The ECB's new loans disappoint, but Italian banks fly to Piazza Affari

2019-09-19T10:50:17.075Z

Very positive day for banking at Piazza Affari. The reference index rises by 2%, second only to the travel sector. Among all, + 4% of Bper Banca and + 3% of Ubi stand out, followed by Fineco and Unicredit. Among the reasons there was the expectation for the first results of the first Tltro III operation, the new subsidized loans for the banks, on the most advantageous conditions announced last week by the ECB president Mario Draghi. In previous programs the demand of Italian banks had been very strong. This morning, however, the Eurozone banks took a very limited share of the loans available: only 3.4 billion euros, far below expectations (between 20 and 100 billion). A possible explanation is the strong conditionality of the loans: the advantage is only if you make loans and in this phase of uncertainty and economic stagnation the demand from the companies is low. Milan is the best among European squares: + 0.70%, followed by London (+ 0.64%), Paris (+ 0.40%) and Frankfurt (+ 0.17%). The markets mostly come to terms with the Fed's decision last night, the US central bank, to cut interest rates. He did it in the most awaited measure, minus 25 basis points, bringing them in a fork between 1.75 and 2 percent. The president of the Fed, Jerome Powell, has kept the door open to new cuts but has ruled out any negative rates, as President Trump asks. The inevitable tweet by Trump himself: "the Fed and Powell have failed again - he wrote -. No courage and no vision". On Wall Street a cut of this magnitude was the minimum expected. At the beginning the stock market fell, only to close with the Dow Jones just above par.