 6,63% from yesterday's high of 480%, the spread with the Bund narrowed to 488 basis points, from 1,83 yesterday, but only thanks to the growth of the yield on the German bond to XNUMX, XNUMX%.
To take advantage of the favorable climate are, almost everywhere, the banks (+1,7% the Stoxx of the sector). The reaction of the price lists to Société Générale's accounts is symptomatic: +6,4% after announcing a quarterly profit down by 31% and the zeroing of the dividend, demonstrating that they like the clean-up operation, after so many uncertainties. In Frankfurt, Deutsche Bank advanced by 2,1%.
The race in Milan is led by Intesa +4,57%, on the day of the board meeting (confirmations on the 2011 dividend are awaited from the conference call after the inidscretions of Giuseppe Guzzetti) and by Unicredit +2,65%, benefiting from the rumors about the favorable opinion of the Bank of Italy regarding the calculation of cashes as capital. Recover MontePaschi +1%. Insurance companies were also positive: Generali +1,07%, Fondiaria-Sai +1,52%.
WIND OF WAR ON IRANIAN OIL
WAIT FOR ANSALDO/BREDA IS GROWING
Oil is up on rising tension in the Middle East ahead of the release of the International Atomic Agency report, which will likely say tomorrow that Iran is one step away from having an atomic bomb. WTI crude is traded at 96,2 dollars a barrel, on the highs of the last three months. Eni rose by 1,13%, Saipem +2,82%, Tenaris +2,73%.
Industrial stocks were also positive: Fiat +1,45%, Fiat Industrial +1,8%, Pirelli +1,6%. Finmeccanica also rises +0,23%: expectations are growing for Thursday's board of directors which could start the sale of the subsidiary Ansaldo Breda. Net drop for Safilo -4,40% after the quarterly report.
