Piazza Affari cancels the losses at the end of the morning even turns positive, with the main index Ftse Mib gaining 0,6%. Meanwhile, tensions on government bonds are also easing, with the Btp-Bund spread falling below the 390 threshold points (after having passed the 400 wall at the start) and the yields on our ten-year bonds which drop back down to 5,4%.
The Milan Stock Exchange scores the best performance among the European markets, which still remain in the red, on the uncertainties following the outcome of the voting in France and especially in Greece. Frankfurt loses one point and Paris 0,7%.
PARIS VOTE SCARES ASIA. TOKYO -2,535, EURO BELOW 1,30
The icy wind blowing from Paris blows on the price lists. The Asian markets reacted with sharp declines to the affirmation of François Hollande and, consequently, to the prospect of a new phase of uncertainty on the European axis. The Nikkei 225 index in Toyo loses just over 2,5%, similar to the drop in Hong Kong (-2,43%) while futures on the S&P show a drop of half a point, the euro is also down: for the first time in 2012 the single currency slipped below 1,30 against the dollar.
“The negative reaction of Asian stock markets worries me – is the immediate comment of David Kotok of Cumberland advisors – because it is the signal of a possible strong increase in the risk premium” destined to invest the sovereign debt market.
“European austerity can no longer be considered as a fatality”. Thus Francois Hollande,new tenant of the Elysée, in front of the socialist people celebrating in the place de la Bastille in the first speech after the statement, narrower than expected, against Nicolas Sarkozy. The shock of theGreek protest vote, an expression of the anger that runs through "peripheral" Europe.
The main Greek parties, both the socialists of Pasok and the conservatives of Nea Democratia, "guilty" of having accepted the conditions imposed in exchange for the EU loan, have suffered a catastrophic course: the two forces, in the past capable of monopolizing the consensus , have fallen below 40% and will perhaps be able to give life to a government of national unity thanks to the robust majority bonus. Fly the far left of Syriza (against the agreement but in favor of the euro) and the right of Alba d'Oro, hostile to Europe.
While awaiting the outcome of the Italian polls, it is also necessary to point out the victory of Angela Merkel's Cdu in Schleswig Holstein. But the news, in this case, is the collapse of the liberals, government allies both locally and nationally. It will be necessary to resort to the Grosse Koalition with the Social Democrats.
The Facebook road show starts today, in view of the listing on the Nasdaq scheduled for May 18th. The offer of the shares, at a price between 28 and 35 dollars, will bring almost 12 billion dollars into the company's coffers while Marc Zuckerberg, who will control 57,3% of the voting rights, will have wealth equal to 17,6 100 billion dollars: more than Microsoft's Steve Ballmer. Facebook, with a value of about XNUMX billion dollars, will be the tenth company on the Nasdaq by capitalization already on the day of its debut.
On Friday the Treasury will hold the 3 and 12 month Bot auction. Next Monday, however, 3-year BTPs will be offered. But the debt emergency, at least from the point of view of new issues, allows a pause: in the first four months of the year Italy placed 170,601 billion between BOTs, BTPs and other issues (against 153 billion a year ago) facing requests for 288,976 billion. The average cost of funding rose to 2,91% against 2,77% in the first quarter of 2011 and 3,68% for the whole of 2011. In the coming months, the Treasury will probably be able to "breathe: in May the amount to be renewed (if coupons are taken into account) is 18 billion, 23 in June, then rising to 36 in July. The last peak falls in August: over 46 billion.
This afternoon the board of Premafin will be held, an opportunity to verify the stability of the exclusive negotiations strategy with Unipol after the clarifications from the Antitrust. The first problem of the top management of the holding company is represented by the negotiations with the banking counterparts in search of a solution under the banner of article 182 bis of the bankruptcy law (as presented in court).
But the market is waiting for Palladio-Sator's next move, in search of a solid financial partner to support them in a takeover bid for Fonsai. In the meantime, corporate appointments are multiplying. Tomorrow the board of directors of Milano Assicurazioni will be held, Wednesday that of Fonsai and Unipol. Meanwhile, the rumors of the last hour underline the perplexities of Enrico Cucchiani (Intesa is not part of the consortium for the Unipol increase) for the project concocted by Mediobanca.
Edison's troubled passage into Edf's orbit has come to an end. A2A and Iren have agreed to pay an adjustment linked to the new bid price adjusted upwards by Consob (0,89 euro against 0,84). In the meantime, the first board of A10A will be held on Thursday 2 after the conclusion of the matter. Beyond the examination of the quarterly report, there will be no shortage of topics to discuss: the new governance proposed by the municipality of Brescia, which calls for the direction of renewables for the city, leaving the management of the electricity business to Milan; the prospect of the appointment, to the top, of Pippo Ranci, former president of the Energy Authority. Finally, the first tests for the creation of the multi-utility of the North for which there are obstacles.
Among today's appointments, the quarterly of Luxottica stands out, rewarded on the eve by the buyout of Bank of America. Spotlight on the banking quarterly. The Mediobanca board will meet on 9 May for the first appointment. The next day, May 10, the board of Unicredit will be held, followed by Monte Paschi (May 14) and Intesa Sanpaolo (May 15). As far as Unicredit is concerned, the consensus of Bloomberg analysts forecasts an "adjusted" profit (which takes into account non-recurring items) of 745 million.
The quarterly reports of: Banca Generali, Piaggio, Prelios and Recordati (Tuesday 8) also stand out among the events of the week; Beni Stabili, Cementir, Interpump and Yoox (Wednesday 9); Banca Desio, Caltagirone, Erg, Prysmian Tiscali and Unipol (Thursday 10); Acea, Astaldi, Cairo, Dea Capital, Exor, Marr, Mutuionline, Seat and Vittoria Assicurazioni (Friday 11).
