DRAGONS EFFECT ON BTP, THE STOCK EXCHANGE HOLDS DOWN
MEDIOBANCA AND MEDIOLANUM IN FLIGHT
In Milan the FtseMib index turned lower in the early afternoon after Wall Street opened. The session thus closed with a drop of 0,22% to 15.022. The other European Stock Exchanges are weak: Frankfurt -1,17%, Paris -1,58%, London -1,5%. With the exception of Madrid +0,75%, Spain could be the first country, among those in the Mediterranean area, to ask for the intervention of the ECB once the expected anti-spread plan is announced.
Meanwhile, the yield on the Italian XNUMX-year BTP continues to fall. It is at 5,62% with a spread of 423 (-12 basis points). The improvement of the 2-year BTP was stronger: yield at 2,32%, spread down to 235 (-23 basis points).
"The risk premium of sovereign bonds now reflects not only a risk of insolvency of some countries but even an exchange rate risk, which should not theoretically exist in a monetary union," he explained German ECB adviser Joerg Asmussen. “The markets are pricing in a breakup of the eurozone – he added – For a monetary union, such systemic doubts are not acceptable”.
Mario Monti also raises the bar in view of Thursday's directorate. The European Union, he said in the joint press conference with François Hollande, must act to prevent the continued persistence of gaps in interest rates "now devoid of reference" to the economic fundamentals of the various countries.
“As countries achieve successes, there must be recognition by the European Union itself, by the way in which the financial market works, so that serious obstacles such as spreads do not persist, which would by now have no reference to the performance underlying economy,” Monti said.
There are no encouraging data from the USA: the ISM index of the manufacturing sector fell in August to 49,6 from 49,8 in July, economists were expecting an increase to 50 points, the threshold which separates the phase of expansion from that of contraction. On the contrary, there was the worst contraction in the last three years. Construction spending was also below expectations, in July it fell by 0,9% from +0,4% in June, economists had expected an increase of 0,4%.
Among the individual titles, Facebook hit a new low to 17,78 dollars and dropped 0,53% after JP Morgan revised downwards the target price to 30 dollars from 45 with the judgment that it remains 'overweight'.
Returning to Milan, the improvement in government bonds pushes banks and financial stocks: Mediolanum runs up by 6,67%, Unicredit gains 1%, Intesa -0,4%, Banco Popolare -0,2%.
Also on the rise Mediobanca +4,3% on the eve of the expected board of directors.
Positive effects also for Generali which rises by 0,43%.
Rcs travels on a roller coaster: after being suspended due to excess downside (-11%) it is now suspended with a theoretical gain of 10%. The other publishing titles were weak after the rally of recent days: Espresso -4,3%, Mondadori -6,5%.
After the strong rises of the past few days, he is back in the ranks Camfin suspended down (-14%). On the eve of tomorrow's meeting on the occasion of the GPI council between the two duelists, Marco Tronchetti Provera and Davide Malacalza.
In the rest of Europe the decline is led by the auto sector (Stoxx -1,9%), where the declines of the German BMW -3% and Volkswagen -3,1% weigh. In Milan, Fiat drops by 1,49%, Fiat Industrial -2,34%.
On the contrary, it takes flight Finmeccanica +4,65%, thanks to rumors about an increase in investments in defense by Poland, which could lead to new orders for the Italian group. Prysmian fluctuates on parity.
In luxury Ferragamo rises by 1,37%: the stock benefits from the new overweight recommendation by Barclays, which has set a target price of 21 euro. Tod's drops by 1,77%. Cucinelli advances by 2%.
Among the utilities, A2A +3,6%, Iren +3,7% and Hera +1% rose. Telecom Italia is also on the rise, gaining 2,59%.
Getting very rose by 3,4% after completing the sale of 20% of the Isab refinery to the Russian Lukoil. The put option on the remaining 20% can be exercised by the Ligurian company from 1 October 2013.
Enel has placed 8-year bonds for 1 billion euros against demand just under 6 billion. The bonds, maturing in March 2002, were placed by a pool of 12 banks: Bnp Paribas, Calyon, Citi, Hsbc, Jp Morgan, Morgan Stanley, Banca Imi, Mediobanca, Mitzuo, Natixis, Unicredit and Botm
