Still rising spread and falling stock market. Italy's political certainties are not letting up and today they are also placing a flag on the awaited auction of 3- and 15-year BTPs: the Treasury has placed 5,323 billion euro of debt, against a maximum target of 5,5 billion, but had to offer higher rates. The yield on the 2015 BTP rose to 2,48% from 2,30% a month ago while the average yield on the 2028 BTP rose to 4,90% from 4,805% in February, without, however, breaking through the 5% threshold. The Btp-bund spread reacts, bringing the gap with the Spanish bonos to just 3 basis points to the new lows since March during the day, while Spain has already been overtaken on the thirty-year debt. In closing, tensions eased and after a peak at 326 points, the spread closed below 320.
Milan is ko -1,74% with the collapse of Enel and the red of the banks on the tensions of the spread, worst among the main European squares: London -0,45%, Madrid -0,40%, Paris -0,10%, Frankfurt +0,6%. Athens, on the other hand, closed sharply up (+3,9%).
New setback for the EU budget: the European Parliament has rejected the EU agreement on budget 2014-2020 asking for changes. The resolution (506 yes against 161 no and 23 abstentions) rejects the February 8 agreement between the heads of state and government because the EU budget "in its current form does not reflect the priorities and concerns expressed" by the deputies. Ireland has sold its first bond, a 2010-year bond, since its XNUMX bailout and strong demand has also prompted an increase in the amount.
The OECD has released preliminary data on growth for the fourth quarter of 2012: the GDP of the G20 countries grew by 0,5% in the quarter (+0,6% in the previous three months) and by 2,4% on a trend basis (2,7%). Despite the positive sign, the OECD specified, divergent trends persist among the major world economies. Among the G7 countries, all the European member countries experienced a contraction in the last part of 2012 (between -0,9% in Italy and -0,6% in Germany and -0,3% in France and Great Britain Brittany). The other G7 countries recorded a stable (like Japan and the USA) and positive (Canada +0,2%) trend. In bullish phase India, Mexico, Korea, Brazil and South Africa while stable Australia, Indonesia and China. On a trend basis, the positive performance of 2,4% of the entire G20 area should be noted, with China leading the way (+7,9%) and Italy bringing up the rear with the worst contraction (-2,8 .XNUMX%).
Markets benefit from the positives macro data coming from the USA: retail sales +1,1% in February, beyond expected. A leap driven by expensive petrol, but increases were also seen in food stores and car dealerships, sales in restaurants and furniture stores fell. The dollar strengthens after data and the euro-dollar exchange rate drops to 1,2958 (-0,5%). On Wall Street, the Dow Jones is weak below parity -0,09% and the Nasdaq (-0,18%). Wall Mart goes up after the data on retail sales.
Piazza Affari is dragged down by Enel's blackout -5,98% which announced a profit of 865 million after writedowns of 2,5 billion euros and the reduction of the targets of the plan. But at the bottom of the Ftse Mib there are the banks with Ubi -6,38% in the wake of the 2012 accounts which have nonetheless indicated a return to profit. "Despite the rejection by the market, today I increased my stake in Ubi B. by purchasing 30 shares," said CEO Victor Massiah who increased his stake by 10%. Banco Popolare (-5,45%), and Bpm (-4,2%). Mediobanca countercurrent +0,55%. Down Mediaset -4,22%.
In the light of Lottomatica +2,7% after the results (2012 net profit +34,7%), and again Saipem +2,58% after yesterday's jump. The stock benefits today from a positive report from Societe Generale, which brought the target price to 27 euros from the previous 25 euros, confirming the buy recommendation. Luxottica's luxury did well +1,39%, Ferragamo -2,7% in the red after BofA-ML reduced its recommendation.
Terna drops 0,38% after Fitch downgrades Terna's long-term debt rating from A to A-, with a negative outlook, and that on short-term debt from F1 to F2. The cut reflects analysts' expectation that a larger-than-expected short-term increase in leverage and that long-term deleveraging is more uncertain.
Telecoms (-3,2%) closed the placement of the hybrid bond launched today with an order book of 3,4 billion euros from over 300 financial institutions. At the end of the operation, the telecommunications group issued bonds for 750 million euros with a yield set at 7,875%, in the lower part of the forecast range which was precisely between 7,875% and 8%.
Among the minor titles going against the trend Ascopiave +2,67% which announced in the morning that it had signed a letter of intent with the Eni group for a partnership aimed at the joint development of the gas and electricity marketing activity on the residential market and small and medium-sized enterprises, with a territorial scope focused on the Triveneto.
