BAGS IN RECOVERY, NEW POISONS ON FONSAI
USA, THE DOWNGRADE HAS BEEN GOOD FOR BONDS AND SHARES
Il support from the German government to the action of the ECB it was also applauded by Asian markets. This morning the Tokyo Stock Exchange is about to close with an increase of 0,67%, despite the fact that the Bank of Japan has not launched new measures to stimulate the economy. Hong Kong is also recovering +0,30%.
Yesterday Wall Street celebrated the anniversary of Standard & Poor's downgrade of the US triple-A rating of August 6, 2011. A decision welcomed with anger by the US Treasury which accused the agency of having miscalculated. A year later, however, the gloomy predictions were proved wrong by the markets. In reality, Treasury bond yields have fallen to historic lows, while the dollar has appreciated by 10% against a basket of the six most traded currencies. The Dow Jones index rose by 14%, while the T Bonds, if capital gains are taken into account, returned 6,7% Hence the "party": the day ended with the Dow Jones +0,16 %, S&P+0,23% and Nasdaq+0.74%. For the first time, the value of trades on the Standard & Poor's 500 ETF exceeded the value of the shares.
General Motors announced that it sold 199.503 vehicles in China in July, up 15% on the same month in 2011. The automaker operates in China in a joint venture with Faw Group and Saiac, two Chinese automotive companies. In Europe, noteworthy was the great fiesta, between one stop and another, at the Madrid Stock Exchange (+4,41%) which enthusiastically welcomed Spain's acceleration towards agreements with the EU in an anti-spread function. Milan closed at +1,54%, in Frankfurt the Dax finished trading with an increase of 0,77%, in Paris the Cac rose by 0,81% and in London the Ftse 100 gained 0,48 %.
On the bond front, the Btp/bund spread closed at 457 points, while the one between bonos and ten-year German bonds drops to 534 points. On the government bond market, the recovery of short-term maturities continues. The yield of the 2-year Btp falls by 11,4 basis points to 2,96%, on the lowest since May, the Btp Bund spread decreases by 7 basis points to 303 basis points. The euro is up slightly against the dollar at 1,239.
The Italian yield curve is thus gradually steepening, a healthy movement that accompanies the return to normality, the differential between the yield of 2-year and 10-year BTPs is at its highest since February at around 300 basis points. The Italian GDP data for the second quarter will be released today, an opportunity to measure the depth of the recession into which the economy of the Bel Paese has fallen.
In Europe, the automotive (+1,9%) and insurance (+1,2%) sectors stand out, while cement manufacturers (+1,1%) and raw materials (+0,7%) are also doing well. Standard Chartered – 7,9% allegedly concealed financial transactions with Iran for over 250 billion dollars over the course of a decade. According to reports from the Wall Street Journal, this is the accusation made today against the British banking group by the financial services department of the State of New York.
In Milan the increases are in no particular order. It stands out in the main basket Mediaset with an increase of 11,6%. Highlights too Fiat +4,1% and Finmeccanica + 4%.
At Piazza Affari the banking sector it was affected in a limited way by the flurry of downgrades decided last Friday by Standard & Poor's (Mps, Ubi Banca, Bpm) in the wake of the cut in the prospects of the Italian economy. Intesa accelerates upwards +5,4%, Banca Popolare di Milano +2,8%. Down Unicredit -2,7%. Good Azimuth +2,9%.
Diasorin earns the 3,6%
Among luxury company Ferragamo stands out +3,1% while Luxottica holds back +0,1%, Tod's +0,2%. Yoox loses 2,3%, the share is weighed down by Citigroup downgrading to sell. Three utilities A2A shines +4,3%. Enel rises by 2,7%. Telecom Italia on the rise +3,6%. Among the mid caps, Iren +8,8% and Italcementi +5,3% jumped.
Another postponement in the Fonsai/Unipol roadmap. Only today will there be the decision of the consortium guaranteeing the two capital increases, led by Mediobanca and Unicredit, on the placement operation of a part of the conspicuous unopted share (290 million for Fonsai plus 140 million in savings which will be subscribed by Unipol, 370 million for the Bologna-based company). The building could leave on Thursday or be postponed to after August 0,02th. Fonsai-0,94% share at 1 euro, below the subscription value (XNUMX euro) of the capital increase.
Meanwhile, it is looming the hypothesis of a "remedial" takeover bid that Consob could impose after the papello signed by Salvatore Ligresti and Alberto Nagel. The latter, convinced that the best defense is the attack, meanwhile granted an explosive interview with Repubblica qualifying himself as guardian of the integrity of Piazzetta Cuccia. New episodes coming soon.
