BTP3s SNUBB MOODY'S: RATES DROP TO 4,65%. BAGS ON THANKS TO CHINA. RECOVER LUXURY
The effect Moody's it does not affect the auction of 3-year BTPs. The Treasury sold securities maturing in July 2015 for a total of 3,5 billion, the maximum pre-set amount, and rates fell to 4,65% from 5,30% in the analogous auction in June. The positive response, which contrasts with the initial jump in the spread, confirms that the buyers at auctions are now practically only domestic.
Tonight, as is known, Moody's cut Italy's rating by two notches to 'Baa2' from 'A3' and maintaining a negative outlook. It's about two levels above what is considered 'junk'. The agency says that the near-term economic outlook has worsened since it gave its last assessment five months ago.
The 6-year yield, due to Moody's, has reached a peak of XNUMX%, while the spread rose up to a maximum of 485 basis points, and then fell back below 470. The annual inflation rate in June, meanwhile, rose to 3,3%, from 3,2% in May. In June, the increase in the so-called shopping cart, the prices of the most frequently purchased products, was 4,4% per year.
In Piazza Affari, the Ftse Mib index +0,26% corrects the initial decline to 13619. Madrid (-0,29%) is the only Stock Exchange in the Old Continent in negative territory. Conversely, London +0,72%, Paris +0,58%, Frankfurt +0,82% rose.
In short, the European Stock Exchanges look more to Beijing than to Moody's. In the second quarter the Chinese GDP it rose by 7,6% compared to the same period of 2011, this is the weakest increase in the last three years but it is still a figure in line with expectations. Not only that: the increase in investments confirms that China is returning to an expansive policy to the benefit of the global economy.
The euro is down slightly to 1,219 against the dollar from 1,220 at yesterday evening's close. WTI-type oil is up 0,4% to 86,5 dollars a barrel.
Banks go down in Milan: Unicredit -2% Intesa Sanpaolo -1,8%. Utilities in particular still suffer today Enel -1,5% ed Enel Green Power -2,4%. The reform of the electricity sector in Spain should be presented today, the decree should provide for heavy penalties for utilities.
That lose 2%. They go up Eni +0,5%e Saipem +1,2%. Rebounds after yesterday's drop Telecom Italy +1,2%. It also recovers Salvatore Ferragamo +3,5%, penalized in the last few days by news regarding the trend of sales of luxury goods in China. Suspended for excess discount Fondiaria Sai e Unipol. next Monday thecapital increase.
