THE BOT DAM HOLDS: AUCTION 0K, RATES DOWN
BUT THE BANKS STILL LOSE. AND TELECOM LANDSLIDE
The Treasury has placed 8,5 billion euro of 6-month securities, the entire amount of the offer, at a yield of 0,831%, the lowest since January and sharply down since the issue of February 26, when the tensions triggered by the outcome of the political elections had pushed the yield to 1,23%.
Il yield of the BTP drops by 10 basis points to 4,52%. The spread narrows by 11 points to 315.
The successful outcome of the auction did not cause any significant reactions Piazza Affari: the Ftse/Mib index -0,69% marks a drop to 15535.
THEeuro it is unchanged against the dollar at 1,286 from 1,285 yesterday.
Le other European Stock Exchanges show modest increases. London +0,1%, Paris +0,67% and Frankfurt +0,18%. Only Madrid -0,36% is in the red. Italian banks, after a modest upward start, have taken the downward path: Unicredit -2,19%, Intesa -1,83%, Banco Popolare -1,53%. MontePaschi down sharply -1,86%. Conversely, after yesterday's decision by the management board to speed up the process for the transformation into a joint-stock company, Popolare di Milano is up 1,52%.
The most negative notes concern the telecommunications sector: the Eurostoxx index loses 1%.
The heavy decline of Telecom Italy -5,63%, penalized by the downgrade of Bank of America to underperform from neutral.
La Spanish Telephone, partner of Telco is down by 3,5% after having sold all its treasury shares in portfolio this morning, around 2% of the capital, realizing a collection of just under 1 billion euro.
Among the industrialists, Fiat down 1,68%, Fiat Industrial up +1,16%, Finmeccanica -1,39%, StM +1%. Pirelli promoted +1,3% from SocGen to buy from hold.
Positive Ferragamo, up 0,61% e Parmalat + 0,86%.
