BOT AUCTION, THE FALLING OF RATES STOPS SURPRISE. PIAZZA AFFARI RISES, MANAGED SAVINGS IN THE RALLY
The race to lower interest rates has stopped. The first issue of 2014 saw the Ministry of the Economy place all the 8,5 billion annual BOTs envisaged but, unlike forecasts, the yield on the bond rose to 0,735% from the previous 0,707%, still moving away from the historic low of the 0,688% reached in November.
Demand is 1,45 times the offer against 1,8 times the previous one also because the amount of today's issue was well over the 5,5 billion last month. The Ftse Mib rose after the auction (+0,76% to 19.646 points) and the Btp/Bund differential remained above 200 points at 202 basis points with a yield on the Italian ten-year bond at 3,91%.
The other price lists are also positive: London +0,76%, Paris +0,63, Frankfurt +0,71%. Madrid +0,43%. Standard & Poor's confirmed Germany's triple A rating with a stable outlook: the country's economy is "highly diversified and competitive". So the agency expects Berlin's public finances to continue to address potential financial and economic shocks to which they may be exposed.
Fiat is on positive ground +0,15%, despite the Bank of America report which downgraded the entire auto sector in Europe. Pirelli -0,25%. Finmeccanica rose by 0,7% along with StM. The most popular blue chip is Mediolanum +4,57%. Banca Generali also grew +3,6%.
Luxottica +3,02% after confirmation of Citigroup's Buy judgment with a high target of 45 euros. In Milan, the banks slowed down slightly. Pop.Emilia +1,56%, Intesa +0,1%, Unicredit +0,6%, MontePaschi -0,43%. Banca Popolare di Milano -0,88%. Another step forward for Telecom Italia +0,93% to 0,8107 euros. Eni +0,81% and Saipem +0,45%. Wti-type oil trades at 92,5 dollars a barrel (+0,9%). Ferragamo's landslide continues -2,27%. Tod's recovers +1,29%.
