They brake Piazza Affari and the other European Stock Exchanges, after the successful start. Mid morning the FtseMib index drops by 0,12%, to 14.992, London falls by 0,09%, Paris -0,20% Frankfurt + 0,41%.
However, the dam is holding up better than expected government bonds the ten-year BTP, with the yield rising to 6,68% (+8 basis points) and the spread with the Bund widening again to 492 points.
The euro is trading at 1,266 against the dollar, down slightly from Friday's close of 1,268. The European currency is at its lowest since August 2010 against the dollar and at an 11-year low against the yen. But there hasn't been the feared collapse on the markets since the downgrade decided last Friday by Standard & Poor's, of European sovereign debts (including France, Spain and Italy). The thesis of the JP Morgan report was confirmed according to which, on the basis of the precedents, in 9 cases out of 10, the decision by S&P's does not translate into a decline in the markets, but rather a modest rebound. Proof that relegation has already been incorporated into market valuations.
In Milan, the banks are the most exposed to sovereign debt, to drive the decline. Intesa Sanpaolo drops by 2,4%, Unicredit -1,1% Banco Popolare -2,4% MontePaschi -2,9%.
The main event of the day is the auction of French government bonds: Paris will go on the market today to place 8,7 billion 2, 3 and 4 year bonds.
The market ignores the rumors that Generali (-1,4%) reportedly received offers for a stake in the Israeli listed company Migdal Insurance of which it holds the majority of 70%, with the banking partner Bank Leumi holding 9%.
Goldman Sachs gives a strong boost to the made in Italy automotive industry: the investment bank has included the list of titles to buy without hesitation in the Selected buy list, Fiat Industrial which rises by 2,8%, Pirelli + 3,2% Fiat + 4,7%.
Among the energy stocks, Eni does well which earns 0,3%. Purchases also on Saipem +0,7% and Tenaris +1,3%. Saipem has announced new orders for 600 million dollars. Brent crude oil rose 0,6% to 111 dollars a barrel. The WTI also rose by +0,7% to 99,39 dollars a barrel.
Drastic reverse of Unipol -6,3%, Fondiaria-Sai -4,5% and of the subsidiary Milano Assicurazioni -3,7%. Among the companies involved in the rescue of the Ligrest grouponly Premafin is saved +0,9%, which however remains well below the takeover bid price indicated at 0,3656 euro.
Lastly, the luxury march is significant. salt Luxottica +1,4% equal to Ferragamo +1,6%. The good results of Switzerland are the driving force Richemont, the world's leading jewelery group, which closed the last quarter with higher-than-expected revenues. In Zurich, the stock rises by 1%. .
