The rebound starts in Piazza Affari. After seven consecutive sessions of very heavy losses, mainly due – but not only – to the collapse of the banking sector, today the Ftse Mib index gains 10% at 4,5 in the morning, bringing it closer to 17.000 points after yesterday it fell below 16.000. Driving the reaction are the same banks which have lost a good part of their value in the last few sessions: Mps +8,1% to 0,54 euro, Unicredit +11,19% to over 3 euro after yesterday's bills which were not exciting, Banco Popolare +8,3% to almost 7 euros. Intesa Sanpaolo also performed well with +5,7% to 2,268 euros. An hour after the opening of trading, the Ftse Mib was led by the share of Exor, which touched +8% to 25,40 euros, while the only blue chip in negative territory is Saipem, which lost more than 1% to 0,3636 euros and is getting ever closer to the price of the capital increase which closes on Thursday.
The others react, even if to a lesser extent European stock exchanges: London +0,8%, Frankfurt and Paris gain more than one percentage point. Athens +1,4% after Monday's collapse, in the wake of a possible – for the moment foiled – crisis of the Tsipras government. Oil is clearly on the rise, after yesterday Brent and Wti had fallen respectively around and below 30 euros: today Brent gains 3 percentage points to 31,29 dollars a barrel, the Wti climbs back to 29 dollars. Breathe it BTP-Bund spread: after having reached last summer's levels of around 150 basis points, today the differential between Italian and German ten-year yields is approaching the 130-point range (134 shortly after 10). The euro is still strong against the dollar, but a little less so: today it trades at 1,126 dollars.
It also bounces in Piazza Affari Generali: around 10 am it is at +5% and brings the 12 euro per share closer, after yesterday the Board has approved the immediate termination of the relationship with the now ex CEO Mario Greco, who will leave room ad interim for the president Gabriele Galateri. The race for the appointment of the new managing director is now starting, which the insurance group wants to find quickly: in pole position there is always the current CEO of Generali Italia, Philippe Donnet.
