NEGATIVE BAGS, ONLY THE MEDIA SHINES
GERMANY DEFENDS BUNDS BELOW ZERO
Stock markets down across Europe. It is a generalized decline that affects all sector indices. The London Stock Exchange is down by 0,58%, Paris -1,14%, Frankfurt -0,63%. Madrid -1,54%. In Milan, the Ftse/Mib index drops by 1,51% to 15.749
German macro data weighs on the markets: the Ifo index stood at 101,4 points in September, below economists' expectations of 102,5. Meanwhile Germany defends the "zero yield" of Bunds: Berlin placed 1,173 billion 12-month government bonds with a negative yield of 0,018%, against -0,025% in the previous auction. But, rather than issue the bonds at a less attractive yield than in previous outings, the Treasury said it was holding 60% of the bonds.
According to an article in the German weekly Der Spiegel, Athens could end the year with a 20 billion hole, double the expected 10 billion. The news weighs on the spreads of the most peripheral countries: on the secondary market, the 10-year BTP shows a yield of 5,08% (+8 basis points), a spread of 352 from 343. The yield on the Spanish ten-year bond grows to 5,7 % (+6,4 basis points) with a spread of 417.
In Europe, heavy declines among commodity stocks (-2% the sector index), followed by the cement manufacturers (-1,7%), the car industry (-1,1%) and the technological ones (-0,9%. Among the blue chips of Piazza Affari the the most consistent loss is from Mediaset which drops by 5,2%: Kepler has lowered the recommendation to returning from hold.
Conversely, among the media, Telecom Italia Media rises + 3,3% (the deadline for submitting offers for the company expired at 12) and Rcs -3,2%.
Weak Finmeccanica – 3,41% still in the magistrates' sights for an order for 12 helicopters from the Indian army. Ansaldo, a subsidiary of Finmeccanica, rose by 0,7%. The advisors for the sale have been chosen.
Fiat unchanged +0,18%. The ministers of Labour, Elsa Fornero, and of Development, Corrado Passera, will meet the trade unions on Wednesday 26 September at 10,30 to discuss.
Prysmian drops by 1,59%, StM -3,87%.
Among the banks, Ubi drops by 3,57%: Swiss credit started the hedge with a negative underperform recommendation and a target price of 2,5 euro.
The other banks are slightly weak: Unicredit -1,91%, Intesa -1,91%, Banco Popolare -2,74%.
