DRAGONS AND BONOS AND THE ZEW PUSH THE INDEX
SPRINT OF UNICREDIT, SAIPEM WILL NOT RISE
After a weak start, the European stock exchanges they are taking courage as they await the decisions of the Federal Reserve's monetary policy committee, whose meeting will begin today and close tomorrow.
At Piazza Affari, the Ftse Eb salt by 0,61%. at an altitude of 16293.
The other markets, much more lively on Monday than Milan crippled by the Saipem case, recorded more limited increases: Paris +0,07%, Frankfurt +0,13%. The exception is London +0,83%, modest decreases.
Looking forward to tomorrow's press conference Fed chairman Ben Bernanke is Mario Draghi to hold court. 'We are ready to act if necessary', using interest rate leverage or unconventional measures. This was stated by the president of the ECB, Mario Draghi, in a speech delivered at a conference organized by the Bank of Israel in Jerusalem, recalling that the Governing Council of the ECB that the Eurozone's monetary policy will remain accommodating for as long as necessary for the exit from the crisis.
Another positive signal comes from the index Call, relating to economic expectations in Germany, increased in June to 38,5 points (38 points consensus) from 36,4 points recorded in May.
Finally, the market response was good at the auction of the Spanish Bonos. Today Madrid sold 6 and 12-month government bonds for 5,04 billion euros, just over the maximum target of 5 billion, with rates on the rise. On the half-yearly the average yield rose to 0,821% from the 0,492% of the May auction and on the 1-year maturity the rate returned above 1%, settling at 1,395% from 0,994% last month. The Madrid Stock Exchange marks +0,83%.
Lo BTP-Bund spread falls below 270 basis points, to 268 points, with the yield of the 10-year BTP down to 4,23%. The differential between Spanish and German ten-year bonds returns below 300 basis points (298) with the Bonos rate at 4,53%.
Stay in the spotlight Saipem -0,49% which is trying, with great difficulty, to recover ground after losing 29,19% following a new downward revision of the 2013 estimates. Even today, short selling on the stock remains prohibited.
However, the downgrades by the companies do not stop investment houses. The downgrade of Banca Akros arrived today (target price from 20 to 16,1 euro), which confirmed the hold recommendation.
Also ubs it reduced the target price (from 21 to 16,5 euro) maintaining the neutral position. “We see downside risks for two reasons: the impact on 2014 margins and how these could impact new contract awarding.” HSBC, on the contrary, remains positive despite having reduced the target price to 20 euros.
Last evening Paolo scaroni, he said that the revision of the accounts announced on Friday evening by Saipem "leads to a slowdown in reflection" on the valorisation process recently launched.
Eni drops by 0,72%.
The bad sales data of auto in May in Europe (-11%) Fiat -0,62%, Pirelli -0,85% are slowing down.
On the contrary, the recovery is driven by bank stocks with Unicredit which marks an increase of 2,27%, Intesa +0,59%, Monte Paschi +0,76%.
Generali earn 1,07%. According to rumors, there is a head-to-head between the Spanish Bankinter supported by the US fund Apollo, and the Portuguese Banco Espirito Santo (BES) to buy Bsi, the Swiss private bank put up for sale by Generali.
Among the positive signs also stands out Finmeccanica.+1,37% Maxi order for ATR at the Le Bourget aerospace show. The joint venture between Alenia Aermacchi (Finmeccanica group) and EADS has signed a contract for 90 ATRs of the 600 series, 35 of which are firm orders, with the Danish leasing company Nordic Aviation Capital. The total value of the agreement, including the options, is "over 2,1 billion dollars", said the managing director of ATR, Filippo Bagnato.
Weak match, Enel reverses course and now gains 0,73%.
Just above parity Telecom Italy + 0,18%.
The thrills of flying are being experienced by the shareholders of Rcs: -7,87% at 12 from an 8% rise at the opening.
