PIAZZA AFFARI BRAKE, BANKS AND PIRELLI DOWN
FLY FERRAGAMO, TELECOM SNOBBA S&P
Cold shower from Brussels on the Italian stability law. In particular, the doubts about the ability to reduce the debt translate into a resounding no to Italy's use in 2014 of the clause which excludes investment spending from the calculation of the deficit/GDP ratio.
In Milan the Ftse Mib index it retreats by 0,54% to 18659 points.
The yield of ten-year BTP at 4,09% and lo. spread climbed back to 238 basis points.
The other European Stock Exchanges are in positive territory: London +0,37%, Paris +0,16, Frankfurt and Madrid +0,12%.
In Europe, the biggest losses concern utilities (industry Stoxx -0,9%) . In Milan Enel follows its sector in the decline and loses 1,26%, with A2A down by 1,7%.
On the contrary, they rise in Europe the oil companies (Eurostoxx+0,5%). In Paris Total advanced by 0,6%, in London BP +0,4%.
Eni instead, Saipem fell by 0,2%, -0,1%.
Finally, in Europe the best earnings come from media companies (+1,5%) driven by the French Publics Group and Vivendi which toasts the good quarterly.
Heavy decrease instead in Milan of Mediaset -2,77%, Mondadori falls with a loss of 4,6%.
The best title on the list is Ferragamo +5,34% after the good quarterly results.
Tod’s +0,86% recovers after yesterday's fall Geox +2,2%.
Bad day for the banks.
Unicredit down 0,29%%, Understanding -1,55% MontePaschi it lost 1,6% despite better than expected results.
Contrasted insurances: Generali drops by 1,45%. Opposite trend for FonSai +2,32%.
Among the Milanese blue chips it goes down Pirelli -1,54%, downgraded from Bank of America to neutral from buy. Among the other industrial stocks, Fiat rebounds +1,33%, Finmeccanica -0,39%, StM positive +0,64%.
Telecom Italy almost ignores Standard & Poor's downgrade and climbs 0,97%.
