BERNANKE RELEASES THE BULL. NEW HIGH FOR S&P
MARKETS IN CELEBRATION, PIAZZA AFFARI MARKS TIME
Record. After that Ben Bernanke reassured the markets by emphasizing that the reduction of growth stimuli is not imminent, the Bull has resumed the race where it had interrupted on May 21st, when the first rumors about the slowdown had spread. In six consecutive bull sessions, Wall Street canceled the falls (-5,8%) accumulated from May 22 to June 24.
The S&P index +1,36% thus updated the absolute maximum to 1675,02, the Dow Jones rose by 1,1%%. Nasdaq leap +1,36% to 3578,30, always close to the peaks of the Internet bubble season.
Meanwhile, it cools down dollar (the dollar index, calculated on a basket of six currencies -2,8% compared to Tuesday). Even more important is the decline in the yield of the T bonds (last price at 2,5683) underlined by the results of the US XNUMX-year auction.
The data of the day also favored the recovery: inflation is very low, the import price index fell 0,2% from -0,7% in May. On the other hand, the data on the labor market is disappointing. New jobless claims rose to 360.000 from 344.000, economists had expected a drop to 340.000. But even this removes the risk of novelty on the QE front.
Good news, finally, on the front of public accounts. Thanks also to the dividends collected by Fannie Mae and Freddie Mac, June closed with a positive balance of 116,5 billion against a deficit of 59,7 billion a year ago.
Asia followed, with the exception of Hong Kong and Shanghai (-0,3%) , the American bull. The Nikkei index recorded an increase of around half a percentage point.
Chinese Finance Minister Lou Jiwei confirmed the slowdown in Beijing's GDP in the US: "Growth of 6,5% wouldn't be bad..." he said, revising the official estimates downwards by one point.
stable the after yesterday's leap (1280 dollars an ounce), copper is recovering.
BTP, THE TREASURE IS ALMOST FULL UP. THE SPREAD GOES UP
Positive day for almost all of them too European stock exchanges. The Frankfurt Stock Exchange consolidated gains during the day closing with a gain of 1,1%, Paris +0,7%, London +0,5%. Madrid is also positive (+0,4%).
The rise in the European stock exchanges was driven by mining and commodity stocks (Stoxx of the sector +3,6%) and by stocks more sensitive to the economic cycle such as tech (+0,9%) and construction (+1% ).
The Italian Stock Exchange is an exception. The FtseMib index, which had opened up more than 1%, ended the day practically on par (+0,04%). Piazza Affari was penalized by the paralysis of the government in Rome, now under the eyes of all international observers, including the president of the Eurogroup Jeroen Dijsselbloem, who said he was concerned about the risk of political instability in Italy.
All this did not prevent the Treasury yesterday morning from successfully placing 6,3 billion of government bonds (out of a maximum offer of 6,5 billion) at various maturities with slightly rising interest rates.
On the secondary market, the BTP suffered: the yield rose to 4,48% and the spread widened to 287, up 9 basis points.
RCS, YELLOW CONTINUES. AND DADA GOES TO SAWIRIS
Rcs -1,4%. The auction on the unexercised shares has closed early but there is a mystery as to who will purchase the rights that will allow 16%-10% of the capital to be subscribed on the 11th. The rights were placed at the price of 2 cents each, or 35,28% less than on Wednesday, the day the auction started.
The two main suspects, Fiat and Diego Della Valle, have been out since morning.
During the day, other denials rained down from Investindustrial (Andrea Boomi), Clessidra (Claudio Sposito) and Kairos. The company led by Paolo Basilico underlined that "the positions acquired by Kairos funds are part of the company's normal management activity and in any case are far below the thresholds set for declarations to the supervisory and competent bodies": investments in Italian shares they are equal to approximately 500 million Euros, but "the current position in RCS is less than 0,5% of assets invested in Italian shares".
Denials also arriving from abroad: Axel Springer and NewsCorp (Rupert Murdoch) did not buy. At this point, all that remains is to wait: by 22 July, shareholdings exceeding 25 (5% for funds) must be declared, but the large shareholders already present in the capital are required to provide even more timely information to Consob.
Meanwhile, the board of RCS has ratified the sale of 54,6% of the subsidiary Dada to Orascom TMT Investments (through the subsidiary Libero Acquisition) founded by the Egyptian entrepreneur Naguib Sawiris, by now the leader in web publishing in Italy. 100% Dada was valued at 83 million. Sawiris will launch a tender offer on the entire share capital after the closing expected in the first ten days of August 2013.
UNBUNDLING, AGCOM CUT TELECOM RATES
La Milan Stock Exchange it was held back by banks and utilities. Among the first, Unicredit fell by 0,7%, Intesa +0,3%, MontePaschi -0,4%.
Pop.Milano rose +3,2% after yesterday the governor of the Bank of Italy said that the main cooperative banks must transform themselves into joint-stock companies. MaPop.Emilia fell by 0,7% and Ubi lost 1,5 .XNUMX%.
Mediobanca it gained 0,7% supported by the "buy" of Citigroup.
In the spotlight this morning Telecom Italy , unchanged yesterday, after Agcom set the rate for unbundling, i.e. the rent that alternative operators pay to Telecom Italia for the last mile of the fixed network, at 8,68 euros per month for 2013. The the rent therefore drops from 9,28 to 8,68 euros by 6,47 per cent.
Also waiting for Saipem +0,9%, after the conviction in the Milan court for "international corruption" for bribes in Nigeria. The company will have to pay a fine of 600 thousand euros, the costs of the proceedings and suffer the confiscation of 24,5 million euros. The appeal has already been announced.
Among industrial stocks, Fiat -0,9% and Finmeccanica -0,7% retreated, Pirelli -1,2% and StM -0,4% also fell.
Mediaset gained 2,3% after the interview with Piersilvio Berlusconi in which the prime minister's son opens up to a foreign shareholder.
Among the mid-caps, Maire Tecnimont rose by 20% after the announcement of new orders, a sharp drop for Landi Renzo -5,4% after the profit warning.
