The spread is back below 400 basis points and the sprint of the markets after the maneuver to save Italy (as Monti himself suggested calling it) holds up to the half-day half-day turning point. The Ftse Mib travels up by 2,62% to 15.881 points, accelerating compared to the 1,9% achieved at the opening. The other European Stock Exchanges were also positive, albeit with less sprint: the Dax rose by 0,62%, the Cac by 1,22% while London was more cautious with an increase of 0,57%. Commissioner Olli Rehn's applause for the maneuver (“timely and ambitious”, he said) has arrived from the European Union and a decisive week for the euro opens with optimistic tones which should finally lead to a concrete project for a fiscal union for the Eurozone. Merkel-Sarkozy is meeting today in Paris to find an agreement on the modification of the treaties in terms of fiscal and budgetary rules and in view of the summit of European leaders on Thursday and Friday in Brussels (which should also lead Germany to accept a "more active" role of the ECB).
From the US comes the reassurance of Vice President Joe Biden to Greece which has launched an even more painful maneuver: "We are in solidarity with your work and we are ready to help in any way possible". In fact, a critical period also begins on the Greek front starting this afternoon, when the meeting of the Governing Council of the International Monetary Fund is scheduled in Washington, which will have to decide on the disbursement of the sixth tranche of 2,2 billion euro.
What is certain is that the Italian blood and tears maneuver worth 20 billion net will remove from Europe the alibi of placing responsibility on Italy for a possible collapse of the euro, which today strengthens against the dollar at 1.3436. In summary: stop indexing pensions above 936 euros, contributory system for everyone, ICI returns, VAT increases, sting on luxury goods, one-off payments on shielded capital, policy cuts, traceability to a thousand euros. Today Prime Minister Monti will report to the Chambers. For the markets, it will be crucial to understand whether the "Monti system" which has said no to indiscriminate concertation will hold up the wave of protests that are already rising from many quarters.
In Piazza Affari the first to celebrate are the banks and financial stocks, thanks to the easing of tensions on the differential between the ten-year BTPs and the bund, below 400 basis points for the first time since 28 October last (yield at 6,18% ). But the guarantee offered to soon-to-be-issued bank bonds introduced by yesterday's maneuver is also decisive for the recovery of confidence in the sector. Banca Mps flies up by 11,37% with the Mps Foundation ready to fall below 50%, Banco Popolare by 6,69%, Azimut by 5%, Unicredit by 4,10%. Banks are also doing well at European level while Commerzbank collapses after announcing the buyback of up to 600 million euros of hybrid capital instruments. On the banking sector, and above all on Italian institutions, however, the EBA mine is triggered which will meet on 7 and 8 December to give the green light to the new estimates on the need to recapitalize banks. Finmeccanica also rose after the departure of Guarguaglini or last week. On the Ftse Mib, no security travels in negative territory. The industrial orders for October and the ISM non-manufacturing index for November arrive from the USA in the afternoon.
