BUSINESS PLACE OVER 16 THOUSAND, SPREADS BELOW 300 BPS
THE GREEK BUYBACK IS LEADING. SPOTLIGHTS ON TELECOM
The Milan Stock Exchange is moving upwards. The FtseMib index "holes" 16.000 with a gain of 1,28% to 16.009, and leads the positive movement of the other European stock exchanges: London rises by 0,35%, Paris +0,76%, Frankfurt +0,5, XNUMX%.
Purchases in Piazza Affari involve almost all the blue chips, while the strong improvement in government bonds continues: the spread has fallen below 300 points and stands at 298 basis points. The yield on ten-year maturities was also down, falling below the threshold of 4,4 per cent, at its lowest for about two years.
The main news of the morning comes from Athens: The Greek government has announced how a program will be implemented by 10 billion to repurchase its government bonds intended to reduce public debt by taking advantage of low bond prices. Athens will conduct its buyback offer with the modified Dutch auction method in which investors announce how much they intend to sell their bonds for before the price is determined.
Greece has set a minimum price in the range of 30,2/38,1% and a maximum price in the range of 32,2%/40,1% of the amount, depending on the maturity of the 20 series of securities subject to the buyback.
Athens has said it will not spend more than 10 billion euros on the buyback. Investors must declare their interest by 7 December. The buyback is crucial for Greece in its effort to unblock aid and stay afloat.
The reaction of the markets is very positive: the yield on the Greek 14,26-year bond fell to 2011%: it had not returned below 15% since August XNUMX.
For the stock markets, the positive boost also comes from China, where the PMI manufacturing index in November rose to 50,5, marking the first expansion of the sector since October 2011.
Among the Milanese blue chips, the best stock is Mediaset which rises by 4,88% after JP Morgan confirmed the positive "overweight" recommendation, setting a target price of 2,2 euros.
Sale Telecom Italy +1% even if the offers coming for , Telecom Italy Media + 3,6% do not seem to meet the expectations of the former incumbent: according to press forecasts, the highest offer made by Clessidra, estimates the company at 300 million, more than the capitalization (around 250 million), but it is not clear whether the figure is net or not of debts. If debts are taken into account, the current value of Timedia's equity is around 470 million.
They're moving up nicely too Rest +2,5% and Tenaris + 1,97%.
In Piazza Affari all the banks are positive: Unicredit + 2,01% Understanding + 0,7% MontePaschi + 0,2%. Ubi salt by 2,06%.
They go up Fiat +0,28%, Fiat Industrial + 1,46% Pirelli + 0,78% Finmeccanica +1,29% and StM + 0,73%.
Positive Enel +1,3% and Enel Green Power + 0,91%.
Eni earn 0,72%, Saipem salt by 2,19%. Oil is in slight progress with Brent at 111,5 dollars a barrel (+0,2%), Wti at 89 dollars (+0,1%).
