EXCHANGES IN RECOVERY, BANCO POPOLARE IN EVIDENCE
FIAT – 1,67%, BLACK JERSEY OF THE EUROPEAN CAR
European stock exchanges positive at the end of the morning with indices slightly up. Milan's FtseMib rose by 0,45% to 17.623, London +0,32%, Paris +0,62%. Frankfurt rises by 0,25%.
On the market for government bonds the yield on the ten-year BTP falls to 3,89% and the spread is reduced to 258 (-5 basis points). Greece's ten-year spread narrows by 33 basis points to 668 basis points, the yield on the corresponding government bond falls below 7% for the first time since June 2010.
The rise is held back by the statements of representatives of the Fed who hypothesize a reduction in stimuli to the US economy. John Williams, president of the Federal Reserve Bank of San Francisco, said the central bank could halt bond purchases later this year. Richard Fisher, chairman of the Dallas Fed and leader of the hawks, added that the institute should immediately abandon the support to the real estate sector.
However, the examination for the European credit sector is moving away. EBA, the European Banking Authority, announced that it will indicate the guidelines for the analysis of the situation of bank balance sheets and this will lead to a delay of the next exercise on stress tests for EU banks to 2014. The EBA specified that the calendar of checks will be determined when it is adopted the new legislation establishing the direct supervision of the ECB over the 17 countries of the euro area.
The postponement benefits Banco Popolare +3,15% and Pop.Milano +2,67%. Unicredit rises by 1,17%, Intesa +0,82%, MontePaschi +0,44%.
The European stock markets are running i automotive stocks after the positive data on car sales in Europe in April (+1,8%). Peugeot and Renault rose by 6,5% and 3,2% respectively, Volkswagen advanced by 1,9%.
The car's only European title going down is Fiat, down 1,67% after Bernstein (US broker) lowered the recommendation to “market perform” from “outpeform. Fiat's sales in Europe fell by 9,8% in April. Fiat, reads a note from Lingotto, "continues to be heavily penalized by the negative result of the Italian market", bringing up the rear in Europe: registrations drop by 10,9% to 116.209 units. France -5,3% was also down, while Germany +3,8%, Spain +10,8% and Great Britain +14,8% were up.
Bene Pirelli rising by 3,01% e Fiat Industrial + 1,42%.
Positive StM +1,04% and Mediaset + 0,64%.
Finmeccanica gains 0,13%, Citigroup raised the target price to 4,6 euros from 4,4 euros. The judgment is neutral.
Enel 0,55% salt, Eni + 1,01% Telecom Italy + 0,23%. Saipem drops by 1,08%.
Geox it lost 2,9% after Mediobanca cut its target price to 1,3 euro from 1,52 euro.
