INTESA AND UNICREDIT FLYWHEEL, MEDIASET FALLS
MILAN ANTICIPES THE FALL OF THE GOVERNMENT
Up since the morning, awaiting the vote of Deputies and the resignation of Berlusconi. A setback later the approval of the law on the cash flow statement, made possible by the abstention of the opposition, before realizing that the key news was that the government no longer had a majority. Then, in the wake of an indiscretion from the Wall Street Journal (for which Berlusconi was evaluating all the options, including his resignation) the rise resumed its share also on the basis of the purchases of international operators.
Here is, in summary, the chronicle of the session of business square, closed with a rise in the Ftse Mib index (+0,75% to 15.760), dragging up the Parisian Cac +1,47% and the Frankfurt Dax +0,68%.
The challenge on the front is more dramatic government bonds. The yield of the BTP at 6,59%, is ultimately improving by 4 basis points. The spread with the Bund grinded to a new record at 498 basis points later the morning flare at 495,5 basis points, at the end of a truly unforgettable session.
One eye on news agencies, the other on terminals Bloomberg where, during the morning, the spread between the BTP and the Bund approached the no-return threshold of 500 points. But also the hand ready to press the "buy" button on banks and beyond.
It would be difficult for traders to forget a day like this, lived in hopes and shivering as they awaited the vote of the Italian Parliament on the 2010 financial statements, and to respond to brokers linked by the financial capitals of the planet, from London to Wall Street, who asked in vain for prior information hand why the session of the Italian Parliament was "the key event for the markets"Jim Reid, a strategist at Deutsche Bank in London, told Bloomberg.
In this high-voltage challenge, waiting for the vote, the banks. Starting from Understanding +3,62% undisputed queen of the day. The bank headed by Corrado Passera presented an excellent quarterly result: net profit of 527 million euro, well above the estimates of analysts who expected a net profit of 351 million euro. In the quarter, write-downs were made on Greek government securities for 593 million, if we also take into account the securities of Ireland, Portugal and Spain, this rises to 78,62 billion, 2% of the total. The operating performance is "consistent with the business plan which has the priority objective of guaranteeing sustainable profitability in the medium term". In other words, the dividend is confirmed.
Also prominently featured Unicredit +2,08% one step away from the launch of the capital increase and the business plan. By evening, the Bank of Italy will give its opinion (probably positive) on the admission of cashes as capital. MontePaschi also recovered +2,03%, after the Foundation reiterated that it has no intention of selling any stake in the Sienese institute. Among the insurance, positive Generali + 1 %, down by Fondiaria-Sai -0,4%.
OIL PRICES INFLAME
GREAT EXPECTATION FOR THE PLANS OF PIRELLI &c.
The "focus" on Italy overshadows another potential hotbed of global crisis: Oil Marks Fifth Consecutive Day High at 96,3 dollars a barrel due to growing tension in the Middle East on the eve of the publication of the International Atomic Agency report, which will in all likelihood confirm that Iran is one step away from having an atomic bomb. In the publication released today, OPEC raises its estimates of world oil demand in 2015 to 92,9 million barrels per day, 1,9 million barrels more than the previous estimate. Tenaris +1,01% and Saipem +2,82% rose. Eni advances by 2,21%, ahead of Enel +1,14% on the day of presentation of the accounts of the subsidiary Endesa.
The Fiat team is also on positive ground: ordinary shares rise by 0,52%, followed by Industrial +0,47% but preceded by Exor +0,77% after the announcement of the strengthening of John Philip Elkann in Sapaz.
In great evidence Pirelli & C. +1,41%: today in London Marco Tronchetti Porvera presents the update to the Bicocca business plan.
On the contrary, it was down throughout the day Mediaset -2,94%, penalized by the political downsizing of its number one shareholder, Silvio Berlusconi. Mondadori, on the contrary, is positive by 0,63%. Mediolanum also rises +1,31%.
