The media emphasis on the EU's go-ahead for public guarantees on bank liquidity died down this morning when the markets reopened. Operators have acknowledged that the road to effective intervention on non-performing loans remains long and difficult: Banca Imi and Equita underline that Italian banks do not have a liquidity problem but a non-performing loan problem. And so sales on the sector resumed strongly in Piazza Affari with immediate effect on the index: the Milan Stock Exchange lost 13% just before 0,6 pm, the Ftse Mib index just over 16 thousand points.
Better than the rest of Europe, little shaken since downgrade of the European Community by S&P. London rises by 0,5%, Frankfurt +0,1%, Paris and Madrid revolve around parity. In the last three days, the Milan stock exchange has recovered only 40% of the losses accumulated in the two days following the elections in Great Britain, the Stoxx 600 index which includes the most representative companies in Europe, has recovered 60% of the loss. Wall Street recovered about 80%.
On the bond market, the BTP trades at 1,23%, on the lows of the last three months. Meanwhile, the yield differential between Btp and Bund it is at 135 points after it had opened at 146. It is the market's response to press rumors about the adoption of less rigid selection criteria in terms of bond purchases by the ECB. Thus Frankfurt accompanies the monetary easing policy announced by the Bank of England to counter the Brexit effect.
On the Italian price list, however, the banking issue. Intesa Sanpaolo loses 2%. Unicredit -5,6%: the effect of the appointment of Jean Pierre Mustier as CEO of the institute has already faded. But the manager receives widespread acclaim. Mediobanca Securities writes: “He is French, has no links with historical shareholders, has had strong experience in the bank's CIB division and has an international profile, therefore he represents the discontinuity with respect to the current management team and is able to represent all the shareholders".
Sales are back up Banco Popolare -2% e Ubi Banca -3%. Monte Paschi's earnings decreased by +0,7%. In the rest of the price list, it is worth pointing out the reverse of the oil in parallel with the drop in crude oil (Brent -0,3% to 49,5 dollars): Eni loses 0,2% but Saipem rebounds +1%. Among the utilities, Enel -0,6%. Telecom Italia was also down, down by 1%. Among the industrialists Leonardo -1,1%, Prysmian -1%.
