EUROPEAN AUCTIONS 0K, THE SPREAD IN SWING
THE STOCK MARKET IS IN DRAW – PIRELLI SUPERSTAR
La European stock exchanges they rebounded after Monday's beating, but then began to deflate. The Ftse Mib index scores +0,32 at altitude 13.894 points, in negative ground London -0,10% and Frankfurt -0,21%. They also deflate Paris +0,57% and Madrid + 0,16%.
even the BTP benefits from the improved climate: the spread returned below 400 to 399, with a yield of 5,66%, from 5,70% yesterday, although it later climbed up to 406bp.
To give thickness to rebound the favorable outcome of the morning's auctions also contributed. The Italian treasure this morning it placed 3,4 billion (the maximum expected was 3,5 billion) of Ctz maturing in January 2014 and found a demand equal to 1,8 times the offer. The yield rose to 3,35% (the highest level since last January), from 2,35% at the previous March auction
Previously the Dutch treasure had placed 2 billion bonds, half with two years and half with a 2037 maturity, at rates in line with those of the secondary market.
La Spainfinally, it placed almost the entire offer (1,93 billion against 2 billion of 3 and 6-month bonds) but at almost double rates.
Spanish banks are once again a major concern for markets and many see the need for a rapid recapitalization after government sources hinted yesterday that Spain will force banks to move their real estate assets to a dedicated company in order to have a clear view of lenders' exposure to real estate.
I Wall Street futures signal a positive start. Spotlight on some macro data: consumer confidence, sales and house prices.
They recover the blue chips of Piazza Affari after the landslide earlier this week. Pirelli rose by 3,3% after the announcement of an agreement with the Indonesian Astra Otopart to jointly build a new factory in Indonesia for motorcycle tyres: an investment of 120 million dollars 60% controlled by Pirelli. Fiat also rose +3,4% on a par with Prysmian.
StM is also recovering +4.9% after Monday's collapse. This afternoon the management will hold a conference call with analysts to illustrate the results for the first quarter of 2012: turnover is down by 8%, but the dividend remains unchanged and the cash position improves.
Also recovering Finmeccanica +2,2%, after the negative start linked to the investigation into alleged relations with the Northern League. Among the banks, Intesa +3%, Unicredit +3%. The market likes the disengagement of Ennio Doris from Mediobanca. Mediolanum scores +3,3%. Telecom Italy salt by 3,2%, Enel +1,2%. Well Eni which increases by 1,9%.
Both Fondiaria-Sai +3,6% and Premafin +3,6% were positive on the day of the Fonsai shareholders' meeting in Turin. From the negotiations it emerges that the management is considering the possibility of reducing the amount of the capital increase by 100-150 million euro, compared to the values already identified (1,1 billion). Meanwhile, Premafin's creditor banks, exposed for around 350-400 million euros, are increasingly inclined to convert the debt into equity: post conversion and aggregation with Unipol the creditors will find themselves 5% of the maxi insurance company that will be born from the merger. In the event of debt conversion and a capital increase of €950m, at the end of the operation Unipol will have 62-64% of the share capital of the entity after the merger, 4/5% less than the minimum threshold announced by the Bologna-based company.
Eurotech, the Friuli-based nanotechnology company, has announced that its subsidiary Parvus has received a one million dollar order for mobile routers for the US Department of Defense.
