FLY BPM, WAITING FOR TELECOM AND UNICREDIT ACCOUNTS
BOTS, AUCTION OK BUT AT HIGHER RATES, SPREAD AT 150 BP
The Treasury placed everyone the 6,5 billion euro of Bot per year but with rates rising to 0,65% from the all-time low of 0,589% at the April auction. Demand reached 10,65 billion euros with a coverage ratio rising to 1,64 from the previous 1,36.
The yield differential between the XNUMX-year BTP and the German Bund marks a slight increase to 150 basis points after the result of the 1-year BOT auction. The yield of the BTP is 2,97%.
In the meantime, the European stock exchanges are contrasted after the outcome of the referendum, illegal for the EU, in Ukraine.
Avanza Piazza Affari +0,69: the FtseMib index rises to 21538.
More cautious London +0,16. Frankfurt advances by 0,49%, Madrid +0,16%. In negative ground only Paris – 0, 05%.
This morning the Asian price lists, with the exception of Tokyo, closed sharply higher after the Beijing government announced new measures to support the markets: in particular, the limits on the investment of foreign capital in listed companies will be raised and new instruments for commodity trading will be developed. The Shanghai Stock Exchange climbs 1,9%, Hong Kong closed up 2,1%. All-time high for Bombay +1,9%: Modi's victory looms in the endless Indian electoral round.
The spotlights of Piazza Affari are on the banks.
Banca Popolare di Milano flies +5,43% after quarterly results.
On positive ground Unicredit +1,45%, will announce its first quarter results today after the market is closed. This morning the Polish subsidiary Bank Pekao reported a 5% decline in net income for the first quarter, below analysts' expectations. Even MontePaschi +2,48%, will announce today the first quarter results.
It also meets in the afternoon the board of Telecom Italia -0,21% on first quarter results. Pending the dissolution of Telco, Telefonica will remain in the capital with the current stake, according to what the top management of the Spanish group declared during the conference call on the quarterly report. The subsidiary Tim Brasil closed the first quarter with a 22% increase in profit.
Mediaset advances +1,21%, after the confirmation of Murdoch's plan to integrate Sky Italia with SkyD into BSkyB. The operation, explains Equita, represents "potentially a risk for Mediaset because the larger size of Sky would make it more aggressive in auctioning rights and according to the press, the possibility could open up for Sky to rebroadcast the Champions League of which Sky Deutschland has the rights in Germany". "Murdoch's is a very ambitious project" commented Fedele Confalonieri: "talk about Europe... you have to see, when in one place dinner is at 6 and in another at half past 9". “We too had tried at the time of him”.
Among the best titles figure Atlantia +3,94% after quarterly accounts.
Fiat still weak -0,27%, returning from the worst week of the year -13,5%. Bank of America lowered Fiat's target price to 5,6 euros from 6 euros, confirming the negative Underperform rating. JP Morgan downgraded the entire European auto rating to Neutral from Overweight.
The negative phase continues Prysmian -1,37%. Exane cut the rating to Neutral from Outperform, Barclays cut the target price by 9% to 19,5 euros, confirming the positive Overweight rating.
Other industrial stocks contrasted: Finmeccanica +0,21% StM+ 2,31%, Tenaris +0,75%, Pirelli +1,17%.
Dea Capital is up +5,4% after having put forward the proposal for the purchase of Générale de Santé.
Beni Stabili also runs +2,6%, driven by the prospect of the maxi-merger between Sgr which will involve Beni Stabili Gestioni, Polaris Real Estate Sgr and Investire Immobiliare.
