Finmeccanica's storm does not sink Piazza Affari which, in less than a month, has endured a barrage of impressive shocks: Monte Paschi, Saipem, Enel, now the precautionary custody of Giuseppe Orsi, president and director of the first industrial holding company in the country.
The resistance of Piazza Affari, +0,7% at the close, can be largely explained by the recovery of the banking sector, in turn driven by the decline in the spread and by the excellent reception for Treasury issues at auction. The forecasts of the experts at the start of the electoral campaign are thus overturned: the debt securities have held up, the real thrills are getting them from the blue chips of the public sector.
In particular, yesterday's recovery was triggered by the successful outcome of the Bot auction. The Treasury placed all 8,5 billion euro of 12-month bonds, the placement rate rose to 1,094%, against 0,864 % of January. The yield on the 10-year BTP falls by 15 basis points to 4,49% and the spread with the Bund narrows by 15 basis points to 285 basis points.
In terms of exchange rates, the euro changed hands at 1,3455 (1,341 yesterday) and at 125,65 yen, while the dollar/yen stood at 93,35. The G7 indicated that it "has no target on exchange rate levels", despite France's wish for possible intervention. Mario Draghi, in a meeting with the press in Madrid, stressed that the ECB's mandate does not include the euro exchange rate. Furthermore, he reiterated that 'the real and nominal exchange rate of the euro is' close to the long-term average', but that the ECB "will have to evaluate whether the appreciation can have effects on price stability".
AMERICA
It was a day dominated by anticipation for President Obama's State of the Union address scheduled for 9 in the evening (three in the morning in Italy). Meanwhile, the S&P index rose by 0,16% in the afternoon, the Dow Jones +0,34% and the Nasdaq -0,17% down. The S&P 500 index has gained more than 6% since the beginning of the year. Double-digit leap for StemCells (+26%) in the wake of the positive outcome of clinical tests for the treatment of spinal cord injuries.
INSIDE BUSINESS PLACE
Finmeccanica closed the session down by 7,3%, recovering from the initial -11%. Consob intervened this morning with a ban on short selling for today and tomorrow. The collapse was triggered by the news, which arrived early this morning, of the arrest of CEO and president Giuseppe Orsi. The alleged crime is international corruption in the context of an order for 12 Aw 101 helicopters from India.
The Board of Directors of Finmeccanica, convened for tomorrow, will entrust the general manager Alessandro Pansa with the powers for the operational management of the group. The decision, Radiocor learns from very qualified sources, was necessary "to give continuity to the company" after the arrest ordered today by the Busto Arsizio prosecutor against the president and managing director, Giuseppe Orsi. According to sources, Pansa's formal assumption of the position of managing director is not on the table, at least at this moment. In fact, it is necessary to wait for Orsi's position to be defined.
The name of Franco Bernabè is mentioned for the next president. Ansaldo Sts, a subsidiary of Finmeccanica, lost 3%. Yesterday evening the railway signaling company presented the preliminary data for 2012. Cheuvreux raised the target price while Equita brought the rating to "Hold" from "Buy".
Eni rose by 0,98%. Saipem -1,2%. Banks positive. The Banca Popolare di Milano stands out above all +6,7%. Unicredit +1,5% is in positive territory. Understanding +2,3%. Banco Popolare +1,4%, Ubi +1,3%. Down the Monte Paschi -1,3%. Telecom Italia also down -1,7%. Moody's downgraded the rating to BAA3 with a negative outlook. Nomura lowered the target price to 0,68 euro from 0,82 euro.
Fiat-0,1%, Fiat Industrial -1%. Exor-0,6%. Yesterday evening the financial company controlled by the Agnelli family announced the launch of an offer to convert Exor privileged and Exor savings shares into ordinary Exor shares with a 1:1 ratio. The ratio represents a 10% premium before the payment of the 2012 dividend. The transaction is subject to the approval of the shareholders' meeting. Exor privilege is up 8,7%.
Pirelli-3%. The Italian tire manufacturer was weighed down by disappointing quarterly communications received during the day from two global tire giants: Michelin -4,7% and Goodyear -4%.
