DOLLAR AND EXCHANGES WEAK AFTER THE DEAL
THE TELECOM RALLY SWITCHES OFF, MEDIASET ROOMS
Buy on rumors, sell on news. The old adage finds timely confirmation in the performance of the price lists. After the last-minute agreement on the US budget, Piazza Affari also took the downward path after six positive sessions together with the other markets of the Old Continent.
The Ftse Mib index lost 0,73% to 19.137 points, above the threshold of 19.000 points, a psychological and graphic reference point.
The other main ones are in red European stock exchanges: London -0,16%, Paris -0,5% and Frankfurt -0,58%, Madrid -0,27%.
The American agreement was greeted with great caution: 1) the question will arise again on February 7, even if it is unlikely that the republican right will be able to re-propose an equally aggressive policy; 2) the Chinese agency Dagong has lowered the US debt rating, confirming that the consequences of the battle (24 billion according to S&P) have been heavy; 3) yesterday evening two notes by Black Rock and Pimco agreed in predicting that tapering should now be considered postponed to a later date. As a consequence, the weakness of the dollar against the single currency will continue.
The euro strengthens against the US currency to 1,362 from 1,353 last night.
Lo BTP/Bund spread is unchanged at 232.
Weak, after the negative outlook of Moody's, the banks: Unicredit -0,1%, Intesa -1,4%, Mediobanca -1,17%, Banco Popolare -1,01%. MontePaschi -0,54%.
Between the insurance Generali falls – 0,65%, Fondiaria-Sai -0,47%.
I'm down slightly industrial titles: Fiat-1,06%. Barclays confirms underweight on Lingotto. Intermonte is underperforming, estimating a 2013 trading profit at 3,8 billion euros compared to the announced range of 4/4,5 billion.
Finmeccanica -0,79%. StM -0,23%.
It resists in positive ground Mediaset +1,33% on the day of the launch of a bond of at least 300 million euros. The five-year fixed-rate senior bond is receiving a good reception from the market (orders for 2,75 bn). It should offer a yield between 5,5% and 5,75%, much more than the rate of the last bond issued by Mediaset.
This morning the purchases are in positive territory: within this, the +1,5% of Mediaset Espana and the +4,5% of BSkyB stand out, benefiting from the good quarterly results and above all from the growth of broadband customers (which Mediaset does not ).
After yesterday's slip, the luxury: Tod's +0,39%, Salvatore Ferragamo +0,91%, Luxottica unchanged, Yoox -1,8%.
Instead, after the initial rise, the rebound of Telecom Italy which loses 0,56%. Findim, the financial company of the Fossati family, a shareholder with 5%, has asked to cancel the board of directors. The Senate floor approved the TI motion signed by all parties except the M208S with 44 votes in favour, no votes against and 5 abstentions. Among other things, the motion commits the government to amend the legislation on takeover bids: to add to the fixed threshold of 30%, already envisaged, a second threshold linked to the ascertained situation of de facto control.
Finally, Enel -1,2% and Eni -0,2% fell.
