The Italian Treasury has issued 2,983 billion Ctz in June 2015, an amount practically equal to the expected maximum (3 billion), a yield of 1,871%, not much higher than the 1,857% recorded in the previous auction (July 26).
Also sold one billion Btp indexed to inflation in the Eurozone, in line with the maximum offer, with rates at 2,30% over September 2018 and 3,30% over September 2026. Exceptional result on the rates front, even if the appreciation of securities inflation-linked hints at concerns about employment.
Lo BTP/Bund spread it hovers around 254 basis points. The yield of BTPs is stationary at around 4,41%, but the decline of Bunds of the same duration continues, retreating to 1,85%.
According to Angelo Drusiani of Banca Albertini, "today's auctions are not particularly relevant and the attention of operators is directed more towards those on Thursday", when the Treasury will place Btp and Ccteu. “However, today's issues represent a significant taste of how the markets will be able to react to a possible government crisis: with the increase in yields, the markets take advantage of it to speculate on Rome's bonds”.
La Spain it sold one billion euros of quarterly bonds and 3,06 billion of nine-month bonds. Rates decreased respectively to 0,155% (from 0,442% in July) and 1,089% from 1,152%.
Continue the descent of Business Square. But, unlike yesterday, the Milan Stock Exchange is in good company. All the markets retreat, due to the pressure of the Syrian events. In Milan, the FtseMib index fell by 1,74%, to 16682. London, stopped yesterday for vacation, lost 0,86%, Paris -1,52%, Frankfurt -1,54%. Madrid is worse, -1,88%.
In Europe, the stocks with the greatest decline are those of raw materials (Stoxx of the sector -1,4%) and banks (-1%).
The new international aid package for the Greece, the third, will be approximately 11 billion. “I know the figures and they don't seem that unrealistic to me.” The IMF estimate for the third aid package to support Athens until 2015 was confirmed by the German Finance Minister, Wolfgang Schaeuble, in an interview with the newspaper "Rheinische Post".
From the Italian institutes, the larger ones lose more: Unicredit -2,76% Understanding -3,18%, it's better Mount Paschi -0,82%. It also goes down Ubi (-1,33%), initially up after announcing better-than-expected quarterly results: profit for the first 6 months -66,8%. Profits at 26,5 million, growing revenues, further decrease in costs. The accounts of Banca Popolare di Milano -0,90% and Bper -1,79% will also arrive during the day
Among the insurance Generali down 1,91%, Fondiaria-Sai -2,199%. Industrial stocks are also heavy: Fiat -2,08%Finmeccanica -1,03% StM -1,71%. Oil is stable, with Brent at 110,8 dollars/barrel. Eni drops by 0,87%, Saipem-0,68%, a sharp decline Tenaris (-1,80%). Among the utilities, Enel lose 1,71%, A2A-2,46%.
