Good upside European stock exchanges who ignore the latest "provocation" of Standard & Poor's and rather look at the data of the Chinese growth, which was higher than expected in the fourth quarter of 2011. The S&P effect continues to work. Inside out. In the morning the European stock exchanges travel in positive territory, In Milan, the FtseMib index rises by 1,37% to 15.429, London advances 0,9%, Paris +1,37%. Lead the race Frankfurt + 1,86%.
on the government bond marketFurthermore, you register a clear improvement for BTPs: the yield of the decennial it dropped to 6,43% (-17 basis points) and the spread with the Bund narrowed to 464 points. Even more important: the yield of the 2-year BTP has finally come down below 4%, to 3,87%, with a drop of 22 basis points: it has not happened since last September.
To make the markets euphoric are also the news coming from the Far East: in the fourth quarter of 2011 the Chinese GDP it grew by 8,9%, a figure higher than forecasts (+8,7%) but still at its lowest level for two and a half years, which reinforces the hypothesis that the Beijing authorities will accelerate the policies to support growth, especially with a monetary expansion. The negative news comes from Athens. Greece is insolvent and will default: the forecast comes from Fitch Rating's European sovereign rating manager, Edward Parker, according to which the agreement to impose losses on private creditors is to be considered default. Also for this reason the European crisis – Parker says in an interview with Bloomberg – will be prolonged.
Meanwhile, the banks, which in theory should suffer from the decisions of S&P, are recovering to coincide with the bankers' summit in Bank of Italy: Unicredit advances by 1,8%. The Abu Dhabi Aabar Fund announced that it intends to rise to 6,5% in Unicredit. This is what the fund announces in a note, today at 4,99% through Aabar Luxembourg. "We intend to participate in the capital increase, we will actively support the management of Unicredit", indicated the president Khadem Al Qubaisi.
Understanding + 1,7% Banco Popolare +1,4%. Back off Ubi -1,1%, downgraded from Santander to underweight from hold. Also declining PopMilan -0,6%.
The European auto rally continues, also due to the prospect of a relaunch of the Chinese market. The German manufacturers that operate as protagonists in the eastern market lead the increases: Daimler +4,2%, Volkswagen +2%, BMW +2,6%. In Milan Fiat advances by 1,9%, Fiat Industrial +1,5%, Pirelli +1,9%.
Strong increase by Eni +1,5%, which takes advantage of the rise in crude oil above 100 dollars a barrel (+1,9%), and the hypothesis of separation from Snam (with a reduction in the debt of the six-legged dog) give petrol to Eni +1,5%. Snam rises by 0,6%. Saipem +1%.
Among the insurance companies, Generali goes up +1%, the stocks of the nascent Unipol-Fondiaria hub are down: Unipol -1,6%, Fondiaria-Sai -5,8%, Milano Assicurazioni -1,2%. Premafin, the Ligresti holding company, fell by 3%. Among the mid caps, De' Longhi advances +2,7%, Landi Renzo retreats -3,1%
