The Treasury sold all 9 billion scheduled six-monthly bots on the market. The average placement rate fell to 1,585% from 2,454% a month ago, reaching its lowest since March.
Mto them Stock markets did not react: in the middle of the day, Piazza Affari confirmed its negative position with the FtseMib index down by 0,34% to 14941, London -0,5%, Frankfurt and Paris -0,6%.
In the Old Continent, particular attention is paid to the US data on GDP in the second quarter, expected in the early afternoon (14.30 pm Italian time).
There was no reaction even on the secondary government bond market, with the ten-year BTP yield stable at 5,80% and a spread of 450 basis points (+ 3 basis points).
Today's auction is coupled with the positive outcome of yesterday's one, when the Italian Treasury successfully placed Ctz and BTPei for 3,75 billion, the top of the range offered and with a sharp drop in yields, in particular for the Ctz (May 2014): 3,064% compared to 4,86% in July.
"The European Central Bank is not a political institution, but it is committed to its responsibilities as an institution of the European Union”. The president Mario Draghi said it in an intervention on Twitter. “Monetary policy can sometimes require exceptional measures.”
In Piazza Affari, attention is focused on the reactions to the banking quarterly reports.
The market likes the cleaning operation Banca Popolare di Milano, which gains 3,41%. The CEO of the group, Piero Montani, expects to close the negotiations on the redundancies within the year.
The personnel interventions envisaged in the plan announced on 24 July will affect approximately 3.000 resources. The goal is to arrive at a structural reduction in labor costs of 70 million and thus reach the 2015 target of a cost of 640 million, down 10% on 2011.
Brilliant too Banco Popolare (+ 2,6%) after the achievement of more solid capital targets. at the end of June, Core Tier 1 had risen to 10,2% from 7,1% at the start of the year, higher than the level required by the EBA. Also considering the extraordinary capital buffer required by the European authority in order to deal with sovereign risk, the Core Tier 1 capital ratio reaches 9,6%.
UBS and Bank of America have both raised their target prices to €1,2 and €1,3 respectively. the recommendation of both isneutral.
Ps (–6,41) trades at 0,2275 after failing to price in the first hour of stock market trading at market open.
It is the reaction to the drastic harshness imposed by the Profumo-Viola duo on MontePaschi, which proves to be suffering more than expected. The six-month report closed with new write-downs of 1,57 billion and a net loss which reached 1,61 billion in the half-year.
Citigroup, Deutsche Bank and Cheuvreux cut the recommendation (downgrade) to sell, Natixis confirmed the judgment neutral and raised the target price to 0,21 euro from 0,19 euro.
The Core Tier1 as at 30 June marks an improvement to 10,8% before the new Treasury bonds, the so-called Monti Bonds, are issued. Monte dei Paschi should draw on loans from the Ministry of the Economy for 3,9 billion, of which 1,9 billion to replace the Tremonti Bonds already obtained.
The announcement Fiat of new production stops in Pomigliano weakens the stock, now down by 1,01%.
Iren accelerates and rises by 12% to 0,456 euros the day after the quarterly results, slightly above analysts' expectations. Revenues rose by 34,4% to 2,267 billion euros, Ebitda grew by 2,9% to 336,1 million euros while net profit fell by 21,8% to 75,3 million. Net borrowing was positive, an indicator that raises concerns, down by 240 million euro from last June 30 to 2,654 billion. The company expects, “a consolidation in the growth of activities due to the progressive contribution of the investments made, as well as the actions to reduce the financial debt".
