RAIN OF RECORDS: MILAN EXCEEDS 18 THOUSAND.
BTP RETURNS 4,29%, SUPERSTAR BANKS
Milan climbs its Everest. Piazza Affari +1,43%, driven by the Fed, rises to over 18 thousand: Fte Mib index +1,43% to 18.059, the highest since July 2011.
The other European stock markets were also exuberant, in the wake of the Fed's decisions on Wednesday evening: London rose by 1,12%, Paris +0,6%. Madrid +0,54%.
Frankfurt +0,59% rises to 8.681, an all-time record, despite the brake of Volkswagen -2% which, according to the revelations of the monthly Manager Magazin, risks not reaching the profit targets for 2015.
In Europe, the best stocks are those of raw materials (Stoxx of the sector +1,8%). MittelArcelor, the world's leading steel producer, rises on the Amsterdam Stock Exchange by 2,4%, in London Rio Tinto rises by 1,9%.
After yesterday's rally Wall Street moves little today and consolidates the record levels reached yesterday. The Dow Jones is down 0,1% and the S&P up 0,09% just above. The Nasdaq is up 0,1%. In August, existing home sales grew by 1,7% month on month, better than the -2,6% expected.
Furthermore, the super-index, ie the index made up of the main US macro indices, indicates growth of 0,7% in August, better than the 0,6% expected. After yesterday's fall, the dollar is stable and the exchange rate with the euro is indicated at 1,355.
Oil retreat: Brent falls by 0,7% to 109,7 dollars a barrel. Yesterday it had jumped 2%.
On the government bond market, the BTP continued to improve with the ten-year yield down to 4,29%. The spread is at 242.
The second issue of a Btp Italia in 2013 will arrive by November. To say it is Maria Cannata, head of the Treasury for debt management. "We will make the second (issue) by the end of the year and you can imagine that December will not be the month in which we will do it", she explained during her speech at the conference for the 25th anniversary of Mts, the electronic trading platform of government bonds. The first issue, for around 17 billion, took place last April.
The increase in banks in Milan is given substance by a report by Goldman Sachs which signals the improvement in the capital structure of Italian banks by raising the target price of Intesa +3,65% and Unicredit +2,66%, indicated as the most attractive bank (best pick) in Italy.
Lower earnings for Banco Popolare +1,83% and Popolare. Milan +2,24%.
MontePaschi, among the few values in revaluation, falls by 0,1%.
Strong progress of asset management companies: Azimut +3,57%, Mediolanum +4,82%.
Bad day for Mediaset -1,34%, downgraded by Barclays.
Espresso was also down -2,6%. 'At the end of the month there will be an RCS board of directors. They have postponed the expiry of the Pact, now we will have time, it will be the theme for October'. So Carlo Pesenti, managing director of Italmobilare and RCS adviser, on the sidelines of the presentation of i.Nova. Regarding Italmobiliare's participation in the new agreement, he declared: "I can't answer, we haven't decided yet".
Telecom Italia -0,25% limits the damages despite the tension between the shareholders and Franco Bernabé regarding the necessary equity injections.
Ansaldo Sts also down -1,43%: the commitments on privatizations destined for Italy were less stringent than expected.
The insurance companies moved little: Fondiaria-Sai advanced by 0,31%, Generali fell by 0,07%. Strong decrease in Paris of Axa-2,9%.
Among the industrial stocks, the best is Prysmian +2,3%, StM increases by 1,15%.
Backtracking by Fiat -0,49%.
Among the utilities, good increases for Enel +2,01% and A2A +1,32%.
The jump in oil supports Eni +1,14% and above all Tenaris +3,65%.
Attachments: Brescia19 September 2013.pdf
