STOCK EXCHANGE 2012 A + 8,2%. SPREADS FROM 513 TO 319
BUT THE FISCAL CLIFF WEIGHTS ON THE PRICE LISTS
End of the year down for the Stock Exchanges while worries are growing for a possible lack of agreement in America on the 2013 federal budget. In Milan the FtseMib index falls by 0,82% at 16273 with widespread declines among the blue chips. Paris loses 1,47%, London falls by 0,49%, Frankfurt -0,57%.
The American stock market suffers from the political uncertainties regarding the 2013 budget: the S&P 500 index loses 0,44%, fifth consecutive day of decline. Down by 0,55% and 0,32% the Dow Jones and the Nasdaq.
This evening at 21 Italian President Obama, who returned to Washington early yesterday from vacation in Hawaii, will meet with the leaders of the Republican and Democratic parties.
Three days before the end of the year, the positions between the White House and the Republican party, with the majority in Congress, still seem distant and without an agreement, the American economy runs the risk of a sudden slowdown in the coming months, due to the higher taxes and cuts in public spending which would start automatically from next January XNUMXst.
Returning to Italy, after two years of heavy losses, 2012 saw the Milan Stock Exchange return to a positive performance. The FtseMib index closes the year with an increase of 8,2% which partially compensates for the negative results of 2011 (-25%) and 2010 (-13,2%). The index stands today at 16.273 points, after having reached a maximum of 17.133 points on March 19th and a minimum of 12.362 on July 24th.
The spread between the BTP and the Bund also decreased from 513 to 319 points.
This morning the Treasury closed the first BTP auction of the funding program for 2013 with demand slightly lower than supply. 5,8 billion 5- and 10-year bonds were placed with yields virtually unchanged from previous auctions. The intentions were to sell BTPs for a maximum amount of 6 billion. In detail, 5-year bonds went to a yield of 3,26% (3,23% at the auction at the end of November) and 10-year bonds to 4,48% from 4,45%.
On the secondary market, the 10-year BTP, which had risen to a spread of 330 bp, closed with a yield of 4,50%, unchanged compared to the previous day, and a spread of 319, also unchanged.
The euro is down sharply to 1,317 against the dollar from 1,323 at yesterday's close.
Gemina's increase +1,5% continued today, while Atlantia, which could merge with the Roman airport company, falls by 1,0,9%.
Stocks most tied to the dollar were positive: Autogrill +0,06%. Luxottica +0,36% and Campari +0,26%.
Widespread declines among the other blue chips, starting with the banks. Unicredit drops by 1,07%, Intesa -0,99%, Banco Popolare - 0,55%, Ubi -0,51%.
MontePaschi +0,67% is an exception.
Weak insurance companies: Generali -0,58%, Unipol -1,1%.
Among industrialists, Fiat -1,04% and Finmeccanica -0,46%. Finally, widespread reductions among utilities: Enel -1,81%, A2A -0,3%. Telecom Italia falls by 0,65%.
Strong decline of Mediaset which loses 2,2%. The latest indications coming from the analyst firm Nielsen show that in October advertising investments in Italy fell by 20% year on year "and November could be even worse", warns the broker. In particular, TV closed October with a drop of 23% which compares with the -14% of the first ten months of the year.
