CTZ AUCTION, TREASURE AUTUMN BEGINS
SYRIA AND IMU, TWO TORPEDOES ON THE BUSINESS PLACE
The winds of crisis are weighing in Italy. Winds of war are looming over Syria.
It is in this frame that the Italian Treasury starts its autumn campaign today, a 122 billion mission. The Treasury will have to collect many by the end of the year: in fact, 74,5 billion BOTs, 37,8 billion BTPs and 10,6 billion CTZs will mature for a total of 122,9 billion. An impressive figure, but not exceptional if it is not complicated by the political turbulence.
It begins this morning with the Ctz June 2015 will be reopened tomorrow with an offer of between 2 and 3 billion, to which will be added that of the two BTPs indexed in September 2018 and September 2026 (maximum one billion on the two maturities).”The Ctz – is the forecast by a trader interviewed by Reuter – should get a good response thanks to good domestic demand, while for BTPs I fear that the Treasury will have to pay something more if this climate of political uncertainty persists”.
Cautiousness is justified by yesterday's rebound in the spread to 250 basis points. The gap between Italian and Spanish 10-year bonds continued to narrow, reaching less than 2012 basis points for the first time since the beginning of March 7 (closing 3bp). This morning Spain also arrives on the primary market with a total offer of 4-3 billion on 9- and XNUMX-month maturities.
The auction round continues on Wednesday with the offer of 8,5 billion six-monthly BOTs (out of 10,062 billion maturing), while Thursday will close with 5 and 10-year BTPs.
ONLY FACEBOOK SHINES ON WALL STREET
Tokyo – 0,2% down. Ditto for the other Asian price lists, from Shanghai -0,1% to Hong Kong +0,3%. For a day, the markets put aside worries about central bankers' strategies, starting with tapering, and put worries about the Syrian arena in the foreground.
The descent began last night on Wall Street in the finale, after a positive session. The sales were triggered by statements by Secretary of State John Kerry about the "moral obscenity" of the Syrian regime's use of chemical weapons. The US stock market is feeling the winds of war.
At the end of the session Dow Jones -0,20%, S&P 500 -0,27%. The Nasdaq resists +0,01%.
Great exploit of Facebook+2,6% at 41,6 dollars, a new all-time high for the main social network site, which reached its sixth increase in the last seven trading sessions. In just over a month, since last July 19, Facebook has risen by 60% and today is capitalizing on Wall Street 101 billion dollars.
Expectations of a soft reduction in stimuli have strength on the 10-year Treasury Bill, the yield falls for the second consecutive day to 2,79% (-2 basis points).
For the European Stock Exchanges, excluding Milan, it was a sluggish day, devoid of particular points: Frankfurt rose by 0,2%, Paris closed in parity, Madrid fell by 0,4%. The London Stock Exchange was closed for public holidays.
LANDSCAPE MEDIASET, 39 BLUE CHIPS IN RED
The threat of political crisis overwhelmed Mediaset -6,2%, until Friday, queen of the stock exchange (+120% since the beginning of the year). The title of the Berlusconi team was also suspended due to an excessive downgrade.
Mediolanum, also owned by the Berlusconi family, fell by 3,1%, Mondadori -1,4%.
It's not just the storm on the Alfa Romeo group that caused the Milan Stock Exchange to drop -2,1%, the Ftse/Mib index below 17 thousand. Sales from abroad, not particularly strong given the closure of the London market, targeted the stocks with the highest capitalization, starting with the banks: Unicredit -3,5% Understanding -3,3% Ubi – 3,7%, Bper -4,58% Banco Popolare -3,33%, Mediobank – 4,23 and so on.
It also moves back Banca Popolare di Milano, which had also started the session well thanks to the rumors about ongoing contacts for possible mergers with other cooperative banks.
At the end of Black Monday, 39 out of 40 blue chips retreated (only Tenaris survived): Fiat-2,2% Finmeccanica -3,9% StM-2%.
The tumble of GTech dropped by 4,6%, affected by the hypotheses of an increase in taxation on games to raise resources to cancel the Imu.
