Falling spreads and rising stock markets while confirmation of the clearing up on the Greek front arrives with the green light for the 130 billion aid plan. "Eurozone states have formally approved the second aid program for Greece, all national procedures have been completed," the Eurogroup president said in a statement Jean-Claude Juncker (an armchair in which Monti could soon arrive). The EFSF has been authorized to deploy the first part of the aid, ie 39,4 billion, which will be paid in various tranches”. This is the warning that comes from the Eurogroup: Greece must not waste this opportunity and remain in line with the second program in the process of fiscal consolidation and reforms.
SPREAD AT 296 POINTS
GRILLI, THERE IS STILL ROOM FOR REDUCTION
Piazza Affari rises by 1%, slowing down from the intraday highs, the Dax rose by 1,33%, the CAC by 0,88% and the Ftse 100 by 0,51%. In the morning, the spread between BTPs and Bunds fell to 296,6 basis points with a yield of 4,87% after the successful auction of 3-year and 6-year BTPs for a total of XNUMX billion euro. The Treasury placed the maximum amount envisaged with yields falling to 2,76% for the three-year period and 4,3% on the ten-year period. According to the Deputy Minister of Economy Vittorio Grilli there is no precise level but "there is still room for a reduction" of the spread from 300 basis points. Grilli presented the new Btp Italia in Piazza Affari: indexed to inflation with a four-year duration, they can be purchased from 19 March at auction by savers directly online, by accessing their computer.
On the price hike front, today Eurostat announced that in February inflation in the euro zone was stable at 2,7% compared to January and in Italy at 3,4%, still on the same level as in January. Inflation instead increased to 3% in the EU 27 compared to 2,9% at the beginning of 2012.
THEtoday's auction confirms the good results of yesterday's Bot auction on longer maturities Fed which decided to keep the cost of money at low levels until the end of 2014 and the positive outcome of the stress tests of the US banks. However, the scenario, albeit with lights and shadows, is for moderate growth, with the easing of financial tensions and the gradual recovery of employment.
JpMorgan celebrates in the US which launches the buyback and increases the dividend. But the banks are running in Europe too. Banca Mps runs by 3% with exchanges at 2% of the capital driven by the release of the sale of shares to the Foundation by the creditor banks but also by the confirmation of the interest by the Equinox fund which had held back on the dossier in recent days. Intesa Sanpaolo rises by 3% and Unicredit by 2,47%. Among industrialists, Fiat +3,49% and Pirelli +3% did well. At the top of the rises, however, is Ferragamo which leaps by 4,75% which has risen by 53% since the beginning of the year. In the red but with drops below the percentage point, Snam Reete Gas, despite the confirmation of the annual growth of the coupon of 4 %, Tenaris, Bper, Autogrill and Mediaset.
