PLACE OF BUSINESS REMAINS THE RAIL LIGHT
SPREAD AT 472 BP. TODAY THE PREMAFIN DUEL
A little up, a little down: the markets travel on a roller coaster. After a strong downward start, the FtseMib wiped out its losses and then returned downwards under a flow of sales which brought the change to -0,44% at 13.012, one step away from the lows reached in March 2009. All the other European Stock Exchanges are up: London +0,5%, Paris +0,38%, Frankfurt +0,6%, Madrid +0,66%.
On the market for government bonds the yield of the ten-year BTP it rises again to the peak of 6,09%.
Lo spread with the Bund at 472 points (+3 basis points compared to yesterday) after reaching the peak of 480 bp.
THEeuro it is recovering to 1,250 against the dollar, from 1,248 at the previous close.
La situation of Italian banks is very different from those of Spanish banks. This was stated by the director of Fitch's sovereign ratings department, Ed Parker. “The Italian banking sector is very different from the Spanish one, it hasn't had a credit boom and a real estate bubble…so we don't see these kinds of problems in Italy,” Parker explained, according to whom the bailout of Spanish banks has no impact. directed to other countries, including Italy. “I don't see a direct impact on other countries,” Parker said in response to a question about the implications for Italy of the Spanish bank bailout package.
In the business square the negative pressure on the financial sector remains, with widespread losses even if more contained than in the first part of the morning. Among the banks, Intesa drops by 2,42%, Unicredit -2,42%, Banco Popolare -1,37%, Ubi -1,5%, MontePaschi -3,92%. Popolare dell'Emilia gains 0,11%.
Generali reduced losses to -0,33%.
In the industrial sector, a sharp decline for Fiat Industrial -2,77% on rumors according to which the group is studying an offer to buy the American Navistar. Fiat drops by 1,66%.
In decline Finmeccanica -0,5%, StM loses 0,6% despite the good performance of its competitor Texas Instruments.
A2A suffers among utilities -1,17%. According to Bruno Tabacci, Councilor for the Budget of the Municipality of Milan, "the entry of Cdp in the context of a possible merger between A2A and Iren, perhaps in a vehicle that would see the dilution of the Municipalities, would be absolutely interesting and should be an aimed at development and not of pure finance". Enel Green Power is in balance while Enel scores +1,55 and Atlantia +0,75%.
Strong rise for Hera +4,2%, supported by Citigroup's new buy recommendation. Yesterday the top management of Hera and Acegas-Aps, together with the mayors of the shareholder municipalities of the north-east Padua and Trieste utility, signed a letter of intent which provides for the start of exclusive negotiations for 90 days aimed at integrating the two groups.
Telecom Italy earn 1,3%.
Other positive blue chips are: Campari + 0,88% Lottomatica + 1,2% Diasorin + 1,38%.
Strong descent of Piaggio -6,3%, after Equita removed from its mid cap portfolio.
In waiting for the Premafin meeting + 2% which will start at 15 pm Milano Assicurazioni shows off + 1,4% after having said yes. Yesterday the board of directors of the parent company Fon-Sai approved the merger proposal with Unipol. We therefore continue with the merger project, which will now have to be accompanied by agreements on the procedures for capital increases and the business plan. Unipol's offer gives the shareholders of Milano Assicurazioni a 10,7% stake in the new insurance maxipole.
However, the Sator/Palladio offer has not been set aside: Fon-Sai's board said it was ready to analyze it in more detail, with the support of the banks themselves despite the closure of Unicredit which yesterday decisively expressed its willingness to enforce Premafin's stake in FonSai if the holding does not approve in the today's meeting both business continuity and the Unipol plan.
Fiera Milano rises by 1,58% to 3,22 euros after the announcement that Aidepi, the association of Italian confectionary manufacturers, has decided to leave Cibus, the food fair in Parma, to form an alliance with Tuttofood, one of the strong appointments also in view of Expo 2015: mayor Giuliano Pisapia's resignation as commissioner is not interpreted as a halt to the project.
