Il Tesoro has placed all 7 billion euro of 1-year BOTs, paying higher interest, but still below the psychological threshold of 1%. The average yield rose to 0,962%, the highest since March, from an all-time low of 0,703% in May. Demand rose, with a coverage ratio of 1,49, from the previous 1,16.
Lo spread Btp-Bund drops to 273 basis points and the yield of the 10-year Btp is 4,34%. The spread between Spanish and German bonds is 298 basis points, with the Bonos rate at 4,60%.
European stock exchanges in slight progress. In Milan, the FtseMib index rises by 0,22% to 16323. Paris scores +0,29%, Frankfurt +0,05. London – 0,06%. The euro it is stable against the dollar at 1,329. Petroleum slightly down: Brent is traded at 102,8 dollars/barrel (-0,1%).
Ftse Mib pink jersey is Rest (+2,24%). Among the blue chips of Piazza Affari, it also stands out Generali, rising 1.29% after the sale of insurance business in Mexico realizing an (unexpected) capital gain of 500 million. Net of reinsurance and tax recoveries, the Trieste-based group estimates a net impact of around 100 million euros from the floods in Central-Eastern Europe, Germany and Austria last week. However, a Credit Suisse report judges the stock to underperform compared to Axa and Aviva (outperform) despite the Mexican sale at better-than-expected prices.
Also highlighted is Buzzi Unicem +1,41% after Morgan Stanley moved to equalweight on cement stock. Italcementi, on the other hand, was heavy -2,2%. Down Telecom Italy (-0,92%), close to the lows of last March in the wake of concerns about the measures on the quality of telecommunications services being studied by the Argentine government.
Since the announcement of the network's spin-off on May 30, the title has lost 15,5%. The speculative appeal linked to the integration project with 3 Italia then waned, while fears emerged, relaunched by a report by JP Morgan, on the results of the second quarter which should discount the effects of the 'price war' in Italy and the devaluation of South American currencies.
Downhill Fiat (-2,16%), with UBS no longer recommending buying the stock, switching to a 'neutral' rating. Most of the banks increased, starting with Mediobanca (+1,19%). Unicredit goes up by 0,66%, Intesa + 0,61% and MontePaschi goes down by 1,26%. Pop.Milano -2,51%. Enel +0,37%, Eni +0,24%. Strong rebound for Safilo, +2,9%. Maire recovers, +6,5%, after the positive developments of the capital increase. Rcs improves (+8%) in view of the board of directors who will set the price of the new shares tomorrow.
