The markets move mixed around parity and leave room for profit taking, thanks to the weak Chinese macro data. The country's exports in August grew less than expected (+2,7% on the same month of the previous year) against the expectation for +3% but higher than 1% in July. Imports, recorded in August, collapsed for the third consecutive month: +2,6% against expectations at 3,5% (+4,7% in July).
After Draghi's decisive move, the markets are now waiting for the other important appointments of the week. Attention goes to Wednesday 12 September, when the appointment with the German Constitutional Court called to express itself on the ESM bailout fund is set, but also the presentation by the EU Commission of the proposal on the banking union. After Draghi's move, expectations are growing for new stimulus measures on the other side of the Atlantic, by Ben Bernanke's Fed which last Friday had to record a slower-than-expected employment figure.
Milan is the heaviest market and records a drop of 0,37%. Among other things, today Istat has revised downwards the GDP estimates in the second quarter of 2012, bringing them to -0,8% per month against -0,7%. Over the year, the figure worsens to -2,6% from -2,5%. Frankfurt is flat at +0,08%, as is London (+0,00%). Paris loses 0,07%. The Btp-bund spread rose to 364 from 353 at the opening and yielded 5,17%.
Lo Bono-bund spread is down to 409 from 410 at the opening. The euro retraces to 1,2778 (-0,30%).
MPS shines in Piazza Affari with a rise of 4,6%, with suspension, while the banking sector moves overall in contrast. For Merrill Lynch analysts, Siena is the institute most sensitive to the reduction of spreads. Over the weekend, the Foundations of Biella and Vercelli refused the sale of Biverbanca. In particular, the Foundations communicated to Mps "that they have not approved, at the moment, in the proposed formulation, the project for the spin-off of the stake in the Bank of Italy held by Biverbanca, prodromal to the finalization of the transfer transaction to CR Asti of 60,42, XNUMX% of Biverbanca owned by Banca Mps”. Thus, alternative methods are being studied for the purpose of finalizing the sale of the aforesaid shareholding.
In evidence Salvatore Ferragamo, after Deutsche Bank raised the target price. Tod's also did well + 1%. Among utilities, Atlantia rose by 2,98% and A2A by 2,17%. At the bottom of the Ftse Mib Stm -2,23%, Ansaldo -2,23% after Goldman Sachs cut its rating from neutral to sell. Enel Green Power -2%, Finmeccanica – 1,7% and Saipem -1,68%. Which is rejected by Ubs as neutral due to the lack of catalysts. UBS's ax falls on several oil services stocks due to the "lack of significant catalysts on prices and not so competitive valuations after the recent rally".
Snam sells 0,8%. Today the company is placing two new bonds for institutional investors with total requests exceeding 2 billion. The ten-year bond has a revised price between 350 and 355 basis points on the midswap (compared to the 370 points initially indicated) and the 5,5-year bond between 285 and 290 basis points on the midswap (compared to the 300 initially indicated).
Camfin is in the shields (+7,8%) after the endorsement from Ambrosetti to Marco Tronchetti Provera's leadership and while the market is wondering about the next moves in the tug of war with former friend Malacalza. Equita sim analysts reiterated the 'buy' recommendation, although they adjusted the price target to 0,61 euro (from 0,63 euro). "The disagreement between the main shareholders of the holding, namely Tronchetti (in favor of the issue of the convertible bond) and the Malacalza family (who would like a capital increase) does not justify the speculative appeal - Equita analysts argue - Our purchase recommendation it is dictated by the analysis of the fundamentals: the high discount on the net asset value and the prospect of an increase in Pirelli shares”. For Equita, a capital increase and the sale of Pirelli shares cannot be ruled out, while the solution of a bond convertible into Pirelli shares is still probable. RCS, the protagonist of an unprecedented rally in recent weeks, is today down by a theoretical 12,3%, suspended in a volatility auction. According to some rumors, the RCS trade union pact could meet on 21 September.
