ANSALDO STS AND BTP, THE RALLY CONTINUES
THE BAGS MARK THE PACE, DOWN TELECOM
European stock markets in adjustment after yesterday's good rise. In Milan, the FtseMib index falls by 0,15% to 15.871, London rises by 0,13%, Paris rises by 0,17%, Frankfurt +0,32%.
The optimism on the American "fiscal cliff" aroused by the statements made two days ago by the US president, Barack Obama, was extinguished yesterday when the Republican leader of the Congress, John Boehner, said that there was no progress in the negotiations.
“The economic situation in the Eurozone is fragile despite important political decisions such as the implementation of the anti-crisis fund and monetary and stabilization policy by the ECB”. This was stated by the director general of the IMF Christine Lagarde adding that “the mechanisms of contagion are still in action'. The priority of the Eurozone now is to create a banking union, added Lagarde.
“It is inevitable that a union of sovereign states will weaken if some states remain permanent creditors while others have perpetual debts” commented Mario Draghi in a radio interview with Europe 1 in the morning. “The point that this crisis has made absolutely clear is that the strong imbalances in the euro area can become a key element for the stability of the monetary and economic union” says Draghi.
In Europe, automotive stocks rose (Stoxx of the sector +0,3%) and telecommunications fell (-0,4%).
Telecom Italy retreats 1,06%, France Telecom loses 1,3%.
Strong rise of the euro, traded this morning at 1,301 against the dollar, from 1,297 at the close yesterday evening.
The appreciation of the ten-year BTP continues: this morning the yield is still decreasing to 4,52%, spread at 314 (-3 basis points).
Oil retreats slightly from the closing prices reached yesterday evening: Wti at 87,8 dollars a barrel (-0,2%), Brent at 110,3 dollars (-0,4%).
Banks are mostly positive. They go up Pop.Emilia +3,12% and Ubi +0,66%: yesterday the latter signed an agreement with the trade unions for a reduction in the workforce by 650 units and savings on the cost of fully operational labor of approximately 100 million euros gross per annum.
In decline Pop .Milano -2,34%. Unicredit -0,22% and Understanding -0,31%.
Among industrial stocks, the rise of Ansaldo sts +0,89%, on the second day of strong progress: yesterday the stock had risen by more than 6%. Société Générale raised the target price to 10 euros from 7,4 euros. Judgment confirmedbuy".
Fiat salt by 1,44%.
It's down Finmeccanica -1,51%. StM + 0,21%.
Buzzi loses 1,68% after Morgan Stanley lowers the recommendation to "underweight" from "equal weight”, reducing the target price to 10,3 euros from 11,2 euros.
Eni ed Enel both decreased by 0,2%.
