SPAIN AND GREECE WEIGHT ON THE SPREAD
IN MILAN IT'S TIME FOR THE BRICK DANCE
Weak morning for Piazza Affari and the other European Stock Exchanges. In Milan, the FtseMib index drops by 0,35% to 14901. London -0,03% is almost unchanged, Paris -0,31% and Frankfurt - 0,22%.
Sul government bond market, in the morning the BTP recorded a yield of 5,66%, spread widening slightly to 431 points (+2 points). Then, in the wake of rumors of a request for aid from Spain, the yield differential between the ten-year BTP and the equivalent German Bund exceeded 440 basis points for the first time since 14 August. The yield on the 5,758-year benchmark is XNUMX%. “These rumors – comments Luca Jellinek, head of Crédit Agricole's European Fixed Income on Reuters – regarding a possible request for help from Spain are a natural cause of nervousness on the markets, although it is not completely new news, especially until the ECB does not specify its position in this regard”.
The highlight of the day will be the meeting between Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras, who is going to Berlin today and Paris tomorrow to ask for an extension of the deadlines set for the consolidation of the Greek public budget. Yesterday evening Merkel and French President François Hollande agreed on a common attitude to take with the Greek government.
The leaders of Paris and Brlino discussed the situation in Spain during the meeting held yesterday evening, and they would like to have the results of the audit on the Spanish banking sector as soon as possible, which is about to receive a credit line whose amount will reach up to 100 billion euros. "The topic of Spain was touched upon and there was an understanding that it would be good and it would make sense if the Spanish banking report were available as soon as possible," said Merkel's spokesman Steffen Seibert.
Among the blue chips in the Ftse/Mib basket stands out the descent of Unicredit –1,84% ahead of Mediobanca, down 1,04%. Among other banks, Banco Popolare down 1,25%, Understanding + 0,25%.
Generali drops by 0,81%.
Among industrialists, StM -0,97%%, Finmeccanica -1,71%, Pirelli -0,8% reversed.
Fiat also retreats -2,73%, in the face of market difficulties in Europe, shared with Peugeot and Opel but which do not affect the "enemy" Volkswagen. The German automaker announced a 10,3% increase in vehicle deliveries in July to 734.600 cars. In the first seven months of the year, deliveries rose by 9,1% to 5,19 million cars.
“Overall, we have started the second half of the year well and are continuing our growth path in almost all regions, especially Asia, North America and Russia,” said Christian Klingler, Member of the Executive Board Volkswagen, responsible for sales. “However, the situation in Western Europe remains rather tense, even though our brands have done better than the market”.
Positive, but little moves, Eni, Enel and Telecom Italia.
Brick fever ignites in view of corporate deadlines. Between the small cap it's Prelios' day, up 8,2%. Tomorrow is the deadline for submitting offers to participate in the reorganization of the company. Two subjects are in contention: the American group Fortress and the Merloni family flanked by Massimo Caputi.
Cleansing, on the wave of Hines' offer for Santa Giulia, rises by 8%.
