"He who begins well - goes the famous saying - is half done". It is to be hoped that, at least in part, the adage is true. The dazzling start of 2013, favored by the agreement on the fiscal cliff, has in fact gone beyond all reasonable expectations. And of all caution, given that in a couple of months the tug of war on the American budget will be topical again. And in the meantime there will be European "traps". But the markets, meanwhile, are celebrating. Starting from Milan.
Piazza Affari is in fact the best stock exchange in the Old Continent: the FtseMib index advanced by 3,81% to 16.893 points, a value it hadn't seen since March 2012, also thanks to the PMI index on the manufacturing industry which rose to 46,7, again the highest for nine months.
Even more important: the 32-year Btp/Bund spread contracted by XNUMX basis points per share 284 (minimum since March) for a yield on the 10-year BTP that falls to 4,27%, a level not seen since November 2010.
Former Prime Minister Mario Monti tweeted with some satisfaction that the goal of halving the spread compared to the 574 basis points found at the time of his inauguration just over a year ago has finally been achieved.
The favorable tone is also extended to other peripheral bonds: the Spanish spread drops by 22 basis points, the Greek one by 12 basis points. The rise, however, is unanimous. In Europe, in Frankfurt the Dax gains 2,15% and moves to new highs since January 2008. Paris +2,37% records new highs since July 2011, Madrid +2,8% pushes to the top since March, London + 2,13%.
No less significant, on a psychological level, is the fact that Germany has seen government bond yields rise again in positive territory: the auction of German Schatz (two-year bonds) closed with a positive yield of 0,01% from -0,01% at the beginning of December.
Wall Street also rose sharply: the S&P500 gained 1,73%, the Dow Jones strengthened by 1,75%, the Nasdaq was even more optimistic: +2,28%. Apple star shines +4,2% driven by Barron's analysis. Meanwhile JP Morgan has revised upwards the target price of Facebook to 35 from $29 with an 'overweight' rating. The social network has also been listed as an undercover stock by Cowen and Co with a 'neutral' rating. Facebook stock gains 4,2%.
All 40 blue chips in Piazza Affari are on the rise. The banks shine:Unicredit advances 3,9%, Understanding + 5,77% Pop. Milan + 2,96% B.Pop. Emilia Romagna + 6,31% Mount Paschi+ 3,54% Mediobanca + 4,16%.
Among the insurance companies, Generali + 4,8% Fondiaria Sai + 3,4%Catholic +4,4%. Among industrial stocks, Fiat salt by 2,64%, Finmeccanica + 3,4%StM +4,58%. Earnings also in the energy sector: Saipem + 4,51% Eni +3,54%. Brent crude rose by 1,2% to 112,39 dollars a barrel. Among the utilities they shine Enel +3,76% and A2A + 5,74%. Telecom Italy advances by 2,71%. Leap forward by Mediaset+ 5,72%.
Recommended Impregile it +2,15%, on takeover bid items. Bucking Sias -4,8%, after negative indications on the Gavio group's toll adjustments for the motorways. Gemini +2%.
