Milan tries to recover, the euro goes down

Mixed morning in the European stock exchanges, Piazza Affari alone with the plus sign – Greece makes its weight felt on the single currency – Monte dei Paschi again crashes, China gives a sprint to luxury – In Spain, the banks are losing ground after the shock elections

Piazza Affari cautiously tries to recoverand positions after yesterday's losses. The Ftse Mib index marks +0,19%, at 23.300 points. In his report, the governor of the Bank of Italy noted that Italy too is recording “a recovery, albeit a weak one”. Government action promoted but woe to speed up the reforms.

Still in negative territory Madrid -0,64%, in full post-election shock. Bank stocks lose ground: Banco Sabadell, Bankia, Caixabank and Popular lost between 1,5 and 2,3%. Paris -0,18%. Frankfurt reopened this morning with a drop of 0,55%, a similar drop in London -0,52%. The Greek crisis continues to produce its negative effects. This morning Klaus Regling, director of the Save States fund, issued a warning in Athens: "time is running out". Under the pressure of the crisis in Athens and the electoral results in Madrid and Warsaw, the euro gave way, slipping below 1,09 against the dollar.

on the government bond market the German Bund strengthened with the yield falling to 0,53% from 0,60% on Friday. The BTP suffers with the yield rising to 1,90% from 1,84%, the spread widens by 13 points to 137. The Spanish Bono spread widens by 16 basis points, the Greek one by 54 basis points.

The increase in Monte Paschi is still in the spotlight on Piazza Affari: MontePaschi [BMPS.MI] in the spotlight on the second day of the capital increase. The stock returned to trading after an initial suspension with a drop of 10% to 1,9120 euros. The option right is trading down 9% and priced at 5,56 euros. SocGen analysts this morning raised the target price on the stock to 2,18 euros, confirming the Hold rating. Unicredit drops by 0,4%, Intesa -0,3%.

Positive Generali +1%. The most sustained declines in Europe concern the Auto sector (Stoxx -0,8%). However, Fiat Chrysler rose +1,1%, after the fall on the eve. Cnh Industrial also did well +1% exiting Mediobanca's Short portfolio today. Still among the blue chips Enel marks an increase of 0,4%, Telecom Italia unchanged, Eni -0,5%. The stocks of luxury are advancing. From June 1, China will halve tariffs on many luxury goods: Ferragamo +3%, Tod's +1,7%, Luxottica +1,5%.