A2A FLAMES UP, CAIRO AND TIMEDIA RUN
THE EURO PUT PRESSURE ON THE STERLING
Come back to life foreign exchange market. THE'euro crush the GBP at 0,875 reaching the highs of the last 16 months: today's extension was triggered by the publication of the minutes of the last meeting of the Bank of England's monetary policy committee which shows that members have taken into consideration, without taking for now forecasts, a rate cut and new economic stimulus measures.
Il exchange euro Dollar it stands at 1,34 from 1,338 last night. The euro-franc cross is at 1,2339 from 1,2335 at the close.
La Milan Stock Exchange worsens and the Ftse Mib index loses 0,31%. Situation similar in Madrid (-0,35%) while in the rest of Europe the tone is slightly more positive. London +0,15% Frankfurt +37% and Zurich +0,56% are up. Paris is down 0,1%.
Four days before the elections, the 10-year BTP shows a yield of 4,38%. The spread is at 274 basis points. The Bund trades at 1,65% (+2 basis points) close to the outcome of the auction.
Il Portugal assigned 1-year government bonds for 1,155 billion euro, with a sharp drop in the interest rate. The average yield fell to 1,277% from 1,609 in January.
In decline among the Italian blue chips is Telecom Italia which loses 1,2%.
The worsening market conditions, also due to the imminent elections in Italy, prompted the Telecom Italia board to abandon the issue of a hybrid bond with a 60-year maturity, amounting to 3 billion euros and the possibility of a call at 5 and 10 years: Last week, Barclays and JP Morgan had sounded the market.
Yesterday, Telco's board of directors decided to write down the stake in Telecom Italia's portfolio to the value of 1,2 euros per share. As a result of this decision, the main shareholders of Telco (Intesa SanPaolo and Mediobanca with 11,6% each and Generali with 30%) will record a write-down of the equity investment in Telco in the next results to be paid of 100 million gross for Intsa and Mediobanca and 300 million gross for Generali.
On the contrary, Telecom Italia Media rebounds +5,5%. Cairo Communication rose by 2,7%.
Mediaset, yesterday rose by 5% this morning it fell by 2,2%: the electoral climate creates emotional tensions.
A2A tops blue chip with 3% upside. The stock was reported this morning by Equita as an interesting short-term trading idea. The broker points out that the risk profile has improved after the placement of a 750 million euro bond.
Lottomatica rises by 1,5% at 18,90 euros, a new high since January 2009. Yesterday evening the State Monopolies announced that they had revoked the concession for the management of slot machines and video lottery to Bplus, the leading operator in Italy with a 23% share. The provision follows a report from the Prefecture of Milan which states that the concessionaire controlled by Francesco Corallo is contiguous to organized crime.
In the financial sector, the banks: Unicredit -1,4%, Intesa -0,6%, MontePaschi -0,6%, Banco Popolare -1%.
Generali it is unchanged. Unipol loses 1,5% and Fondiaria Sai 2%.
In Paris the Crédit Agricole ended 2012 with a loss of 6,5 billion euros, the worst since the company went public in 2001; a higher red than expected due to taxes on the sale of his Greek division. Credit Agricole sold its entire investment in Intesa Sanpaolo during the second half of last year. At the end of August 2012, Consob announced that Credit Agricole held a 1,935% stake in Intesa Sanpaolo.
On the Hong Kong Stock Exchange exploit of Prada + 2,4% following the preliminary accounts.
Among industrial stocks, Fiat -0,1%, Finmeccanica -0,4% and StM-0,3%.
