BTP 15, TODAY THE MOST DIFFICULT TEST FOR THE TREASURY
CHINA, THE BRICK BUBBLE HOLDS SHANGHAI
The first obstacle has been overcome: the Treasury has placed 7,7 billion in bonds without any problems. Annual bots at 1,28%, 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, a surprising calm reigns, given the political situation in the Bel Paese: the Btp to 10 years closed the day at a yield of 4,58% with a spread with the Bund at 310, unchanged from the day before.
In about a month the yield spread across all maturities between Italy and Spain has narrowed by around 100 basis pointsOn the 10-year maturity, it went from 100 to 10 basis points. On the shorter 2-year maturity, it is still around 40 basis points, up from 140. But on the longest 30-year maturity, the spread has now disappeared (292 basis points versus Germany). This is a sign that the market recognizes the same potential for long-term fiscal consolidation in Italy and Spain.
Meanwhile it continues, inexorably, the Piazza Affari landslide -0,4% The Milan Stock Exchange continues to be the taillight among the major stock markets. The London and Paris stock exchanges rose by 0,1%, Frankfurt by -0,2%.
THE OTHER INDEXES
Continue the retreat of the Asian stock markets. Tokyo -0,3% falls as the yen rebounds: the opposition has announced it will vote against the nomination of Haruhiko Kuroda, a proponent of devaluation policies, as governor.
The braking is heavier than Shanghai -1,2% and Hong Kong -0,64%. Selling weighed on the stocks of major builders, confirming the crisis in the sector. Shenzhen authorities banned price increases for newly built homes.
Today, markets await confirmation of the signs of a resurgence in the US economy. The spotlight is therefore on consumer spending (retail sales) in February, which economists forecast to grow by 0,5%.
A New York At the end of the session the Dow Jones closed at +0,02% and unchanged, S&P -0,24%, Nasdaq -0,32%.
The assault on the S&P's new record has been postponed. On the eve of the launch of Samsung's latest smartphone, Apple is down 2,2%.
Among blue-chip companies, Boeing rose 1,5%, reaching its highest level since 2008. Today's gains are linked to rumors in the Irish press about a major order for 200 airplanes from Ryanair.
INSIDE BUSINESS PLACE
Good market reaction to the accounts Bank Intesa + 0,5%.
Contrast the other banksUnicredit 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 international trade press, the company could win very important contracts in Kuwait. The parent company Eni rose 0,7%. A meeting with analysts is scheduled for tomorrow.
Il Oil prices Brent crude is stable at $110 a barrel. WTI is up 1,1% at $93.
Among the utilities, Enel fell by 2,1%. Enel Green Power lost 0,9% after announcing fourth-quarter 2012 results that were below analysts' expectations.
Bad day for industrialists. Pirelli fell 4,2% after the results.
Chapter of StM -4,6% after doubts resurfaced about the group's ability to exit the St-Ericsson joint venture.
Fiat It lost 2,5%. Yesterday, the company placed a five-year bond for €1,25 billion: the yield was set at 6,625% after demand was five times higher than the offer, after Fitch's downgrade. Fiat Industrial -1,9%.
leap of Telecom Italy which rose by 1,8%. Powerful rebound of Mediaset + 5%.
Luxury Realization Day: Tod’s -1,4% is a much heavier cause Ferragamo -4,4%: SocGen intervened on both with a sell rating. cucinelli it dropped by 3,
