WEAK BUSINESS PLACE WAITING FOR THE FED. CALANO SAIPEM AND STM. WAITING FOR FCA ACCOUNTS
A day dominated by waiting for Federal Reserve decisions. The Milan Stock Exchange marks a decline (FtseMib -0,51% to 19.376) together with that of Madrid -0,52%, while those of London +0,6% and Frankfurt +0,7% are up. Paris advances by 0,14%.
The appeal of Italian government bonds is diminishing. The Treasury placed the 6,5 billion 6-month BOTs offered but with a declining application rate (1,73 times) while rates, as expected, rose to 0,379%. The gap between Btp and Bund is reduced to 162 basis points, the ten-year yield falls to 2,50%. This morning Germany placed 3,6 billion 4-year Bunds (out of an offer of 0,87 billion) at a rate of XNUMX%.
In Piazza Affari the fall of StM is striking, down by 8% after the profit warning on the fourth quarter. Saipem also fell sharply -5,4%, which yesterday revised downwards its prospects for the whole of 2014. SocGen and Citigroup lowered their recommendations to Sell, not ruling out the need for a capital increase. The parent company Eni rose by 0,1%.
Fiat Chrysler rises by 0,7% today awaiting the board of directors which will examine the group's financial situation to launch any strengthening maneuvers. Good performance by CNH Industrial which advanced by 2,7%. In the spotlight Atlantia +0,7%, which in mid-morning denied the press rumors according to which it would have decided to sell a minority stake (40%) of the subsidiary Adr. For Kepler Chevreux the company is worth at least 6,6 billion.
Enel gains 1,2% while the other utilities are weak: A2A -0,6%, Enel Green Power drops by 0,4%. The banks are weak: only MontePaschi gains +1,7%, Unicredit -0,6%, Intesa -0,7%. Popolare Milano drops by 0,7%, Popolare Emilia -2%. Positive Banca Ifis +2,5% after the good results announced yesterday.
