The main European markets, which reversed course after the opening of Wall Street, closed higher. Milan, held back by banks, is the weakest of the main European markets, and closes with an increase of 0,12% while Italy collects the reassurances of the European commissioner for the internal market Michel Barnier: "It is not under guardianship". The Dax rose by 1,19%, the Cac by 1,23% and the Ftse 100 by 0,72%. Shortly after the opening of the US price lists, the Black Friday effect helps, the Friday that traditionally starts the Christmas shopping season (for this reason, the US price lists will only remain open for half a day). But overseas, especially financials are on the rise.
The twist that brings stocks back into positive territory comes in the afternoon: EU officials report that euro-zone states are discussing abolishing private sector involvement in the permanent bailout mechanism envisaged in 2013. A clause Gerania has insisted on but which sees the majority of Eurozone countries against it. But to weigh on the European lists are the tensions on government bonds, which dragged the lists downwards for the first part of the day. The ten-year Btp bund spread remains in the 490 area after reaching 510 points at the end of the morning. Yields on two-year bonds also soared to a new record of 8%. The Treasury today placed all 8 billion 6-month BOTs and 2 billion Ctz 2-years but recorded rising yields to 6,504% and 7,814% respectively. The fears about the EFSF bailout fund also weigh: according to the Financial Times, the EFSF will not be able to reach the goal of 1.000 billion euros due to the growing distrust of the financial market, especially on the part of Asian operators.
The declarations of the EU Commissioner for Economic and Monetary Affairs Olli Rehn do not help: "There is strong opposition to Eurobonds and a certain skepticism", "Eurobonds alone are not enough, much strengthened fiscal surveillance is needed". To which are added gloomy hues on growth: "the contagion of the crisis is spreading to the countries of the periphery to the "core" ones of the Union, "the constant economic recovery, albeit modest that we had experienced since mid-2009, is now unfortunately stalled" .
The euro trades at 1,325 against the dollar, after reaching an eight-week low of 1,321. But the dollar confirms its attraction as a safe haven: the dollar index has risen close to 80, the highest since the beginning of October. WTI oil trades at 96,75 dollars a barrel, slightly up. Eyes on the price of gold still falling to 1688 dollars an ounce. For analysts, if the price were to return to around 1.500 dollars, it would represent a buying opportunity: the tensions over Europe have caused the price to soar in recent months but the long-term drivers have not failed, the growing demand from emerging countries and investors' desire to hedge against inflation.
In Piazza Affari Finmeccanica scores a decisive rebound (+3,5%) on the expectation of next Thursday's board of directors convened for the revision of the proxies which could lead to the resignation of the chairman Pierfranceco Guarguaglini. Impregilo (+2,32%), Stm +2,21%, Azimut +1,98% and Enel Green Power +1,93% also did well. Affected by the sales, Prysmian is on the main list, sinking by 4,69% to 9,25 euros, after reaching the intraday low of 9,07, the lowest levels in the last two years after Ubs rejected a neutral buy and the target price cut to 11 euros from 14: UBS estimates already incorporate the synergies with Draka and expectations for a positive scenario in terms of investments in transmissions and energy distribution at a global level. Lottomatica -3,51% and Fiat -2,95% were also heavy. The banks are bad: Ubi -2,13%, Bpm (-1,18%), Banco Popolare -2,35%, Mps -1,85%. Intesa was also in the red (-1,55%) following the appointment of Enrico Cucchiani as CEO. Unicredit rises by 0,86%.
