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Piazza Affari tries to rebound but then folds, spreads rising

The differential with the Bund rises to 170 basis points from 165 yesterday. In Milan, Cnh (+3,3% against -2,9% yesterday) and Wdf (+2,2%) performed well. FCA, Exor and Luxottica moved little

Positive start, but short-lived, for Piazza Affari and for the other European stock exchanges that are trying to rebound after yesterday's crash. After an initial modest rise, the index Ftse Eb it is now falling back to -0,68%.

At 9,20 the Ftse Mib index gained approximately 0,9%, like the Ftse All Share and like the benchmark index of the FTSEurofirst European stock exchanges.

Pounce Cnh with an increase of 3,3% (yesterday -2,9%), it rebounds World Duty Free with +2,2% (yesterday -5,6%).

In general, bank stocks rose, sunk yesterday by sales on fears linked to global growth and by uncertainties over the political situation in Greece, which today appear to have subsided somewhat.

The oil sector is also recovering, yesterday under strong pressure. Saipem earns 2%.

FCa and the parent company moved little Exor, as well as Luxottica, which yesterday had curbed losses after the heavy selloff of the previous days.

A downward start for Italian bonds which left behind a session of heavy correction characterized by a marked decline also for European and US equities and, in general, for the peripheral bond markets.

A few minutes after 9,40 the yield differential between BTP and Bund on the 10-year segment it stood at 170,2 basis points, up on yesterday's close (165). In the last session, the spread reached 173 basis points, the highest for two months, with a widening that exceeded 20 basis points.

At the same time, the Italian 2,437-year rate starts at 2,406% from 2,45% at the end of yesterday's session, after reaching an intraday high of XNUMX%.

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