Weak day for Bags after the disappointing data on GDP. Growth in France and Germany is worse than expected and in the Eurozone the contraction of GDP (-0,9%) in the fourth quarter is the worst since the first quarter of 2009 (-2,8%). In Italy, GDP fell by 0,9% in the fourth quarter of 2012 compared to the previous quarter, the sixth consecutive quarterly decline, a situation that has occurred for the first time since 1992-93. "The risks to the euro area's economic outlook continue to be tilted to the downside", wrote the ECB in its February bulletin, explaining that the risks are related to the possibility of weaker than expected domestic and export demand, to a slow implementation of structural reforms in the euro area, and to the geopolitical problems and imbalances present in the main industrialized countries.
THEeuro weakens to 1,3341 (-0,83%). The Btp spread travels stable around 272 basis points. Piazza Affari loses 1%, Paris 0,61%, Frankfurt 1,3% and London 0,41%. Down in Madrid where the Bankia case holds ground: the bailout by the Spanish Bank Restructuring Fund (Frob) will lead to a collapse in the nominal value of the Iberian bank's shares to 0,01 euros according to the Expansion newspaper. Without indicating precise figures, Frob reported to the National Securities Market Commission (Cnmv) that his entry into the capital of Bankia (through the Banco Finanziero y de Ahorro matrix), will cause a significant reduction in the nominal value of the shares, yet to be defined, to absorb losses.
The EU Commission has made a new proposal for the Tobin tax with a broader scope of application of the financial transaction tax, also set to affect London. The main difference with respect to the EU proposal of September 2011 is the principle of the place of issue: financial instruments issued in the 11 participating countries will be taxed, even if they are traded across borders. The proposal includes a residence principle: if the transaction is carried out by parties residing in the 11 countries, the tax will be due regardless of where the transaction takes place. A way to counter the relocation of financial activities or tax evasion. Participating countries are France, Germany, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain, Slovakia and Estonia.
In Use the data on applications for unemployment benefits was better than expected but Wall Street was also affected by fears about the European economy: the Dow Jones and the Nasdaq moved weakly below parity. In the spotlight Heinz which was sold to a consortium formed by Warren Buffett's Berkshire Hathaway and the 3G fund for 28 billion dollars (including debt). Cisco's accounts disappoint.
Il Wti oil it rose by 0,41% to 97,39 dollars while gold lost 0,21% to 1.641 dollars an ounce. But the yellow metal is destined to remain in the desires of investors. Central bank demand for the yellow metal in 2012 was at its peak for almost half a century and the trend should continue in 2013 according to the bulletin of the World Gold Council.
In Piazza Affari they are in light among the banks Mediobanca (+ 2,62%) and bpm (+0,9%). The rest of the main institutions also penalized by a Mediobanca report which warns of the fact that some large European banks will also be forced to launch new capital increases are in red. Unicredit (-0,82%), Intesa (-1,63%) and Mps (-1,09%).
Rumors have intensified about a possible interest in BNP Paribas for Mps. Today, the French group released its 2012 figures with profits up 8,3% to 6,553 billion euros thanks to the diversification of its activities”. In the meantime, new notices of guarantee are arriving for the former general manager of Banca Monte dei Paschi Antonio Vigni and the former president Giuseppe Mussari for concurring in the obstacle to the supervisory functions of Bank of Italy. This is a new crime contested in collaboration with Gianluca Baldassarri, in relation to the concealment of the Alexandria operation contract. Mussari has received an invitation to appear before the prosecutors for tomorrow.
Also in the light Salvatore Ferragamo (+ 2,58%) and Buzzi Unicem (+ 1,45%).
He suffers Mediaset (-3,18%) after, according to Nielsen surveys, advertising revenues in 2012 in Italy fell by 14,3% year on year, falling below the 2003 billion euro threshold for the first time since 8. In the red Enel (-2,08%), A2A (-2,12%) and Fiat (-1,88%). Weak Telecom (-0,69%) penalized by a report by Berenberg, which lowered the target price from 1 to 0,82 euro and by tensions over the sale of Ti Media which, according to Repubblica, could lead to a change at the top under the pressure of the large shareholders Mediobanca, Intesa and generals. S&P has placed the rating under observation in view of a possible cut (negative creditwatch).
Among the smaller titles, biesse (+2,06%) gave the green light to the 2013-2015 plan which envisages growing consolidated revenues with an average annual growth rate of 3,8%, recovery of margins and three-year free cash flow of 48 million.
