Final in crescendo for Piazza Affari after a memorable session. Driven upwards by Unicredit and the rest of the banking system, the Ftse Mib index shot up by 2,83% bouncing over the 18.700 mark. The Madrid Stock Exchange was also brilliant +2,3% ahead of Frankfurt +1,8 and Paris +1,6%. In the Old Continent, the exception is London -0,16%, conditioned by the recovery of the pound, which rose to 1,323 against the dollar (+1,89%) in view of theTheresa May's investiture as premier. The EuroFirst 300 index closed with a rise of 1,14%.
At the center of general attention is the agreement, apparently imminent, on nodes of the Italian banking system. The project of a mega-securitization for Monte Paschi +3,7% takes shape with the intervention of Jp Morgan in collaboration with Atlante 2 and Sga.
Fly ahead of the Unicredit group +13,45% after the sale of 10% of FinecoBank (-1,22%) and, above all, the deep review of the strategies impressed by the CEO Jean-Pierre Mustier decided to immediately flesh out the assets. The sale, communicated today after closed markets, also goes in this direction 10% of the Polish subsidiary Pekao. Ubi Banca +10,8%, Bper +8,15%, Mediobanca +7,3% and Intesa Sanpaolo +6,56% are up sharply. Banco Popolare +7% and Bpm +8,4% are also running: the road to merger seems easier.
The words from Brussels by Economy Minister Pier Carlo Padoan: “The Italian banking system remains solid” he said adding that “it has gone through three years of deep recession from which it is emerging also thanks to many measures taken by the government; there are only a few, very few, specific criticalities”.
In the midst of so much euphoria the effect of the warning from the IMF: the growth of the Italian economy will be "just under 1% this year and around 1%" in 2017. Italy is running risk of “a lost twenty years” because it won't return to pre-crisis 2007 levels before the middle of the next decade. "Italy will therefore likely experience nearly two decades of cumulative 20-25%."
What galvanizes the markets is above all the race of Wall Street determined to break new records. The S&P500 index rose by 0,5% to 2.148 points, a new all-time high. The Dow Jones gains 0,4% to 18.307 points (new absolute record). Nasdaq +0,7%, on the highs since the beginning of the year.
The return of the propensity for risk caused the yield to rise again XNUMX-year Treasuries to 1,48%, from 1,42% last night. The spread between ten-year and two-year bonds widens to 81 basis points, yesterday it was 75 basis points, the lowest since 2007. Even in the USA the recovery is led by financials: Morgan Stanley +3,3%, Citigroup +2,8 %, JP Morgan +1,9%, Goldman Sachs +2,2%.
Alcoa up 4% the day after the publication of the second quarter data, the aluminum company is the first, among the big ones, to release the results.
Returning to Piazza Affari, a good day for Leonardo Finmeccanica +2% and Fiat Chrysler +1%. Yesterday the managing director Mauro Moretti affirmed that the commercial agreement with the Russian Sukhoi remains in force. In great evidence Saipem +3,8%, Mediaset +3% and Telecom Italia +4,4%.
