THUD OF MADRID AND MILAN. THE SPREAD GOES UP
TELECOM LANDSLIDE, FIAT AND THE BANKS HOLDING DOWN
The sharp falls in the currencies of many emerging countries and the decline of the Asian stock markets also weigh on Europe.
La Paris Stock Exchange drops by 1,57%, London -1,06%, Frankfurt loses 1,33%.
The worst is Madrid the most exposed in the countries of Central and South America, which lost 3,21%.
Sharp fall also a Milano: the FtseMib index marks a drop of 1,93% to 19.433.
On the government bond market suffer ithe Btp and the Spanish Bono: the yield rises to 3,90%, the spread with the German Bund widens to 224 (+9,4 basis points) the highest in 2014.
The Fitch rating agency this morning confirmed the German 'AAA' with a stable outlook, referring to a debt/GDP ratio which in 2013 has already started to fall. Also scheduled for today is the update on France's rating by Moody's which currently has an 'Aa1' rating with a negative outlook”.
The increase of spread is reflected in bank stocks.
Unicredit drops by 2,88%, MontePaschi -2,37% Understanding -0,97%.
Down too Banco Popolare -2,88%. Ubi -2,67%.
Insurance goes down: Generali -1,68% UnipolSai -1,95%.
Drive the markdowns Telecom Italy – 5,27% which retraces from the maximum of the year reached on Tuesday of this week at 0,8865 euros. In addition to the physiological profit-taking, the weakness of the Brazilian real weighs heavily on the subsidiary Tim Brasil and Telefonica itself -4% on the Madrid Stock Exchange, the main shareholder of the Italian telecommunications group.
After the strong increases of recent days, too Fiat has engaged reverse gear -3,41%. Waiting for the January 29 board meeting, forecasts by analysts on the future structure of the made in USA Lingotto are flooding. Equita (buy and target price at 7,9 euros confirmed on the stock) takes for granted the listing in New York and secondarily in Milan. As regards the registered office, the Netherlands is favored, with the mechanism already used for along the lines of Cnh – 1,72%. “In the event of transfer of the registered office abroad – Equita appeal – the right of withdrawal is automatically triggered which calculated today would be 6,1 euros per share, but in the light of the recent rebound of the share, it rises with each passing day”.
Pirelli -2,59%.
Finmeccanica down 2,98%, StM-1,89%. Enel down 2,18%, Enel Green Power -2,25%.
Among the oil producers, Eni loses 1,9%, Saipem -0,35%. Tenaris -1%.
Among the mid caps, he advances Cleansing +3,6% after the announcement of the sale of properties in Paris to Cheelsfeld for 1,22 billion euros with a capital gain of 280 million.
Recordati rose by 1,4% supported by the promotion of Goldman Sachs to Buy.
