HOLA! THE SPANISH AUCTION RECHARGES THE LISTS
BUSINESS PLACE RISES, SPREAD TO 453 BPS
The success of the auction of Spanish government bonds at 12 and 18 months, together with the rise of the German Zev index, gave new breath to the Stock Exchanges. In Milan, the Ftse/Mib index reports a rise of 1,29% to 15.088, Frankfurt marks +0,52%, Paris +0,15%.
The operation, the first after the EU summit, saw Madrid place more bonds than expected (the range was between 3,2 and 4,2 billion) equal to 4,94 billion euros. Yields dropped markedly, equal to 4,05% for the annual against 5% a month ago and 4,26% for the 18-month 'Bono' against 5,19% in the previous auction. While awaiting the auction of the Spanish Bonos, Moody's struck again: the agency cut the rating of BBVA, La Caixa and Banco Popular.
The German Zew index, based on the expectations of investors and analysts on the economy of Germany in the next 6 months moved to -53,8 from -55,2 in November, which was the lowest level in the last three years. Economists were expecting -55,8. The pressure on Italian government bonds is also easing: the yield on the ten-year BTP had grown to 6,62% in the morning, 12 basis points more than yesterday. The spread with the German Bund reached 471 basis points before falling to 453 points. After a positive start, Fondiaria-Sai fell by 1,4%, before recovering. It now trades at +0,64%.
Bank stocks are also recovering: Intesa rises by 2,7% (lost 0,2%), Unicredit +2% (against -0,7%) Banco Popolare +1,94%. MontePaschi +0,04%, Ubi -2,4% and Pop.Emilia +1,13% also fell. Bpm marks +1,12% at 0,28 euro.
Among the insurance companies, Generali rose by 1,34% and Unipol by 1,7%. Mediolanum advances by 3%, the best of the blue chips. Among the industrial companies, StM +1,4%, Tenaris +2,47% and Diasorin +3,59% recover. Fiat marks +1,33%, Fiat Industrial +1,69%. The euro strengthens against the dollar and is trading at 1,3198, from 1,318 yesterday. Oil climbs back to $98,21 a barrel, above last night's levels.
