Pending the formation of the government, Piazza Affari is moving in negative territory -0,5% on profit-taking and weighed down by Snam, Finmeccanica and bank stocks. The Btp-Bund spread is stable at around 267 basis points with a yield below 4%. Today the Treasury has placed all 2,5 billion euro of Ctz maturing December 2014 (seventh tranche) with an average yield of 1,167% (-0,580%) and all 750 million euro of Btp indexed to inflation with expiring September 2023 (26th tranche) at a rate of 2,65%. On Friday, the six-month Bt auction is scheduled for an amount of up to 8 billion euro; on Monday, April 29, the five-year and ten-year Btp auction.
Overall, the other European stock exchanges remained positive in the middle of the day after the rise in the Tokyo stock exchange of 2,32%, the highest since June 2008, and +1,73% in Hong Kong. In the morning, however, the European stock exchanges recorded the negative data of the German Ifo index which fell to 104,4 in April from 106,7 in March against expectations for a more contained drop to 106,2. This is the second consecutive monthly decline. But the markets are supported not only by the liquidity released by the moves of the Boj, but also by expectations for a rate cut by the ECB. Frankfurt rises by 0,5%, Paris by 0,47% while London resets the gains. The euro-dollar exchange rate rose by 0,17% to 1,3018 after falling following the publication of the Ifo index.
In Italy, the data on retail sales released by Istat indicated a further fall for February 2013: -4,8% on an annual basis, with the food sector down by 4%. It is the eighth consecutive trend decline, the strongest since April 2012. The index also falls on a monthly basis, by 0,2%.
Istat also notes that the unemployment rate went from 6,4% in 1977 to 10,7% in 2012. In 35 years, the South has seen the rate double to 17,2% in 2012 from 8,0% of 1977 while the unemployment rate of 15-24 year olds has risen from 21,7% in 1977 to 35,3% in 2012. In other words, today young people are unemployed are almost four out of ten while 35 years ago they were around two out of ten .
In Piazza Affari Snam falls -2,83% after the accounts for the first quarter which recorded a decrease in net profit to 242 million euros (-11,7% compared to the same period of 2012) and with an Ebitda up by 1,3 .717% to 3,81 million. Finmeccanica sells 2012% after the XNUMX financial statements, still with heavy losses and without a dividend.” I understand today's decision but we will be able to get him to change his mind”, said the CEO Alessandro Pansa on Moody's credit watch – Finmeccanica will give adequate answers both in terms of improving cash flows and with divestments”.
In the red Mediobanca -3,65%, Bpm -3,28% in the wake of internal tensions in the bank and the resignation of three directors of the CDS after those of the president. Bper -3,14%. Unicredit -1,84%, Intesa -1,25%. Mps-0,74%. Against the trend Parmalat +2,26%, Mediaset +2,07%, Fiat +1,29, Eni +1,24%, among the best stocks of the Ftse Mib. The list could soon register the entry of Banca Generali (+0,20%) which, said the CEO Piermario Motta, "has the prospect of entering the FTSE-MIB index. This passage could stimulate greater interest on the part of international markets".
