New records for Italian debt. In today's auction, the six-month Treasury bonds yielded 0,136% with a record drop compared to the 0,236% of the previous placement. The Treasury sold bonds worth 7,5 billion with a supply/demand ratio of 1,63 (bid to cover). And in the wake of the good humor injected by Mario Draghi's words from Jackson Hole, the ten-year debt also continues to set records. The Btp-bund spread fell to 146 basis points with a yield of 2,39%, again below the British one (2,42%).
On the stock markets, however, it is time to be cautious and wait in the face of macroeconomic indicators of the Eurozone which signal a clear gap with respect to the optimism generated by the spread. Milan, after an early morning in the red, found its way back, timid, of increases and gains 0,20% in the middle of the day. The rest of Europe was weak: Paris -0,10%, Madrid +0,33%, London +0,06% and Frankfurt -0,12%.
The real economy is showing no signs of reviving. In Germany, the uncertainties of the economy, also due to the international crises, are starting to make themselves felt on the propensity to consume: for the first time in a year and a half, in August the Gfk index recorded a decline, falling to 8,6 from 8,9. The data arrived with the Ba-X index which measures the vacancies made available by entrepreneurs in Germany is comforting: despite the slowdown in the economy, the index rose to 168 points in August from 166 points in July and is up by 10 points from August 2013. In other words, companies' willingness to hire continues to increase. Unemployment data expected to remain unchanged at 6,7% is expected tomorrow. In Italy, consumer confidence fell again in August and the index dropped to 101,9 points from 104,4, marking the third consecutive drop. In France, the confidence of manufacturing companies, again in August, dropped to a 13-month low, reaching 96 points from 97 in July.
A completely different story in the States where the impressive macroeconomic data pushed the S&P500 above the historic threshold of 2.000 points and thirtieth record in 2014. Yesterday the consumer confidence index elaborated by the Conference Board rose to 92,4 points in August, the highest since October 2007: economists had expected a drop to 89,0 from 90,7. The durable goods orders data was also higher than expected.
In Piazza Affari, the Ftse Mib is supported by Yoox which leaps by more than 5% on rumors of a takeover bid on its competitor Asos. The Bpm +3,78% and Ubi Banca +3,47% did well. Telecom Italia +3,17% awaiting today's board of directors on the offer to be presented to Vivendi for Gvt which pits the Italian group against the Spanish Telefonica (which in turn meets today to adjust the offer to be presented). Tomorrow the board of the French group will meet to examine the various options. It is obvious that the company chaired by Vincent Bolloré will not take any decision tomorrow. Meanwhile, to complicate matters, this morning the Oi company announced that it had mandated Btg Pactual to prepare a purchase offer on the Telecom subsidiary. At the bottom of the Ftse Mib, Stm -1,17%, Pirelli -1%, Saipem -0,88%, Prysmian -0,82%.
