The Treasury hits its maximum target by placing 6,5 billion Btp. Declining rates for both 5 and 10 year terms. The five-year bond is down sharply below 5% to 4,73% from 5,29% in July. The decline over the ten-year period to 5,82% from the previous 5,96% was less marked.
Pending the outcome of the placement of 7,5 billion euro of 10 and 5-year BTPs by the Treasury, the yield on the Italian 4-year bond had risen by 5,81 basis points to 447%, the spread with the Bund is 7 basis points, XNUMX basis points higher than last night's close.
La Milan Stock Exchange however proceeds with caution: the Ftse Mib index rises by 0,15%, to 14965. Frankfurt and Paris are down by 0,53% and 0,12%. London -0,07%
“The political and financial uncertainty in Greece and the potential tensions on financing in Spain and Italy have increased the risk of a strong economic and financial instability with possible global repercussions”, reads in a Moody's report.
Among other things, the agency cuts its growth estimates for Italy in 2012 and 2013, in a context of "moderate recession" for the euro area. In the report, dedicated to the global economic outlook for 2012 and 2013, Moody's predicts that the Italian economy will contract between 2,5% and 1,5% this year and between 1% and at most a flat course next. In April, forecasts spoke of an Italian GDP contracting between 2% and 1% in 2012 and between -0,5% and +0,5% in 2013.
In Piazza Affari it is always the galaxy Mediobanca to keep attention: the share rises by 1,7%. According to Il Messaggero, the CEO Alberto Nagel has agreed with the board of directors a review of the perimeter of the group's activities, as a result of this change of strategy, the shares in some investee companies could be reduced.
Among these there is Rcs Media Group, also today suspended due to excessive reduction at the theoretical price of 1,19 euros. The shares of the group that publishes Corriere della Sera rallied at the opening, jumping by 12,26% to 1,19 euros before entering the volatility auction (+5,66% the theoretical increase). In four sessions, the stock is making a leap of 116% waiting to know the measures that the CEO Scott Jovane will decide to adopt to cut the debt and which could also lead to a reshuffling of the shareholding structure. Mediobanca could also go down Generali (+0,63) and in Telecom Italy (+ 0,07%).
Positive session start for Camfin (+1,81%, to 0,33 euro) after the green light from the Board of Directors for the issue of a bond convertible into Pirelli securities to refinance the approximately 130 million in debt maturing in December. Yesterday's board of directors had yet another clash with the Malacalza family, whose representatives, supporters of the capital increase, voted against the operation. Relations between the shareholders appear somewhat worn out and could lead in January to the cancellation of the agreements which bind the two shareholders along the corporate chain which leads to Pirelli -1,91%. He runs Prelios (+7,14 to 0,1 euro) after Camfin gave its support to support the recapitalization operations being studied.
Banks are mixed. Unicredit 0,26% salt, Banca Popolare di Milano of 1% e People of Emilia by 0,7%. The other price changes within the Ftse Mib index are of little significance, Fiat -3,21%: Morgan Stanley warns this morning that profits will hold up in the European automotive segment also on the basis of data from July, in which the level of registrations fell to the lowest levels of the last 30 years at 11 million cars.
The broker, who confirms the recommendation underweight on Fiat and on Peugeot, affirms that at this point of the year, a further deterioration, but also a lack of recovery in the fourth quarter, could jeopardize the estimates for 2012.
Sharp decline of Ferragamo (- 3,86%) following the presentation of the data for the quarter in which revenues grew by 16,7% at constant exchange rates to 305,5 million.
The CEO Michele Norsa said in the conference call that he expects "a further improvement, not huge but still significant in terms of Ebitda and gross margin". Ferragamo has gained 61% since the beginning of the year, it is the best stock in the Ftse Mib index in this period of time.
