GERMANY RETURNS TO PAYING THE PUBLIC DEBT
MEDIOBANCA, POPOLARE AND BPM IN SHARP DOWN
Milan recovers from the lows of the morning but remains in negative ground: the FtseMib index has gone from an initial rise of 0,7% on the wave of the Tokyo rally to a drop of 0,21% to 16.041.
In Europe, Paris and Frankfurt move slightly below parity: Paris -0,11%, Frankfurt -0,05%. London +0,05%.
The yield of 5-year BTP fluctuates around XNUMX%, the spread is at 339, down 5 basis points.
Berlin returns to pay, albeit little, the loan money. The auction of two-year government bonds in Germany has concluded, with a yield of 0,06% being set, higher than "zero" for the first time since June and in line with the secondary market. Market requests amounted to 4,084 billion out of the 5 billion offered.
Portugal managed to place 1,291 billion 18-month bonds plus 700 million semi-annual bonds.
In Piazza Affari the banks remain weak, albeit recovering: Unicredit loses 1,56%, Banco Popolare loses 3,2%, Popolare Milano -2,2%, Monte Paschi -2,76%. Mediobanca also fell -2,55% on the eve of the board meeting on the accounts.
Bucking Understanding + 1.23%.
Bad too Generali, down 1%.
Positive titles include Atlantia +1%, Lottomatica +0,7%, Snam +0,7% and Terna +0,8%.
Ansaldo +2,03% and Luxottica +2,02% they compete for the palm of best blue chip. For the subsidiary Finmeccanica count the Hitachi effect, close to buying. For the company led by Andrea Guerra, the start of coverage of Berenberg counts with a Buy and a target of 31 euros.
Rcs Mediagroup's flight continues +12,64% after Diego della Valle confirmed that he had exceeded 8% of the capital. Following the violent fluctuations of the share and the smallness of the free float, Consob has prohibited from today the entry of orders at the best price Mediaset sharply down -3,39%.
Fiat still weak -0,09%. Last Monday, Lingotto started the construction of the new factory in Goiana, in the Zona de Mata Nord of Pernambuco, in Brazil.
Standard & Poor's warning to Peugeot (BB/Negative/B), Fiat (BB-/Stable/B) and Renault (BB+/Stable/B): the contraction in demand for the fifth consecutive year (-7% in 2012). it is a serious obstacle for the three auto groups that have speculative creditworthiness.
“Weak demand, coupled with high operating leverage and stiff competition in the small car segments, may dampen results and weaken operating cash generation,” Standard & Poor's analyst Eric Tanguy wrote in a note. published today.
The performance and ratings of Fiat, Peugeot and Renault this year and next will depend on their ability to find profits outside Western European markets, remedy the underutilization of plants in the European area by managing a cost base that is still high but at the same time defending market shares from the advance of non-European competitors and achieving a sustainable break-even in terms of generating operating cash flow.
