From the busiest day of corporate events, there is no single indication of the state of health of the global economy. The same is true on the macro front. But the markets have already taken their countermeasures: sniffing the wind of recovery, yields on US bonds and German Bunds are rising again.
The Treasury Bill yield rose by 3 basis points to 2,62%, on the levels of three weeks ago.
Meanwhile, the German ten-year bond fell for the fifth session in a row and touched the lows of the last two weeks at 142,3. In just a few sessions, it left over 200 basis points on the ground, pushing the 1,68-year yield to 1,50% from the low of XNUMX% at the beginning of July.
The leap in German bonds favors a slight decrease in the differential between Btp and Bund, around 270 bp, for a yield of 4,38%. The Ctz auction is scheduled for today.
THE INDEXES
The barrier of 1.700 points of the S&P index is proving to be a tough nut to crack.
At the end of the day: Dow Jones , S&P 500 and Nasdaq .
US macroeconomic data contrasted. Good orders for durable goods, which jumped in June by 4,2% compared to the previous month, reaching 244,5 billion dollars. This is the third consecutive monthly increase but, excluding the transport sector, the result is flat.
General Motors beat forecasts, despite declining net income.
The European indices are also contrasted.
The major stock exchanges in the core area all down: London lost 0,5%, Paris 0,25% and Frankfurt 1%
Madrid, on the other hand, is up 1% also following the news that the first drop in unemployment in the last two years was recorded in the second quarter.
A mixed picture emerges from the quarterly reports of the European blue chips: the accounts of Rolls Royce and Reed Elsevier are positive, those of Bast and Abb, bottom of the Eurostoxx index, are negative.
Conversely, the Eurostoxx Banks index is up for the seventh time in a row, at its highest level since mid-June. From the lows of early July, it has jumped 16%.
Milan in the final managed to cancel almost all the losses in the afternoon, closing at -0,07%.
INSIDE BUSINESS PLACE
In Milan the banks are opposed. The banks hit by the S&P rating cut are down: d Ubi -1,5% and Bper -1%. I'm on the rise Unicredit +0,9% and Mediobanca + 2,1%.
The best title in the basket of Italian blue chips is Banca Popolare di Milano +2%. A director of the bank told Reuters that the Bank of Italy has not removed the more stringent capital requirements previously imposed to cover the risks. Via Nazionale reiterated the need to resume dialogue to change governance and move towards transformation into a joint-stock company, underlining that "the Bank of Italy will not tolerate a return to the past in the management of Bpm" , The vote, at the end of the long inspection was partially unfavourable: on a scale from 1 to 6, where 6 is the lowest level, the score was 4. But no particular criticalities emerged on the accounts.
Azimuth rises by 1,1% after the presentation of the data. Today the company signed an agreement with the partners of Augustum Opus Sim under which it will initially acquire 51% of the independent management company with offices in Milan and Perugia and assets of just over 800 million euros. It can then go up to 100% after the sixth year.
Positive funding (2,5 billion) in June for the investment fund system. It is the sixth uninterrupted month of positive flows, albeit down on the boom in May (8,7 billion).
You also shop Atlantia (+1,5%), while stm (+1%) recovers ground after two sessions of heavy achievements.
Telecom Italy +0,8%. Yesterday Agcom gave the go-ahead for the network spin-off operation. In September, the Authority will launch the coordinated analysis of the access markets, envisaged by the Electronic Communications Code.
Luxottica earn 0,4%. Net income for the second quarter amounted to 212 million (+9,4%), slightly below the expectations of 216 million. However, sales confirmed the forecasted record, going from 1,882 billion to 2,018 billion.
With a blitz on the bond market, Prada scores a 130 million private placement The operation was successfully closed today. The debt securities have a five-year maturity, a coupon of 2,75% and are intended for institutional investors. Thanks to this placement, industry experts point out, the fashion group managed to obtain financing on international markets at very advantageous rates, taking advantage of the favorable window that opened up in today's session. However, it should be remembered that at the end of 2012, the fashion company had a positive net financial position of 312,6 million euros. A company document underlines that the private placement represents a 'convenient medium-term financing for the company' and that the proceeds will be used for the activities of the company and its subsidiaries.
G tech +2,07% . According to press rumors, the company could be interested in the privatization of Turkish lotteries and the experts of Banca Imi, who confirm the buy rating with a target price of 24,7 euros per share, view these rumors positively (which are not new) but believe that it is still too early to judge.
Prysmian loses 0,9% after the French Nexans, a company that operates in its same market segment, presented its quarterly data and provided indications on the performance of the cables business.
Zignago Glass +4,6%, on which Equita Sim raised its recommendation to buy, e Damiani (+5,8%). Again Equita instead reduced the opinion on Amplifon to hold (for a tie at 3,9 euro). In the end,Maire Tecnimont the rally started in conjunction with the closing of the capital increase operation continues and w today recorded a +8,8%.
