YIELDS OF CTZ AND BTP IN SHARP DOWN AT THE AUCTION. FINMECCANICA ROCKET RISE. MILAN UP BY 0,36%
European stocks rise for the third consecutive day, encouraged by theBernanke effect: the Fed president relaunched the urgency of providing stimuli to the US economy to increase employment. Consequently, the markets and investors are hoping for a new extraordinary operation that will inject liquidity into the system, as in the previous Quantitative Easing 1 and 2. In the meantime, expectations are growing for the US macroeconomic data in the afternoon, including consumer confidence.
In the meantime, the race of European price lists is slowing down. In Milan, the FtseMib index rose by 0,36% to 16678, London rose by 0,23%, Paris +0,23%, Frankfurt +0,6%.
No problem for the Italian Treasury in placing Btpei and Ctz on the agenda this morning. In particular they were almost all of the planned 3 billion Ctz have been placed (2,817 billion euros to be exact) to a yield of 2,352%, down sharply from 3,03% of the February auction. As for the Btpei, the government bonds linked to inflation, at 7 and 9 years. Bonds worth 505 and 495 million were assigned on a request for 965 million and 1,1 billion euro respectively. The gross yields are 3,96 and 3,45%. The 5,09-year BTP rises to a yield of XNUMX%, the Btp-bund spread stands at 316,4 points.
Among the blue chips of Piazza Affari on the day of the Board of Directors which must approve the 2011 accounts Finmeccanica takes off +7,14% on the wave of the advances of the Sole 24 Ore su negotiations underway with the Japanese Hitachi, interested in acquiring 50% of Ansaldo Breda and 29% of Ansaldo Sts, which in turn increased by 3,8%.
Industrial stocks were generally positive, especially those in the automotive sector: Fiat advanced by 1,9%, Fiat Industrial +1,2%, Pirelli +1,4%. In Europe, the Stoxx industry index gains 1% with Volkswagen up 1,8%. StM drops by 2,5%: the French bank SocGen has cut its judgment to hold from buy.
THEMozambique effect still driving Eni +1,2%: Bank of America confirmed the buy recommendation and raised the target price to 21,5 euros. Oil is stable at 107,1 dollars a barrel (WTI). Saipem +0,5% and Tenaris +0,8% were also positive. Among the refiners, Saras shot which rises by 2,3%: it is not thanks to the technical relay at Inter but to Nomura who started the coverage with a buy recommendation. Conversely, Erg fell by 2,9%.
Among the banks the increases prevail: Unicredit +0,9%, Intesa +1,1%, Ubi +1,3%. Impregilo, on the other hand, was weak -0,9% after yesterday's good rise. Positives for Carraro +2,7% and Piaggio +2,4%.
