Piazza Affari, after a session under the banner of the Bull, closes with a bang: Ftse/Mib index +1,53%, at 21.109 points. A better result than Paris (+0,7% the Cac 40) but in line with the increases in London (FTSE +1,5%) and the Frankfurt Dax (+1,6%). The good day, which began on the Asian stock markets despite Moody's warning of the Japanese debt (which did not curb the rise of the Nikkei 225), now continues on the American stock markets: the Dow Jones, at 16 pm (Italian time) is ahead by 30 .0,8 percent, S&P 500 and Nasdaq 0,7.
Also in the USA, as in Asia. the Bull got the better of the economic data of the day, almost all in "gray". The exception is, so to speak, the Case-Shiller index on houses in March: in line with forecasts but, in any case, with prices still in the red by 3,6%. At these prices, the American real estate market fell below the levels of April 2009. On the other hand, the consumer confidence index for May (60,9 against 66 in the previous month) and that of purchasing managers in Chicago were disappointing. slipped to 56,6, much below forecasts (62,2). In short, there are new signs of a slowdown that Wall Street interprets as good omens for a monetary policy that is still accommodating, even if Ben Bernanke does not have a majority in the FOMC to push through a possible QE 3.
But the real reason for yesterday's increases, globally, is the sigh of relief at the prospect of a happy ending (at least for now) of the Greek syndrome. Of course, from a European point of view, the unexpected drop in inflation recorded by Eurostat (from 2,8 to 2,7 per cent) also played in favor, given that it may put off the prospect of an increase in interest rates at the next meeting of Frankfurt, but the real propellant for the markets is the news, anticipated by The Wall Street Journal, of the German go-ahead for a new tranche, without conditions, of loans for Athens in the order of 30 billion. A novelty that has chased away the darkest clouds from the horizon: the euro is up against the dollar (at 1,4380 against 1,428) but, surprisingly, also against the Swiss franc (1,227 from the previous 1,217). Even more significant, the gap between BTPs (176%) and German Bunds (4,77%) narrows to 3,01 bps.
On a day in pink it is difficult to identify all the bullish themes. The banking sector shines, with increases of more than two percentage points for Unicredit and Mps, slightly lower for Intesa and Ubi. Equally effervescent was the session for Generali (+2%) thanks to the better performance of sovereign bonds, while the rise of Unipol and Fonsai died down during the day.
Fiat is still up (+1,4%) on the eve of the consolidation of Chrysler. But Finmeccanica and Prysmian are also on the rise, as are Eni and the other oil-related stocks, while the green wave triggered on Enel Green Power and, consequently, on the parent company Enel continues. A2A is also in great shape, after the sale of Metroweb. Cold shower, on the contrary, for Stm on which the profit warning launched by Nokia weighed, even if the Finnish group is no longer (but many do not know it) the first customer of the joint venture led by Carlo Bozotti.
The negative notes, essentially, are reduced to the slight decline of Mediaset, punished for the editorial misadventures of the premier, also on the basis of a note from Bernstein. On the other hand, the shares of L'Espresso (+2,3%).
