BTP, MISSION ACCOMPLISHED, BUT THE SPREAD IS AT 426
DEEP RED FOR BAGS. MADRID BLACK JERSEY
The Treasury placed 3-year BTPs maturing in March 2015 on the market for a total of 3,5 billion, the maximum pre-established amount. The yield is stable, at 3,91% from the 3,89% of the analogous auction in April. The demand was equal to 1,52 times the amount offered against 1,43 in the last auction. A positive result, anything but obvious in the climate of instability that reigns on the markets.
Following the auction, the spread between the 426-year BTP and the analogous German Bund fell to 430 points, after a peak above 5,72. The 6-year yield is in any case equal to 475%, again close to the point of no return (over 10%). Meanwhile, the spread between 6,20-year Spanish and German bonds widened to 6,22 basis points. The Bonos yield exceeds the threshold of XNUMX% (XNUMX%) for the first time since December XNUMXst.
The euro is also at risk, slipping to 1,287 against the dollar. The negative picture is completed by the news that, despite the fiscal tightening, the Italian public debt in March rose to the record threshold of 1.946,083 billion euros (in February it was 1.928,226 billion and in January the previous record had been reached with 1.934,980 billion). The fall in GDP practically made the squeeze null and void: in the first three months of 2012 tax revenues amounted to 83,168 billion euros, down by 0,5% compared to the same period of 2011. This is what emerges from the Supplement to the Statistical Bulletin of the Bank of Italy dedicated to public finance.
In this context, the heavy start for the European stock markets is not surprising, under pressure for three reasons: the electoral defeat of Angeal Merkel's CDU in North Rhine-Westphalia, the de facto rejection of the German chancellor's austerity line; the renewed bets on Athens leaving the euro zone, while today the meeting of the Eurogroup is expected, which will have Greece's austerity plans on the table, as well as those of Spain; finally, the announcement of the restructuring plan for the Spanish banks. The Banco Santander it lost 3,43%. Own Madrid (-3,09%) leads losses along with Athens (-3%). Bad too Milano (-2,68 %), Paris (-2,18%), London (-1,54%) And Frankfurt (-1,99%).
Among the banks, Intesa and Mediobanca (-3,2%) and Banco Popolare (-4,5%) lost their shots. Under fire with losses over 4% too Fiat, Prysmian e Finmeccanica (– 4,6%). Oil prices are also downEni – 2,9%), Saipem loses 3,6% e Enel 3,2%. Thump for telecom italy, -4,6%
Docomo Deutschland, controlled by NTT Docomo (Nippon Telegraph and Telephone Corporation group) has announced its intention to launch a takeover bid on Good morningo (+13%) at 2 euros per share. This can be read in a note which specifies that the offer relates to 100% of the share capital of the company listed on Piazza Affari.
