Heavy bags after the “no” greek. Salt spread, holding the euro – Il Sole 24 Ore

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This article was published on July 6, 2015 at 09:05.
The last change is the July 6, 2015 at 12:25.

Strong sales start in the European equity markets and government bonds of the “periphery” after clear statement of “no” in the referendum greek yesterday. Suffering for the moment it is mainly Business Plaza, which sells more than 2%, most of the other lists of the Old Continent (follow indexes Live) also because of higher exposure to financial stocks today as last Monday ended in the vortex sales. Previously Tokyo also ended in sharp decline.

Series two years Greeks to 50%
The BTP-Bund spread stood at 157 basis points after reaching 160 in the opening, with the performance of the decade Italian 2.31%. The decade also greek nearly 17% (up from 2012), while those in Athens two years of traveling now close to 50%. The euro is defended rather over $ 1.10 (euro / dollar rate and currency converter), catching up after the surprise resignation of Finance Minister greek, Yanis Varoufakis.

Banks suffered under fire on the Milan Stock
The clear victory of the “no” in the referendum that was held yesterday in Greece, at least in unexpected proportions, is an event not particularly acceptable to the market, which sees stronger negotiator more unpopular in Europe and fears the growing uncertainty. The wave of risk aversion and the volatility this morning follows in this respect the movements that were seen a week ago, after the Prime Minister Alexis Tsipras had announced the vote. Now as then, to be affected on the European markets are in the first instance the banks, which have also now minimal involvement with the events in Athens. A Milan Stock Mps gives 7% even after a suspension downward, Banco Popolare lost 5%, Unicredit 4%.

The ten-year BTP exceeds again the Treasury
The financial sector, and in particular the Italian, reacts in reality due to the drop in the prices of government bonds (and the increase in yields and spreads), the performance of which have been shown to be strongly correlated again in the last weeks. For BTP, in this case, it opens a complicated period, even if they are for the moment excluded crisis like those of past years. “With risk aversion that we see in these early stages – explains Francesco Previtera head of research at Banca Akros – the return on ten-year Italian has again surpassed the United States as was the case last Monday and could maybe go up to 2 , 70%, but then the market should return to correct these excesses. ”

All eyes on ECB
With each Greek holding court pass automatically into the background the signs of macro day (not entirely satisfactory those on factory orders German). All eyes instead on events linked once again to the theme of Athens, from the Central Bank Council meeting called today to confirm and possibly to increase the cap on the emergency liquidity (Ela, Emergency liquidity assistance ) in favor of banks in the country of Greece. The calendar of events is also particularly dense: this morning the European Commission President Jean-Claude Juncker held a conference call with the ECB President, Mario Draghi, the president of the Eurogroup, Jeroen Dijsselbloem , and President of the EU Council, Donald Tusk.

Germany freezes hopes on negotiations
In the evening then there will be the long-awaited summit between Angela Merkel and Francois Hollande, while eurozone leaders should come back tomorrow to look to resume negotiations. The resignation of Varoufakis seemed however partly having partially assuaged the fears of the markets, which see the move as a conciliatory sign toward a possible deal. A mid-morning from Germany arrived but yet another signal of frost: “At present – warned the spokesman of Chancellor Merkel, Steffen Seibert – there are no conditions to start negotiations on a new aid program.” Words that for the time being, however, have not moved that much of the financial markets.

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