MILAN – 12:00. The European markets advance after weak earnings Eve, driven by the moves of Alexis Tsipras that is trying to reach agreement between Greece and international partners. The effect is seen rather with the distension of spreads, including the Italian one, after the slight enlargement of the past days. The decision to reshuffle the team of negotiators with Brussel Group (where there are members of the former Troika) by giving more weight to the Deputy Minister of Finance, Yannis Dragasakis , it seemed to the most classic of promoveatur ut amoveatur Yanis Varoufakis, the holder of the public accounts that formally coordinates the group negotiations, but in fact comes from the alternation depowered. A move that serves to put aside the element ‘destabilizing’ the government of SYRIZA, who with his charisma and his ideas had angered European counterparts last Eurogroup. The same Tsipras, who created a direct channel with Angela Merkel with a phone call at the weekend, in an interview he gave to some of Monday night the will of the Chancellor to carry through the agreement, for the good of Athens and of ‘Europe. But if the conditions are too harsh for the Greeks, there will be a referendum.
The latest developments have led to the equity rally in Athens and the descent of the three-year Greek bond spreads of nearly 400 points on Monday, at 22, 3%. Today, European markets choose the path of caution: Milan Stock is down 0.2%, Paris gives 1%, London and Frankfurt 0.8%. The yield spread between the ten-year BTP and the German Bund traveling just above 120 basis points, stable compared to yesterday’s closing. The ten-year Italian bond yield is 1.36%. After the new lows on yields Ctz, the Treasury collects a further drop in yields at auction: Bot sold the half-year in October 2015 at a yield of zero, placing all of the 6.5 billion euro offered in the face of an application for 1.8 times.
Among the individual stocks in Milan, it still puts out Mediaset with rumors of interest from Vivendi for a possible acquisition. Saipem promoted after the accounts: for SocGen analysts now the title is to be taken.
The macroeconomic agenda records the rise of French consumer confidence : rose in April in 94 points from 93 earlier, in line with expectations. While the focus on the Italian parliamentary election law, Istat certifies the first housing market recovery after seven years of declines. Instead slows the growth of GDP in Britain in the first quarter. According to preliminary estimates, the gross domestic product grew in the first quarter of 2015 by 0.3% from the previous quarter (when it had grown by 0.6%) and 2.4% on a yearly basis (compared to +3 % in the fourth quarter of 2014). The figure is lower than expected which estimated a + 0.5% and + 2.6% cyclical trend.
In the afternoon, the US will come the S & amp; P Case-Shiller house price for the month of February, consumer confidence in April and the manufacturing index of the Richmond Fed. Continue the quarterly, with Ford among others, after Apple has published accounts with revenues and profits up. The indices yesterday in Wall Street closed on minimum session weighed down by biotech stocks. Investors are awaiting the directions of the Federal Reserve begins today and will end tomorrow after which the meeting will be issued a statement in which it will search for signs for a first rate hike since 2006. Arrived to earn up to 95 points, the Dow Jones then lost 42.17 points, 0.23%; Nasdaq sold 0.63%, the S & amp; P 500 scored -0.41%.
The wait for the Fed also determines the stalemate on the currency market, with the ‘ € in strengthening: the single currency share 1.09 on the dollar, the yen is at 119 on the greenback.
Closing up, in the morning, for the Tokyo Stock Exchange , under the pressure of the performance of the industrial robot maker Fanuc and pending the meeting of the Fed and BOJ. The Nikkei index at the end of trade, has gained 0.38% over quota returning 20 000 points to 20,058 points. As for raw materials, spare oil were down in Asian markets. The contracts on WTI give 73 cents to $ 56.26 a barrel while Brent North Sea lost 68 cents to $ 64.15 a barrel.
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