Strong rise at the start of the day for Piazza Affari. Shortly after 10, the main index, FtseMib, is advancing by a robust 2%. Very positive intonation for the other European markets too, with Frankfurt ahead by 1.6% and Paris by 1.15%.
The Eurolistines celebrate the agreement that arrived in the morning on the Recovery Fund, the aid fund that will have to lift the European economy depressed by the Covid crisis. The agreement between the 27 heads of state and government came after a long marathon that started on 17 July. The budget decided for the program will be € 750 billion, 390 billion of non-repayable transfers and 360 billion of loans on favorable terms. A little over 80 billion euros in transfers and 127 billion euros in funding should reach Italy. Italy will be the country that will benefit most from the aid. The Prime Minister, Giuseppe Conte, declared himself extremely satisfied with the agreement reached, with which “now we can change the face of the country”. The news is positive, attention will now shift to the times. In fact, it will take months for the aid to materialize.
Meanwhile, on the wave of the positive outcome of the Brussels summit, the BTP continued also this morning in the path of decline in the rate of return already started in recent days. The level is now close to 1%. At the same time, the BTP / Bund spread fell back below 160 points to 156.
Instead, the rise of the euro continues, going to 1.146, near the highs of the last 4 months.
Looking at the individual stocks, the banking sector is moving forward in Piazza Affari. Ubi goes up again with Intesa. Both institutions are advancing by more than one percentage point on the wave of the improved understanding offer on Ubi. Unicredit also performed well (+ 3%). Positive Banco BPM (+ 3%) with Mps (+ 5%) and Bper (+ 5%) on possible incoming aggregation movements.
Good progress also for the industrial sector supported by the climate of confidence for the recovery of the economy. Cnh advanced by 4%, FCA by 2.3%, Leonardo by almost two percentage points.
The increase in Atlantia continues, which today rises by almost two points. The operators’ eyes are focused on the annual meeting of the parent company Edizione, the holding company of the Benetton family.