Piazza Affari takes off after the success of the Bot auction, even if it then slips into negative territory. The Italian Treasury successfully placed 9 billion euro of six-monthly bots. Requests reached 15,2 billion euros, for a bid-to-cover equal to 1,7 times the amount offered (1,47 in the previous auction). The yield thus fell to 3,251% from 6,504% of the auction of last November 25, with a dynamic similar to that of the Spanish mid-month auction: it is the demonstration that the Draghi cure works.
Also in sharp decline Ctz rates 30-09-2011/30-09-2013, to 4,853% from 7,815% of the last auction, assigned in full for 1,73 billion against a request for almost 3,9 billion. Even before the auction on the market was registered the spread narrowing between German and Italian 500-year yields below the XNUMX bp barrier.
The index FTSE Mib gains 1,23%, at 15.107 points. The AllShare rose by around 1,19% and the MidCap by around 0,4%. Paris is also on positive ground +0,81% than the Frankfurt Dax. After the positive outcome of the auction, the market awaits the examination of thetomorrow's ten-year Btp offer.
The sudden recovery of operators' interest in Italian securities also has technical explanations: a) the settlement of the offer will take place in 2012, unlike the purchases of recent days; 2) against the bonds at auction yesterday there is the enormous liquidity (411 billion) accumulated at the ECB.
In any case, market approval could convince the Treasury to develop a different strategy: it is better to borrow at 3,5% over six months rather than 7% over 10 years, various analysts suggest. The performance of government bonds affected theperformance of the banks. Lots of moderate increases, they slowed down and subsequently recovered "on the narrowing of the spread", to then take flight after the outcome of the auction.
Great effervescence around the People of Milan +2,5%. The name of the new CEO will be announced tomorrow. Two names are at stake: Pietro Montani, ex Antonveneta, and Giuseppe Castagna, now managing the Banco di Napoli. Well MontePaschi +2,66%. Booming Understanding +3,36%. Back into positive ground too Unicredit +0,46%. Still in red instead Banco Popolare e Bper -0,5%.
Moving the managed savings, on the day when Assogestioni will communicate the data on the collection of mutual funds and portfolio management: plus sign for Mediolanum + 1,74% Azimuth +2,98% and General Bank. Breath of fresh air for the Ligrsti stable: Fondiaria-Sai+1,69% and Milan Insurance+ 0,97% Premafin +1,44%. Negative, as the European sector, Fiat -0,11%, they go back Exor+1,06% and Fiat Industrial +1,38% on the back of Daimler's excellent quarterly results.
Bright Atlantia, +1,14%: according to various newspapers, today the government should approve the measure containing the new motorway tariffs. The upward movement of continues A2A, +1,12%, now considered the aggregator pole of the energy multi-utility after the agreement with Edf for the reorganization of Edison.
