THE GERMAN PARLIAMENT GIVES THE GREEN LIGHT TO THE STATE-SAVING FUND
BUT AT THE STA DEI BTP THE TREASURY DOESN'T FILL UP
The deputies of the Bundestag in Germany have approved the proposal to strengthen the European fund to save states EFSF. And the main European stock exchanges are immediately affected: Paris gains 0,88%, Frankfurt +0,38%, while London retreats and drops by 0,39%. Piazza Affari rises by 1,17% Ftse/Mib to 14.901 despite a double brake: European statistics show that the Economic Sentiment Indicator (ESI) which measures the confidence of operators is declining almost everywhere in the Eurozone. But Italy is worse than all. For now, however, the positive effect of the green light from the Berlin Parliament should be enough.
Meanwhile, a negative note concerns the most awaited auction of the week, that of BTPs: the Italian Treasury has placed 7,8 billion of government bonds at various maturities against the maximum amount already envisaged of 9 billion. It is a disturbing signal on the appeal of Italian debt while dangerous controversies rage, such as the one on the succession to Mario Draghi in the Bank of Italy. The main issue was 3,1 billion three-year BTPs (maturity July 2014) placed at a rate of 4,68%, compared to 3,87% in the previous auction. The BTPs maturing March 2022 (2,4 billion) were placed at 5,86% and those maturing August 2021 (1,3 billion) at 5,49%.
The euro is up to 1,363 against the dollar, from 1,354 at yesterday's close. On the government bond market, the ten-year BTP yield rose to 5,63%, the spread with the Bund is 372 basis points.
GREAT EUPHORIA ON BANKS
HOURGLASS PUSHES BPM STOCKS
In Piazza Affari, as in the rest of Europe, the rise of the banks continues: Intesa rises by 2,5%, Unicredit +3%, good increases for Monte Paschi +1,1% and Ubi +1,3%. Banca Popolare di Milano made a big splash (+3,92%) in the wake of a possible interest from the Clessidra fund. Among industrialists, Prysmian climbs +0,2%, driven by rumors of a possible strengthening of Tip's capital. Impregilo is on the rise +2,17%.
