Confirmation at auction this morning of the negative yield for i Annual bots. The Italian public debt securities maturing on 14 December 2016 were placed with an average yield of -0,003% for an amount of 5,5 billion euro against a demand of 9,079 billion (coverage ratio of 1,65). The annual BTPs had already recorded negative rates for the first time last November 11 with a yield of -0,30%.
Lo BTP-Bund spread it remains stable at 97 points and a yield of 1,54%.
The vicissitudes of bank subordinated securities, linked to the bankruptcy of Banca Marche, Carichieti, Banca Etruria and Carife, help to bring attention back to government bonds. In Piazza Affari the banking sector moves in contrast while the Ftse Mib index, having moved into positive territory in the morning, canceled gains mid-session and slipped back into negative territory, down 0,25%. The European Stock Exchanges are also in the red: London -0,5% Frankfurt -0,21% Paris -0,20%.
The markets are waiting for the Fed decisions which meets on December 16th. In this FOMC meeting, Governor Janet Yellen could decide on the first interest rate hike in nine years. The sentiment of the markets is then depressed by the decline in oil which even today continues to lose ground dropping 0,4% now at 37 dollars a barrel, and by the weak performance of the Chinese economy.
In addition, the Central Bank of China has again devalued the Yuan which fell to its lowest since August 2011 after the People's Bank of China decided to fix the quotation at $6,414. Sales on Asian Stock Exchanges: Shanghai -0,49% and Tokyo -1,32%.
On the monetary policy front, in Europe the Swiss National Bank has decided to leave interest rates unchanged saying it will be ready to intervene, when necessary, to reduce the Swiss Franc which is currently “significantly overvalued”.
In this picture the change euro dollar, after strengthening 1,1 it returns to 1,0956, down by 0,63%. In the afternoon, the US expects the import price index for November, the weekly requests for unemployment benefits and at 19 pm the speech by Weidmann, president of the Bundesbank and member of the board of the ECB.
At Piazza Affari the best title of the Ftse MIb is Unipol (+1,7%), followed by Mediaset (+ 1,41%), Buzzi Unicem (+ 1,21%), Saipem (+ 1,13%) and Prysmian (+ 1,05%).
At the bottom of the blue chip basket Moncler (-1,31%), bpm (-1,02%), Exor (-0,97%), Intesa Sanpaolo (-0,91%) And fca (-0,79%). Yesterday evening, the group settled the fine imposed by the US agency for road safety at 70 million dollars. Thus ends the investigation launched last July into the "significant infringements" alleged against the house. However, the investigation did not prove Chrysler's responsibility in fatal accidents.
Among the banks in evidence in the morning bmps which according to some rumors is about to sell 1 billion bad loans to the US Fortress. In the middle of the session, however, the stock reduced its gains to +0,56%.
Telecom Italy -0,87% pending the December 15th shareholders' meeting in which the duel with the funds is expected, recommended by the proxy advisors to vote against Vivendi's proposal to expand the board to 4 directors of its choice.
Outside the Ftse Mib Saras it came to lose almost 10% and went into a volatility auction to then curb the decline to -2,4%. The operators interviewed by Radiocor do not report any reasons for the sharp slide, even if they underline the drop in refining margins.
