TELECOM TAKES OFF, CREDIT SUISSE BRAKES FIAT
OK THE SPANISH BONOS AUCTION, SOGEFI FLIES
Business Square it is little moved, weaker than the other European markets, still in positive territory for news coming from Ukraine.
In Milan the FtseMib index -0,04% shows a slight drop to 19.633. Advance Paris +0,40%, preceded by Frankfurt +0,91%, the most sensitive to notes arriving from the East. London + 0,44% Madrid + 0,35%.
Ottimo the outcome of the Spanish auction: Madrid placed bonds for 992 million euros over 6 months at a rate of 0,08% down from the previous 0% and another 0,146 billion over 3,55 months at a rate of 12% down from 0,16% .
Lo spread between Btp and Bund fluctuates around 160 bp. Stay weak euro against the dollar, at a nine-month low, even if the exchange rate seems capable of stabilizing after yesterday's decline, triggered by the good performance of the indicators on the US real estate market. The euro/dollar rate is at 1,334. In the spotlight Telecom Italia + 2,9%: the management is working on the proposal to present to Vivendiproposal which will be examined by the board of Telecom probably next August 27th. Telefonica is also working to make its offer more attractive, opening up a collaboration on media content in Spain. The more attractive Telefonica's offer becomes, the more fears of a capital increase in Telecom are reduced. For Banca Akros analysts, the latest Spanish proposal "will not have a significant impact on the outcome of the current battle".
On the contrary, on the eve of the expiry of the date set for the withdrawal request, Fiat retreats -2,1% "cold" by the Crédit Suisse report which judges FCA, also in view of the listing on Wall Street, underperform with a target price of 6 euros.
Well Sogefi +10%. The group of the Cit stable that operates in the auto components sector has signed an agreement with Porsche, the first ever, for the supply to the German company of its oil filtration systems, which will be mounted on high-end models.
The rise of Ansaldo Sts continuescontested by Canada's Bombardier and Japan's Hitachi. After gaining 4,5% yesterday, the stock this morning marks another 1,8% increase to 7,74 euros, a new all-time high. Since the beginning of the year the performance has increased by 9,3%.
Finmeccanica +0,4%, StM gains 0,7%. The banks are positive: Unicredit rises by 0,8%, Intesa +0,3%. Monte Paschi after a negative start is back above parity at +0,8%. In asset management, Azimut shines +2,8%.
