MARKETS AWAITING US LABOR DATA. GREEN LIGHT TO THE EDISON TAKEOVER OFFER. AND AT THE FACEBOOK IPO
Mario Draghi does not promise new "palliatives", to use the somewhat contemptuous definition used by former Treasury Secretary Lawrence Summers regarding ECB loans. Indeed, in the press conference at the end of the Central Bank's directive, Draghi did not rule out a worsening of the economic conditions of the Eurozone, but he nevertheless reiterated that European states must continue with their budget adjustment policies, even if this "will cool down the momentum of growth". But the president of the ECB also warned politicians: the recovery obtained with taxation alone risks aggravating the problems. "The ideal consolidation is more in reducing public spending than in raising taxes." Meanwhile, the ECB has confirmed the current 1% as the reference rate for the eurozone.
To comfort the euro area, among many problems, there is the maintenance of the dam of public securities. Ierfi France passed the last Oat auction before the presidential ballot without any problems; Spain, as has already happened in the last auctions, has placed the maximum quantity of securities but at increasing rates.
The holding of the BTP is also good with the 5,47-year bond which recorded a drop in yield to 386% and a spread of 4 basis points (-13 points). The improvement of the two-year Btp was more marked, where the spread fell by 287 basis points to XNUMX. The not exciting indications arriving from Barcelona, combined with the disappointing data of the American ISM index on the services sector, however, contributed to a day Bear on price lists.
A Milan, also yesterday the weakest stock exchange in the EU area, the session closed with a loss of 0,67% higher than Paris -0,08% and Frankfurt -0,23%. TO New York the Dow Jones falls 0,47%, S&P -0,77%, Nasdaq falls 1,18%.
Spotlights turned on today on employment data in the United States, the figure that will condition the last session of the financial week in the United States but also in Europe. The week ends in Asia with a mixed session. Up Tokyo around 0,3%, down Hong Kong -0,53%. The Australian central bank cut its GDP growth forecast by half a point, from 3,5% to 3%, for 2012.
However, the technological list of Time Square consoles itself with the most awaited news: Facebook has finally delivered the file for the IPO. The range of new titles is between 28 and 35 dollars. The market value has thus been estimated at around 75 billion for the class A shares, those sold to the public, to which must be added another 24-25 billion for the class B shares which will be entitled to 96% of the voting rights. Mark Zuckerberg, who will sell about 75 million shares at a price between 28 and 35 dollars, will continue to control 57,3% of the votes in the meeting and, in the meantime, will overtake Steve Ballmer, CEO of Microsoft in the ranking of rich in Silicon Valley. The objective is to place the securities at a price close to the maximum estimate. In this regard, the battle between those who believe the price is inflated and those who expect Google's encore has already broken out. In any case, it will be the most impressive IPO in the history of the Internet, which will allow the company to collect more than 13 billion dollars in "cash". The debut on the Nasdaq is scheduled for May 18th.
It seems that the EU finance ministers have reached a difficult compromise on the implementation criteria of Basel 3. The news does not help the recovery of the banks. On the contrary. Even yesterday there were substantial declines for credit securities: Unicredit -4,6% Mediobanca -3,6% Understanding -3,1% Popular bank -4,5% PopularMilan -2,8% MontePaschi -3,5%.
Yes to the resolution of Premafin on the capital increase, necessary to avoid bankruptcy, and negotiations with Unipol on exchanges. No to signing increases or drafting a common business plan. Here is a summary of the decision of the Competition Authority which took note of the commitments of Unipol e Mediobanca: all equity ties with Mediobanca of the new center will be dissolved, which will also undertake to respect the concentration thresholds with the sale of one or more brands.
The march of continues in Piazza Affari Rcs +2,07%. Things were stirred up by Alessandro Proto's offer to Generali to take over the stake in the publishing group at the unit price of 1 euro per share. In the evening the Lion rejected the offer. In Piazza Affari, industrial stocks moved in no particular order: they went up Pirelli +2,5%, comforted by the rise in Exane's target price to 12 euros, as well as Prysmian +1,4%. Instead, the descent continues Fiat -1%.
Much more massive losses of Finmeccanica -6,5%, after the first quarter data released in the morning. The first three months closed in line with forecasts: net profit was 25 million, revenues fell by 4,4% to 3,686 billion. Adjusted EBITDA was 173 million (-20%), free cash was negative by 1,138 million (-140 million). Orders also decreased (3.480 million, -9%) and the order backlog (-5% to 45721 million). Sharp decline of Buzzi which lost 3,2% after the disappointing results of the German subsidiary Dyckerhoff.
The descent of continues among the utilities A2A -4,5%. In the evening Consob approved the new takeover bid price Edison: 0,89 euros instead of 0,84. The largest outlay (between 50 and 60 million) will be divided between Edf and Delmi. The councils of A2A and Delmi will meet today. Finally, Pippo Ranci, former president of the Energy Authority, will probably be the new president of the supervisory board of A2A. On the contrary, they have gone up Atlantia +2,7% and Telecom Italy + 2,1%.
Telco yesterday gave an increase of 600 million and the issue of a new bond of 1750 million necessary to refinance the debt of 3,4 billion. A new syndicated bank line was also approved for 1.050 million. The book value of the investment in Telecom Italia is now 1,5 euros per share.
Meanwhile, Luca Luciani, manager of Tim Brasil, involved in the fake SIM scandal in Italy, has resigned. According to some rumors, similar practices to inflate the customer base were also followed in the Brazilian subsidiary.
