Driven by the banks, Piazza Affari regains its share and at the halfway point of 13 the best European list is on the rise by more than 1,5%. After yesterday's speech by Ben Bennanke and in view of the next European appointments in Brussels, Europe is proceeding more cautiously with increases below one percentage point: the Fste Mib rises by 2,6%, the Cac by 1,16, 1%, the Dax 100% and the Ftse 0,89 XNUMX%.
In Milan, the banks are benefiting from yesterday's maxi auction by the ECB (which was criticized by the Bundesbank which wrote a letter to Mario Draghi) and by the drop in the spread below 330. The differential between the BTP and the German bund travels at 304 basis points further reducing the difference with the spread between Spanish Bonos and the Bund which travels to 304: ten points of difference after reaching the record of 200 points in December. But it is on the two-year deadline that the Italy-Spain overtaking has already occurred: yields on two-year BTPs fell below those of Spain, to 1,97%, below 2% for the first time since October 2010.
The markets were also helped by the successful outcome of two placements of government bonds, in France and in Spain. Paris has assigned the maximum pre-established amount of 8 billion euros, recording a drop in yields for all maturities. In particular, for 10-year securities the average yield fell to 2,91% from 3,13% at the February 2 auction. Madrid also managed to place the maximum amount expected with yields falling.
Now the markets are cautiously eyeing the series of macroeconomic data arriving in the afternoon after yesterday's good data on US fourth quarter GDP revised upwards to +3%. The expected data are the consumption forecast index, personal spending, new unemployment claims, building spending, manufacturing ism.
In the afternoon also expect the meeting between the Prime Minister, Mario Monti, who arrived in Brussels yesterday, and the German Chancellor Angela Merkel: the premier and the chancellor should have a interview shortly before the start of the work of the EU Council in the late afternoon. Monti is also taking part today in the Eurogroup where he will take stock of Greece. Meanwhile, Istat has released data on unemployment at the top in Italy in the last 11 years, at 9,2% while youth unemployment soars to 31,1%.
In light at Piazza Affari are Banco Popolare + 5,29% Ps +4,5% due to the arrival of Alessandro Profumo as president, Where's Banca +4,20% and bpm +3,7%. Well too Unicredit +3,3%: in Piazza Cordusio the meetings for the new top management structures are frenetic and, as in the script already seen for Intesa, the possible candidates are multiplying: from Angelo Tantazzi, for a long time president of Borsa Italiana, to Siniscalco as well as Gian Maria Gros Pietro. Well too Unipol which jumped by 6%.
Today the board of directors is scheduled Premafin (queen of the 2012 Stock Exchange) who, in the afternoon, must evaluate the offer, an alternative to that of Unipol, presented by Matteo Arpe's fund and the financial company led by Roberto Meneguzzo. And Sator and Palladio, according to rumors, are ready by the hour to present a complaint to Consob to ask to shed light on the agreements between Unipol and the Ligresti.
A2A falls by 3% (-4,57% in the morning), after the decision of the shareholder Alpiq to sell 5% in the multi-utility. The placement of the quota, started during the night, was however withdrawn during the day due to "adverse market conditions". The transaction first announced and then canceled turned on Consob's spotlight on the stock, a usual move in the face of significant fluctuations and aimed at understanding whether there have been speculative maneuvers.
