Bags and bonds rising, euro down. Markets veering on … – Il Sole 24 Ore

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This article was published June 26, 2015 at 17:40.
The last change is the 26 June 2015 at 18:00.

Growing optimism in the financial markets for an agreement in extremis between Greece and international creditors, although there is still much work to do to bridge the gaps between the positions. The stock (which had arrived in the morning to lose almost 1%) have turned upside (Wall Street also rising), the spread fell below 120 points and the euro is back below $ 1.12 after the Chancellor Germany’s Angela Merkel invited, together with French President Francois Hollande, the premier greek Alexis Tsipras to accept quickly the “generous offer” of the three institutions. EU and IMF have proposed in Athens for an extension of five months to the aid program for the equivalent of 15.5 billion euro, provided he accepted a package of measures and reforms.

The road to an agreement still seems impervious. Prime Minister Alexis Tsipras said in tones of defiance that his government plans to “fight” against “ultimatum and blackmail” that endanger the founding principles of the European Union. A brief tour has controreplicato President of the European Commission, Jean-Claude Juncker. “There was no ultimatum.” If anything, he added allowing himself a dig: “anti European who does not listen to others.”

Tomorrow is expected the fifth week of the Eurogroup needed to unlock aid by 30 June. Otherwise Greece will default.

Meanwhile, the Milan Stock Exchange closed with a rise of 0.67%, closing the week with a gain close to 5%. Weaker performance daily Frankfurt (+ 0.17%) and other major lists while Athens has gained 2.3%, confirming the optimism of market participants about whether an agreement will ultimately be found in Greece buffer.

On the primary market auction of the BoT it was successfully concluded tomorrow with almost double and semi-annual bond rate to 0.06% (Eurozone bond yields).

It should be noted the strong stock market crash in Shanghai which has sold 8% in the morning session. From the recent peak at 5,166 points the lists has lost 19%.

In the afternoon came the data on consumer confidence in the US University of Michigan, grew more than expected in June. The index rose to 96.1 points, the highest level in five months, while analysts were expecting a result in line with the preliminary reading (94.6). In May, the trust had stopped to 90.7 points.

Another factor which could prompt the Federal Reserve to raise interest rates before the end of the year.

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