THE SPREAD BTP BUND REMAINS AT 300
60 BILLION SECURITIES EXPIRE IN SEPTEMBER
The offer was covered. But demand turned out to be weaker than forecast. This, in summary, is the result of theauction on BTPs, the first after the ECB's interventions on the secondary market and the great fear of mid-August. The signal of market concern is given by the yield differential between the Italian ten-year BTP and the German Bund, which has returned above 300 points. 2,99 billion BTPs maturing in July 2014 were assigned with an offer coverage rate of 1,32 (from 1,31) and with a yield of 3,87% (from 4,80%); 3,75 billion BTPs maturing in March 2022 were instead assigned with a bid/cover ratio of 1,269 (definitely unsatisfactory) and a yield of 5,22%, down from 5,77% at the end-July auction. The test, the experts point out, had relative value.
But what will happen in September? In fact, next month, according to Nicholads Spiro, an operator of the City should present the Treasury "with requests for around 60 billion euros to meet maturing securities". Furthermore, a Bayesische operator, Marius Daihem, explains to Bloomberg, “there were no signs of nervousness or rejection for the Italian paper. There was simply no demand." Which is not a good sign.
SALES ON BANKS ARE RAINING AGAIN
AND CONFIDENCE FALLS IN THE USA AND GERMANY
After a strong bearish acceleration following the data on US consumer confidence for the month of August, down to 44,5 points from the previous 59,2 points. The Milan Stock Exchange partially recovered. And so in Piazza Affari the Ftse Mib index returned above 15.000 points (15.106) leaving only 0,23% on the field. In Europe, the "sentiment" of investors, managers and consumers, fell in August to 98,3 from 103 in July, against expectations which saw it drop to 100,2. The Milan price list also reflects the new surge in the differential between the German BTPs and Bunds, following the agreement on the revision of the government's corrective measures.
The banks offered it for most of the session: Ubi Banca (-2,57%), which released the half-yearly report, Mps (-2,61%), Intesa Sanpaolo (-1,99%), Banco Popolare (- 0,09%) and Unicredit (-1,24%). Bpm is more cautious (-0,74%), on which major maneuvers are now underway in view of the capital increase: the hypothesis of an entry into the capital of Banca Profilo led by Matteo Arpe takes shape.
KEEPS THE LUXURY INDUSTRY BELOW
FIAT AND ENEL PRESSURE
Under pressure Fiat (-2,84%) together with the other European car values, while Fiat Industrial (+02,36 %), on the shields for almost the entire morning, reset the rise. Few growth stocks in a basket where the minus sign prevails. Fonsai gains 4,32%, Buzzi 1,37%. Atlantia (+1,59%) and Campari (+0,93%) also did well, Eni was stable (+0,52%), Enel was heavy (-1,72%). In strong tension Seat (-1,96%) among the smaller capitalization stocks, fresh from the half-yearly. Among the few positive notes, the behavior of the luxury sector: Luxottica +1,34%, Tod's +2,32%, Ferragamo +3,5%.
REAL ESTATE STILL DOWN IN THE STATES
IN NEGATIVE SOIL THE WALL STREET LISTS
After the roaring Monday, nervousness returns to Wall Street. The volatility of New York does not help the European indices (Dow Jones -0,6%, Nasdaq -0,45, S&P 500 -0,5%). Meanwhile, gold returned to 1.825 dollars. Investor sentiments are also disturbed by the fall in economic confidence indices both in the US and in the United States the euro area. The American consumer confidence in August it collapsed to 44,5 points from 59,2 the previous month. Analysts estimated an index at 52 points. Meanwhile the index Shiller houses on the value of properties in 20 American cities fell by 4,5% in June compared to the previous year: less than expected, but still far from signaling a possible recovery.
