RAIN OF RECORDS: BOTS AT 0,236%, SPREAD AT 150. BANKS GOOD, STRONG SALES FOR FIAT AND RCS
The Treasury placed all 7 billion semi-annual BOTs at a record low yield of 0,236% against 0,309% at the June auction. Closing yesterday, on the Mts gray market, it traded at 0,257%. Demand was 1,75 times supply (12,2 billion euros). Meanwhile, the 150-year BTP/Bund differential falls to 10 basis points, while the yield on the 2,64-year BTP falls to an all-time low of 135%. The Spanish spread also fell sharply to 2,47 basis points (rate at 4,5%). Tomorrow the Treasury will complete the series of month-end auctions by placing between 6 and 5 billion euros of 10- and 1-year BTPs and 1,5-5 billion euros of XNUMX-year Ccteu.
In Piazza Affari at the end of the morning, the Ftse Mib index rose by 0,45% to 21.081 points. The other European indices are also positive: Paris +0,12% and Frankfurt +0,11%, Madrid +0,38%, London +0,31%. Credit default swaps on Argentine debt rose to a six-week high this morning on fears that the country could default again this week. A new meeting between the country's representatives and investors who have not accepted the previous debt restructuring is scheduled today.
The accounts of Renault -3,3% are significant. Cost cutting enabled a 25% increase in operating profit for the half year despite adverse currency conditions and inventory build-up. Operating profits rose to €729 million, beating market expectations and pushing margins to 3,7% from 2,9% on revenues, which fell 3% to €19,82 billion.
Weak in Piazza Affari Fiat -1,6% and Pirelli -1,4%. Saipem goes down despite Eni's debt restructuring plan, preparatory to the sale: currently the exposure is 90% intra-group (analysts estimate 50 million euro of additional financial charges). New drilling contracts in Indonesia, West Africa, the Arabian Gulf and Latin America for a value of around $850 million did not move the stock. Today the quarterly which should show a growing profit and revenues. Eni +0,1%. Enel +0,85%.
Mediobanca confirmed the neutral rating and the target price of 4,2 euros on Enel shares after the weak accounts of the South American subsidiary, which suffered from the difficulties of the Brazilian market, the closure of the Bocamia II plant in Chile and the accounting of costs in Argentina .
Most banks are positive. Unicredit +1,59%, Intesa advances over 1%. Mediobanca stable after -3% yesterday. The disappointment for Deutsche Bank accounts -0,21% weighs on the banking sector. In the second quarter of the year, the German banking group recorded a collapse in both net profit and revenues and disappointed analysts' expectations. Last month DB carried out an 8,5 billion euro share issue to allay fears. Mediaset advances +0,8%. Vincent Bolloré, the first shareholder of Vivendi, would be interested in a share of Mediaset Premium. RCS -2,6%. Negotiations with the banks to improve the debt conditions are continuing and it is probable that as early as Thursday, together with the half-yearly accounts, the company will be able to give an update on the subject. Ferragamo down 2%. After yesterday's rebound attempt, he is still suffering from the disappointing results of Lvmh.
