AUCTION OK, BUT RATES ON BTPs RISE, SPREAD TO 266. RCS, SHARES DEPOSITED BUT DELLA VALLE IS NOT THERE
The yields of BTPs today at auction are increasing, not by much. The Treasury has placed all 3 billion euros of 10-year BTPs put up for auction, recording an increase in yield above 4%. The average yield on the May 2023 BTP (seventh tranche) rose to 4,14% from 3,94% a month ago when the rate hit its lowest since October 2010. The coverage ratio fell to 1,38 from 1,42. XNUMX previous.
Five-year BTPs also placed in June 2018 for 2,75 billion euros, the maximum target, with the rate rising to 3%. The average yield rose to 3,01% from 2,84% in April's placement, the lowest level since October 2010. The coverage ratio increased to 1,40 from 1,36 previously.
The Btp-Bund spread marks a slight decrease to 266 points after the results of the auction. The yield of the ten-year BTP is 4,16%. The gap between Spanish and German 291-year bonds is at 4,42 basis points with the Bonos rate at 0,5%. In Piazza Affari, the FtseMib index rose by XNUMX%, supported by Europe's decision to put an end to the excessive deficit procedure.
The indices of London, Paris and Frankfurt fluctuate around parity. The highlight of the day will be the data on US GDP for the first quarter: forecasts indicate growth of 2,5%. Also awaited are new data on the labor market and the real estate market.
The new collapse of the Tokyo Stock Exchange -5,5% does not weigh on the lists of the Old Continent. In Piazza Affari the banks recover: Unicredit + 1,2%Understanding + 0,9% MontePaschi +1,1%. Among the insurances, salt Generali +0,6%, goes down Fondiaria-Leaves -0,1%.
Day dominated by analysts' judgments: Goldman Sachs effect on Eni -0,6%, trimmed to neutral, and up Pirelli +2,7%, promoted by sell from neutral. The judgments of Ubs also weigh: Tenaris -0,1%, included by the Swiss bank in the list of "European oil least preferred", i.e. oil stocks to be avoided.
Luxottica +0,2%. UBS raised its target price to 41 euros from 34 euros. One point drop for Italcementi: S&P has lowered its outlook to negative.
The assemblies also weigh: the meeting of is in progress Exor + 0,61%, “It is very premature to say today how it will happen and what is needed. What is certain is that Exor has the absolute conviction that we must move forward and that Fiat and Chrysler must have a future together" said John Elkann in reply to a shareholder on how the merger between Fiat and Chrysler will take place. if Exor will support it.
Fiat -0,3%, is in talks with a group of banks for a loan of up to 10 billion dollars to acquire the remaining share of Chrysler. Fiat Ind. +1%.
Finmeccanica +0,5%. This is how the CEO Alessandro Pansa began in front of the shareholders: "The situation of our country, which is quite uncertain from various points of view, has not helped a Group - according to a definition by Giovanni Agnelli - 'governmental and ministerial by definition' such as Finmeccanica". ”Some corporate events have made the environment more complex' – he added – 2012 – he said – was a year of extreme difficulty for the Group”.
Rcs Media Group +2,41%: Giuseppe Rotelli, the first RCS shareholder with 16,5% of the total votes, deposited the shares in the assembly of the publishing group. And the shares of Diego Della Valle equal to 8,69% are also present by proxy. The shares of the large shareholders are stable.
Telecom Italy -0,2% pending today's board of directors which should decide the birth of the network spa.
