BTP 15, TODAY THE DIFFICULT TEST FOR THE TREASURY
CHINA, THE BRICK BUBBLE IS HOLDING BACK SHANGAI
The first obstacle has been overcome: the Treasury placed 7,7 billion without any problems Annual bots to 1,28%, yield up from 1,09% the previous month. The spotlight is now on thetoday's auction relating 2 billion Btp over 15 years, a much more demanding deadline.
On the market, however, an even surprising calm reigns, given the political situation of the Bel Paese: the Btp to 10 years closed the day at a yield of 4,58% with a spread of Bunds at 310, unchanged from the day before.
In about a month the yield differential on all maturities between Italy and Spain decreased by around 100 basis points. On the 10-year maturity it went from 100 to 10 basis points. On the shorter one, at 2 years, it is still around 40 basis points, from 140. But on the longer one, at 30 years, the differential is now zero (292 basis points against Germany). This is a sign that the market recognizes Italy and Spain as having the same long-term fiscal consolidation potential.
Meanwhile he continues, inexorably, the landslide of Piazza Affari -0,4% A Milan Stock Exchange continues to bring up the rear among the great price lists. London and Paris stock exchanges rose by 0,1%, Frankfurt -0,2%
THE OTHER INDEXES
Continue the retreat of Asian stock exchanges. Tokyo -0,3% falls in coincidence with the rebound of the yen: the opposition has announced that it will vote against the appointment as governor of Haruhiko Kuroda, proponent of the policy of devaluation.
Heavier the braking than Shanghai -1,2% and Hong Kong -0,64%. The sales of the securities of the major manufacturers weigh heavily, confirming the crisis in the sector. Shenzhen authorities have banned price increases for newly built homes.
Today the markets await confirmation of the signs of a revival of the American economy. The spotlights are therefore on the trend in consumption (retail sales) in February, forecast by economists to grow by 0,5%.
A New York at the end of the session the Dow Jones closed at +0,02% unchanged, S&P -0,24%, Nasdaq -0,32%.
The assault on the new S&P record is postponed. On the eve of the launch of Samsung's latest smartphone, Apple falls by 2,2%.
Among the blue chips, Boeing rose by 1,5% and reached its highest level since 2008: today's increase is due to the rumors in the Irish press about a maxi order of 200 airplanes from Ryanair.
INSIDE BUSINESS PLACE
Good market reaction to the accounts of Bank Intesa + 0,5%.
Contrast the other banks: Unicredit fell by 1,5%, Mediobanca -1,9%, Banca Popolare di Milano -2,2%.
Among the Italian blue chips, the best title was Saipem, up 5,3%. According to the international specialized press, the company could win very important contracts in Kuwait. The parent company Eni it rose by 0,7%. A meeting with analysts is scheduled for tomorrow.
Il Oil prices it is stable as regards Brent, at 110 dollars a barrel. Wti up to 93 dollars (+1,1%).
Among the utilities, Enel fell -2,1%. Enel Green Power it lost 0,9% after announcing a fourth quarter 2012 result lower than analysts' expectations.
Bad day for industrialists. Pirelli it dropped 4,2% after the results.
Chapter of StM -4,6% after doubts resurfaced over the group's ability to exit the St-Ericsson joint venture.
Fiat it lost 2,5%. Yesterday the company placed a 5-year bond for 1,25 billion: the yield was set at 6,625% after a request 5 times higher than the offer, the same as before after Fitch's downgrading. Fiat Industrial -1,9%.
leap of Telecom Italy which rose by 1,8%. Powerful rebound of Mediaset + 5%.
Day of realizations for luxury: Tod’s -1,4% much heavier than the case of Ferragamo -4,4%: SocGen intervened on both with a sell rating. cucinelli dropped by 3,
