Tokyo closes a new session with a sharp rise (+1,58%) with the highest trading volumes ever recorded since the foundation of the Japanese financial center in 1949 in the wake of the Central Bank's announcement of an expansive monetary policy. The rest of Asia is instead knocked out by new fears of a return of bird flu and military tensions in the area due to threats from North Korea: Hong Kong -2,54%, Seoul -1,64%.
European markets are moving cautiously in negative territory after the words of ECB president Merio Draghi who yesterday spoke of downside risks to the recovery, while affirming that the Eurotower is ready to act. The markets are awaiting US data on the trade balance and changes in wages and unemployment. Macro data released today for the Eurozone indicated a 0,3% decline in retail sales for February. Milan -0,34%, Paris -1%, London -1,28%, Frankfurt -1,86%, despite the fact that industrial orders in February rose by 2% well beyond expectations. European markets accentuated the declines towards the end of the morning and Milan, which was in positive territory, quickly moved below parity while futures on the New York Stock Exchange are negative. The spread travels at 323 basis points.
THE DEFICIT/GDP IMPROVES
BUT FLY THE TAX PRESSURE
In Italy, Istat found that in 2012 the ratio of net debt to GDP stood at 2,9%, an improvement of 0,8 percentage points compared to 2011 (revised from 3,8% to 3,7%). , according to the version that does not consider swaps, but is not valid for Maastricht purposes. Including transactions on derivatives we arrive at 3%, a figure valid for the purposes of EU parameters. In the fourth quarter of 2012, the public deficit improved, with a ratio of net debt to GDP of 1,4%, down by 1,2 percentage points on an annual basis. The ratio is thus almost halved. This is the lowest level, based on annual comparisons, since the fourth quarter of 2000. But the tax burden soars and in the fourth quarter of 2012 it reaches 52%, an all-time record value, with a leap of 1,5 percentage points compared to the same period of the previous year. The annual average, always a record, stands instead at 44% (+1,4 points on the previous year). The primary surplus improves, in terms of incidence on GDP, the positive primary balance was equal to 2,5%, an improvement of 1,3 percentage points compared to 2011.
THE BANKS GO UP
RCS INCREASE AT RISK
Milan, which bucked the trend for most of the morning in the wake of banks and energy stocks, slipped into negative territory. Mediobanca rose by 3,17% after the success of the two voluntary buyback offers of its senior unsecured bonds for a total maximum nominal amount of 2 billion euro compared to the relative total outstanding of almost 6,7 billion. Banco Popolare +2,32%, Bper +1,82%, Intesa +1,86%, awarded best bank in Italy by the American monthly Global Finance, Unicredit +1,11%. However, Fitch's outlook on Italian banks remains negative: the increase in charges linked to credit deterioration will continue throughout 2013. According to the rating agency, the Italian economy will begin to recover in the second half of the year but any postponement of the recovery will weaken the prospects for asset quality and bank profitability. In contrast, Bpm yields 1% on profit-taking after yesterday's rally. Suol Ftse Mib in the light of Enel 2,21% and Enel Green Power +2,22%.
Telecom slows down, dropping 1,38% in the aftermath of the rally on rumors of a merger with Tre Italia, but trading remains intense.
Rcs collapses by 5,75% on the uncertainties relating to the formation of the guarantee consortium led by Intesa Sanpaolo, Mediobanca, Unicredit and Ubi. The doubts were raised by Il Sole 24 Ore: the banks allegedly made 80% of the capital participating in the operation, requests that would have greatly irritated the management of RCS and the first shareholder Giuseppe Rotelli, owner of 16,5, XNUMX% of the voting rights, which at the moment has not yet decided whether to participate in the subscription.
Small victories for small savers, after the pains of the past on the most troubled Italian financial events: after the sanctions on the Mps top management, Consob fines arrive for Salvatore Ligresti, Giancarlo de Filippo and Niccolò Lucchini for operative manipulation of the Premafin share, whose prices were artificially backed on the stock exchange between November 2009 and September 2010.
At the bottom of the Ftse Mib Salvatore Ferragamo -2,69%, Luxottica -1,71%, Tenaris -1,54% and Lottomatica -1,41%.
