The ECB does not let its guard down, despite the worsening recession in Europe. But the financial world does not feel the pinch: the Bull gallops in the USA, with renewed confidence: 17 of the 18 big banks have passed the Fed's stress tests on their ability to withstand a possible crisis such as that of 2007/08. Meanwhile, applications for new unemployment benefits fell to 340 (against expectations of 350), the lowest level in the last six weeks. At the end of the session in New York, the Dow Jones rose by 0,23%, further improving its all-time record. S&P +0,18%, Nasdaq +0,30%.
Good news also from Asia: despite the New Year holidays, exports rose by 21,8% in February compared to a year ago. The trade surplus for the month amounts to 15,3 billion. The Tokyo Stock Exchange shows strong growth +2,5%. Today the Nikkei surpassed the levels of September 12, 2008, the day before the announcement of the Lehman Brothers crack. Europe has been partly infected by the good news arriving from the States. Piazza Affari closed slightly higher yesterday (FtseMib +0,3%). The London Stock Exchange rose by 0,2%, Paris +0,4%, Frankfurt +0,1%.
THE EURO STRENGTHENS, WITH A NEW BTP ITALIA IN SIGHT
In Europe, the rate decision, which was not taken unanimously, triggered a strengthening reaction of the euro, which rose to 1,3092 against the dollar (from 1,299 the previous evening), to 1,2366 against the Swiss franc (from 1,2301). The strongest rise is against the British pound at 0,8735 from 0,8668 (+0,9%). The central bank's analysis hasn't changed from a month ago: the eurozone economy is expected to recover gradually over the course of the year, monetary policy remains expansionary, inflation is not a problem and confidence in the financial markets is getting better.
To verify this morning the reaction of the sovereign debt, yesterday in great dust. In the morning the financial markets had a shot in the arm with the good reception of the auction of Spanish government bonds. Madrid has placed 5 billion Bonos without problems at various maturities, with ever decreasing yields. Benefits also for our ten-year BTP, whose yield fell to 4,58% in the evening, for the first time below 4,60% since election Monday. The spread with the Bund narrowed by 9 basis points to 309.
Against this backdrop, the Italian Treasury is preparing to challenge the market between the end of March and the beginning of April. The first of the Btp Italia of 2013 will then be launched after the 27 billion raised in 2012. In this way, if successful, Italy could easily overcome the obstacle of April, the most insidious month for the renewal of public bonds in expiration.
INSIDE BUSINESS PLACE
Special observation Telecom Italia + 2,9%, which yesterday approved the 2012 financial statements. Despite the loss of 1,6 billion related to goodwill write-downs of 4,4 billion, the company has decided to propose a dividend of 2 cents per ordinary and 3,1 euro for savings, for a total of 454,4 million. Excluding the impact of the devaluation, the normalized profit drops to 2,394 billion euros (from 2,518 billion in 2011). Revenues fell by 1,5% ( 29,503 billion). Ebitda amounted to 11,645 billion euros, down by 526 million euros (-4,3%) with an incidence on revenues of 39,5% (40,6% in 2011).
Asset management securities are highlighted in Piazza Affari. Azimut +5,7%, Mediolanum +4,5%, Banca Generali +4,4%. In the banking segment, mixed performance: MontePaschi rose by 7% on the news that the institute made claims for damages for around 1,2 billion euro against Nomura, Deutsche Bank and the previous management. Banca Popolare di Milano gained 2,2%. Intesa fell by 1,5%, Banco Popolare -1,2%.
Eni rose by 1,4% and Saipem by 0,1%. Strong growth at Atlantia + 3,1%. Among industrialists, Fiat+1%, StM -1,5%, Finmeccanica -1,2% and Ansaldo Sts -2,8%. Campari lost 2,6% on the day of the presentation of the 2012 data. Safilo gained 6,6% the day after the presentation of the financial statements. Geox, on the other hand, -7,4%.
