THE CAR ENGAGES INTO SIXTH. FIAT +4%. MILAN +0,38%
BUY BACK AIR, IMPREGILO FORGET PONZELLINI
Blessed be China. The well-founded hope that the Land of the Dragon is close to relaunching the car industry with incentives has given wings to the automotive sector in Europe (Stoxx +2,7%), offsetting, at least for one day, the shadow of the misfortunes of Greece and, above all, of Spain.
Thanks to the four wheels, the European Stock Exchanges, with the exception of the Madrid Stock Exchange -2,25%, have taken the road to the upside. A Milan the FtseMib index rises by 0,38% to 13.107, London gains 0,71%, the more robust the increases by Paris +1,38% and Frankfurt + 1,16%. In Europe, the German four-wheeled battleships are regaining altitude: Volkswagen + 3,9% bmw +2,6% and Daimler + 2,5%. It does even better in Milan Fiat +3,97% followed by Fiat Industrial +2,67% and Pirelli +3,37%. Also prominently featured Exor +5,16%, yesterday at the meeting. John Philipp Elkan, in addition to confirming that Lingotto will revise downwards the 2012 targets for the car (targets in the Americas and Asia confirmed) also announced that Exor is also studying the conversion of savings shares in the finance company, along the lines of what has already been done by Fiat.
Wall Street took care of accelerating the positive trend in the afternoon: in New York the Dow Jones salt of 1,1%, S&P + 0,9% Nasdaq + 1,4%. In America, the two important data expected today gave diametrically opposite indications: positive trend of house prices, which fell by 2,5% in March, the most modest contraction since 2010.consumer confidence index, which collapsed to 64,9 from 68,7 the previous month: economists were expecting the index to reach 70.
There are, of course, the negative notes coming from Madrid. According to sources quoted by Reuters, the Madrid government will recapitalize Bankia, the bank in difficulty born from the merger of seven savings banks, with the issue of new government bonds to be placed on the market. The hypothesis of directly injecting Bonos into Bankia would have been rejected.
Concern about Spain's stability weighs on the secondary market. Investors are racing to buy the Bund. German 1,34-year yields hit a new all-time low at 3,4%. Those of the are up by XNUMX basis points Spanish bonuses at 6,45%. The Spain/Germany spread, which yesterday had risen to 513 basis points, the maximum in the 13 years of the euro's life, fell back to 500 in the early stages of the stock market and then widened again towards the end of the morning, at this moment it is at 510.
I BTP for the moment they remain out of the storm with yields in line with last night's close at 5,7% and the spread at 437 basis points from 435 yesterday evening.
This morning closed successfully for the Bot auction in six months. The Treasury placed 8,5 billion euros against a demand of 13,6 billion with a yield of 2,10%, up from 1,7% at the end of April and 1,84% of the secondary market.
The euro is stable at 1,254 against the dollar.
He holds court in Piazza Affari the arrest of Massimo Ponzellini. In truth, Impregilo +6,93%, of which Ponzellini is still president, seems to be in excellent health: the market is sniffing the air buy back to strengthen positions before the July duel between Gavio and Salini. Who pays the penalty for the Atlantis operation is Banca Popolare di Milano, already chaired by Ponzellini until a few months ago. The Bpm title it closed at -3,84% after falling to -12% despite the note from piazza Meda which states that "at the moment and according to the information available, Bpm believes that the B-Plus affair has no economic repercussions on the bank" . The credit institution, also on the advice of Consob, made it known that it "promptly took action by providing maximum collaboration to the judicial authority for the purpose of correctly ascertaining the facts in question with respect to which the bank itself is the offended party" . The other banks in Piazza Affari are weak: Unicredit drops by 1,44%, Intesa -0,59%, MontePaschi -2,23%. In the financial services sector, sharp rise in Azimut +4,21%.
Oil is catching up with US WTI crude at 91,6 dollars per barrel (+0,9%). Saipem +3,22% and Tenaris +2,75% benefit from this. Eni unchanged.
Positive luxury stocks: Luxottica + 4,08% Tod’s +3,38% and sapphire +5,4%. Stands out in the utilities sector reduction of A2a -4,93%. The entrance of the Italian Development Fund in Metroweb weighs on Telecom Italy -2,93%.
