Greece is returning to fear equity markets and yields on government bonds of the Eurozone have taken off. All major European indices closed the trading day in negative territory: FTSE Mib -2.76% to 22,576 points, Ibex -2.52%, -2.22% Dax and Cac-40 -2.02%.
The European Commission has in fact cut the forecast of GDP growth in Greece for this year and next, respectively, bringing them from + 2.5% to + 0.5% and +3.6 % to + 2.9%. The whole “provided that there is an agreement with the EU and the IMF by June,” says the document of the EU Executive. This prediction “is significantly lower than the previous year”, stressed Brussels, adding that political uncertainty increased since autumn last year has led to a significant drop in state revenues at the end of 2014 and in the first two months of this year helping to worsen the budget deficit, which stood at 3.5% in 2014.
The German Finance Minister Schaeuble however denied the rumors, reported by the Financial Times, according to which the IMF would demand a new debt restructuring greek, but confirmed the alarm on the worsening financial situation of Athens. The German minister said he was skeptical that the Eurogroup on Monday to close a deal that allows you to unlock the final payment of the loan to Athens, while “not exclude” the possibility. Liquidity conditions in Athens seem to become “destination” and “all scenarios are possible,” he said, not ruling out the possibility of an exit from the euro in Athens. “The Eurogroup is united in its desire to help Greece but this depends on Greece,” he added, acknowledging that the last negotiating tables have “become more constructive.”
The cost of financing the Bund has attestrato to 0.52%, in the wake even the Treasury after the good US ISM services (the highest figure since last December), while that of BTP has accelerated up to 1.82%, with a spread of 131 basis points, to 1.77% and that of Bono with differential to 126 points. Even Financing costs Hellenic started to rise again: the biennial is 21% and the ten-year is 11%, while the Athens Stock Exchange slipped 4.74%.
A Piazza Affari heavy markdowns Luxottica 
(-4.23%) despite the strong quarter that prompted several analysts to revise upward their
target price. The actions were impacted by some realize after recent gains.
In the negative terrain bank, Intesa San Paolo -3.21%, Unicredit -3.70% to 6.29 euro. BPER weak (-0.34%) lost ground while Mediobanca , (-3.02%), Ubi B. (-4.29%), B.Popolare (-3.33%) and BPMilano (-3.99%). Well B.Generali (+ 3.45%) which celebrated over a quarterly market expectations. In complete contrast Mps > , which gained 4.59% to 0.58 euro with very high volumes: they are already passed from hand to 139.5 million pieces, or 2.7% of capital, compared to the daily average of the last Thirty sessions of 74.5 million pieces.
In controtenza Saipem (+ 2.08%) stand out while the declines of General Ass. (-3.32%), reflecting the downgrade of Barclays, and UnipolSai (-4.89 %). Also hurt the energy, Eni -1.73%, -3.59% Enel and Terna -3.51%. Shortly move Fca (-0.45%) and that ‘managed to limit its losses thanks to the excellent data on car registrations in April.
In red STM (-3.63% to 6 77 euro) on which Bank of America-Merrill Lynch cut the recommendation from buy to neutral and the price target from 9.7 to 7.8 euro. Experts have revised downwards the estimates of revenues 2015-2016 by 4.2% and adjusted EBIT by 33% and 24%.
Letter instead of Rai Way (-2.18 %) despite a quarterly net profit growing and Ei Towers (-2.45%). The Board of Directors of the company, at the time, and ‘under investigation for stock manipulation in the investigation conducted by prosecutors in Milan on the transaction Rai Way .
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