BTPs RESIST SPAIN'S DOWNGRADE
BAGS IN POSITIVE SOIL, CUCINELLI BOOM
I BTP are in good health, despite the explosion of the Spanish fever. Theauction of 5 and 10 year bonds, in fact, has been more than moderately successful: the Treasury has placed almost the entire amount, 4,916 billion out of the maximum 5 billion envisaged, without suffering the "blackmail" of returns deemed excessive. 2,416 billion 5-year BTPs were subscribed at 4,86% (against yesterday's 4,72% of the secondary market) and 2,5 billion 10-year bonds at a yield of 5,84% (against 5,62%) .
The 10-year Btp/Bund spread thus returns to 400 basis points from 410 this morning. The spreads of Spain (419), France (130), Holland (56) also fell.
The outcome of the offer also reassured the equity markets. Piazza Affari, after a 2% drop in start-up, is now in positive territory: Ftse/Mib index +0.4. The Exchange of London 0,3% salt, Paris + 0,6% Frankfurt +0,2%. They recover the banks after black boot: Unicredit yields only 1% (it was close to -4%), Understanding is on parity, Ubi +0,3%. On the rise Pop. Milan +3,7%. MontePaschi rises by 0,2% on the day of the meeting. After the Antitrust halted the maxi insurance aggregation project, Fondiaria-Sai falls - 2,4%. Milano Assicurazioni (in the smell of stew) rises by 2,6%, Unipol +1,5%: weddings, judging by the prices, are not busy in Bologna.
Il construction sector is the best in Europe (Stoxx +1,8%) and in Milan Buzzi +2,8% and Impregilo +2,7% rise (today the first comparison in the Gavio/Salini shareholders' meeting), Astaldi +2,8%, positive Fiat +0,3%, despite the downgrade of S&P. Fiat Industrial rises by 2,3%, Pirelli +1,4%.
Positive Eni, up 1,5% after first quarter results. Saipem rises by 1,1%. Brunello's pyrotechnic debut cucinelli, up 35% on the first day of listing.
Meanwhile Piaggio, following the start of the Indian adventure (the last stage of the Asian expansion where more than half of the turnover will be achieved from 2014), gains 5%.
