After yesterday's crash (-4,5%) and today's red opening (-0,45%), in the morning Piazza Affari turns positive, gaining up to one percentage point, the best performance among the European Stock Exchanges. In the same minutes, London and Paris are up by about half a point, Frankfurt by 0,3%.
Among the worst blue chips is the downside of Telecom Italy (-1,80%), but the real financial case today is that of Seat Yellow Pages. After a long suspension, the company's shares were admitted to trading, sinking 40%, to 0,0009 euro, effectively almost eliminating the value of the capitalisation. The Turin-based company announced today that it cannot meet the deadlines envisaged by the current debt structure in 2013: therefore the payment of bonds and bank debts has been suspended. Yesterday the Board of Directors of Seat decided to ask for admission to the composition with creditors procedure.
Meanwhile, the title of rebounds on the Ftse Mib Ps (+3,67%). The other banks are also doing well (Unicredit + 2,21% Intesa Sanpaolo + 1,5% Ubi +1,4%) and Finmeccanica (+ 1,7%).
On the bond front, the alarm relating to the stock has partially subsided BTP-Bund spread. At the start, the yield differential between 10-year Italian government bonds and the corresponding German Bunds had jumped worryingly towards 300 basis points, reaching a maximum of 294. the so-called "Monti quota", i.e. those 287 points indicated by the outgoing Premier as a target for his government.
As for the currency markets, opening the euro travels down on the dollar, with an exchange rate of 1,3465. Yesterday, according to the ECB survey, the euro was worth 1,3552 dollars.
