FIAT SPEEDS UP, THE BANKS HOLD THE ROAD
THE HELLENIC BOND IS NOW IN FASHION IN EUROPE
Closed Wall Street, European stock exchanges strengthened their positive trend during the session. The Milan Stock Exchange accelerates and the Ftse Mib index rises by 0,44%. Similar changes for London, Paris and Frankfurt.
Lo Bund Btp spread it is unchanged at 260 basis points. On the other hand, the spread between Germany and Greece fell to 862 basis points, the lowest since March 2011. The XNUMX-year Athens bond yields 10,30%, we are back to the levels of October 2010.
In Milan the banks are positive: Unicredit + 1,4% Ubi + 1,46%. Banco Popolare +1,46% benefits from the news of the placement of a 1,25 billion euro bond. Intesa Sanpaolo unchanged while Mediobanca +0,47%. Two French brokers, Exane and Société Générale have raised the target prices of almost all Italian banks bringing them closer to market prices. It makes news in the afternoon Fiat + 3,8% due both to the positive setting of the European automotive Stoxx index and to the prominence of the group's strategies given by this morning's Financial Times. Pirelli +1,76% and Fiat Industrial + 3,8%.
In Tronchetti galaxy provera Camfin is suspended due to an excess of upside. Prelios +4,74%. Finmeccanica fell 0,81% after S&P downgraded its rating to junk bond level. Negative StM -0,88%.
Mediaset it lost 0,69% after having recorded declines in the order of 3% at the beginning of the session: the average company was downgraded by Deutsche Bank which cut the rating to "hold" from "buy".
Weak them utilities: Enel -0,13% Terna + 0,32% A2A -0,3%. Snam rises by 1,54%.
Finmeccanica drops 1% after S&P downgrades rating to junk bond level. StM positive +0,7%.
Telecom Italy loses 2,68% after a report by Morgan Stanley that casts doubts on the stability of the dividend in the coming years. Telecom Italia Media lost 1,98% also following the rumors about new difficulties in the company's sales process.
Among the insurance companies it still shines Unipol, up 6,39%, Generali salt of 0,36%.
Rest has zeroed the losses and is unchanged. Natixis (French broker) has lowered the rating to "reduce" from "neutral". Sent a Websim sms alert before the opening of the Stock Exchange.
Lastly, the luxury stocks were negative: Luxottica -0,48%, Ferragamo -0,92%. The sector is held back in Europe by Richemont which loses 5% on the Zurich Stock Exchange. The luxury group which has Cartier among its brands, said this morning that it was unable to provide forecasts on business performance in Asia, the area that has fueled the growth in turnover in recent years. Revenues for the last quarter are slightly lower than expected.
Among the mid caps, Camfin is suspended due to an excess of upside. Prelios + 4,84%.
The day is conditioned by closure of Wall Street and from the outcome of the first meeting of the Eurogroup in 2013: the finance ministers should take the decision not to take any decision on the financial situation of Cyprus. The thorniest issue, the one on which there are the clearest divisions, is the development of a path that allows the ESM state-saving fund to go to the rescue of the banks without having to go through the governments. Angela Merkel's electoral defeat in Lower Saxony, Germany's fourth most populous region, does not appear to have any repercussions on the markets.
The euro is unchanged against the dollar, to 1,332, and weakened against the franc, to 1,241 from 1,244 on Friday evening. New record of the euro against the yen at 119,29 (highest since April 2011): according to rumors, the government of the new premier Shinzo Abe has agreed with the Bank of Japan on a new line of monetary policy: the inflation target maximum will be brought to 2% from the current 1%.
Greater relevance could have, in the eyes of investors, the latest on budget policy in the US: House Republican leaders said on Friday evening they were ready to vote on a three-month temporary hike in the federal debt ceiling. Congress must proceed with the resolution by the end of February, otherwise some measures to reduce spending and increase taxes will automatically take place.
Finally, among the topics of the day, there are the two interviews with the Finnish press given by President of the Bundesbank, Jens Weidmann: the number one of the central bank in Berlin confirms his opposition to the ECB's bond purchase program, a practice defined as destabilizing and ineffective in curing Europe's main ailment, the lack of international competitiveness and excessive sovereign debts.
