US EMPLOYMENT PUSHES DOLLAR, OIL UP. THE BTP JOINS THE SPANISH BONO, THE BANKS GOOD
The European stock exchanges closed weakly, without reacting to the new rise in oil prices (Brent +2,6% to 58,05 dollars a barrel). In Milan, the FtseMib fell by -0,28% to 20.761. Paris -0,20%, Frankfurt -0,54% and London -0,18% are also down, only Madrid registers an increase of 0,31%. Sales continue in Athens -2%.
Still under pressure the banks of which, after the ECB has closed the taps of funding, Goldman Sachs has lowered the rating. Alpha Bank lost 11,7%, National Bank of Greece 11,4%, Eurobank Ergasias 9,4%. The stock markets of the Old Continent are now tuned in to the next meeting of the Eurogroup scheduled for Wednesday, which will probably be decisive for the decisions to be taken on Greece. For the occasion, Athens will ask for a "bridge agreement" until the presentation of an overall plan on reforms and debt.
The most significant and happy indications of the day come from the US economy: unemployment stood at 6,6% in January, slightly better than the expected 6,7% and in line with the December figure. Nonfarm payrolls grew by 257, better than the estimated 228. The traded dollar recovered positions at 1,134, back below the 1,14 threshold. Wall Street lists were positive: Dow Jones +0,25%, Nasdaq +0,37%. The spread on Italian BTPs is stable at 120 with the German ten-year bond.
The 8-year bond almost eliminated the yield differential with the Spanish Bonos at 1 basis points, reaching the lows it had recorded in June. Among the brightest stocks Finmeccanica repeats +2010% and new highs since May 1,3 after nine consecutive upward sessions. Mauro Moretti said that the company is interested in acquiring Avio Space, the space launcher company controlled by the British fund Cinven. Also in evidence FinecoBank +5%, for the first time since the 392 euro quotation. In January, it recorded total net inflows of €56 million, an increase of 2014% over the same month in XNUMX.
The banks are lively, after the confirmations of the Minister of Economy Piercarlo Padoan on the bad bank project. This morning in a report on the banking sector, Morgan Stanley expressed a positive opinion on the project and on the reforms of the Popolari. Intesa Sanpaolo unchanged, Unicredit gains 0,5% pending quarterly accounts. Morgan Stanley cut the target price on Monte dei Paschi to 0,4 euro from 0,9, confirming the Underweight rating. But the title rises by 2,9%. Ubi -0,5%, Morgan Stanley has raised its target to 6,5 euros from 6,3, confirming the Underweight rating.
The other Popolari are on positive ground: B. Pop. Milan +2%, B. Popolare +1% and Pop. Emilia +2,8%. Final in the name of realizations (and profit taking) for Luxottica -2,3%, Autogrill -1,8% and FCA -1,3%. The losses for Telecom Italia are heavier -2% which, after the withdrawal of Findim from the capital, also discounts the uncertainties on the Brazilian match and on Metroweb. Saipem still positive +0,3% but far from the highs reached in the morning after the news of the orders for 1,8 billion from Kashagan. Eni and Tenaris closed down 0,8%. Out of the main price list new leap of Aedes +30%; Moleskine +7,5% after the good preliminary results in 2014.
