BTP, GOOD AUCTIONS. BUT PIAZZA AFFAIRI MISSES. TELECOM DOWN: PROFITS DOWN AND DEBT RISES
The Treasury has sold 6,25 billion Btp, the maximum amount set for today's auction. The new three-year May 2017, sold for 4 billion, was placed at a rate of 1,07% after the record low of 0,93% last month. Also sold were 2,25 billion seven-year bonds at 2,29%, 15 cents less than in the previous auction.
The auction in Spain also concluded successfully, placing 4,5 billion euros of public debt securities at 12 and 6 months, with the six-month rate falling to an all-time low of 0,362% against 0,369% in the previous auction . European equities started higher this morning, the Eurostoxx index hitting a six-year high on positive corporate results.
The exception is Piazza Affari, thanks to the disappointing data from Telecom Italia and the drop, more marked than expected, in inflation: Istat communicated that consumer prices rose by 0,5% year on year, against +0,6, 0,2% in March. Month-over-month growth is XNUMX%, confirming a deflation scenario.
The Ftse Mib index recorded a drop of 0,67% to 21.350. On positive ground Paris +0,15, Frankfurt +0,61 and London +0,18%. Madrid -0,11%. But the drop in the Zew index relating to economic expectations in Germany weighed on the stock markets, down in May to 33,1 points from 43,2 in April.
In Paris, the Airbus Group gained more than 4,5% after announcing earnings above expectations and that its latest aircraft, the A350, is "moving forward towards certification" in time for its first delivery later this year. ThyssenKrupp rises in Frankfurt to +5%: the German steel producer reported its first quarterly net profit in two years, going beyond analysts' estimates.
In Piazza Affari, instead, Telecom Italia falls -2,7%. The telephone operator announced this morning that it closed the first quarter of 2014 with revenues down by 6,2% to 5,188 billion euros, Ebitda dropped by 8,4% to 2,2 billion, net profit it rose to 222 million from 364 million in the same period a year ago. For 2014, the group sees "a further decline in the domestic market, in any case more contained than that observed in 2013", and growth in Brazil.
Unicredit slows down -0,16% thanks to the positive assessments of analysts on the quarterly. JP Morgan raised the target price to 7,8 euro from 7,2 euro and confirmed the Outperform rating; Mediobanca has included the institute among the Long stocks of its European banking portfolio in place of BnpParibas.
The Cariverona Foundations (3,498% from the previous 3,527%) and Carimonte (2,209% against 2,263%) have limited their stake in the bank. The stake of the top three shareholders remained unchanged: BlackRock Inc. at 5,238%, Aabar Luxembourg SARL at 5,081%, PGFF Luxembourg SARL (Pamplona) at 4,877%.
The performance of the credit sector varies: MontePaschi +0,75%, Mediobanca +0,25%. Intesa -1,59%, Ubi -0,61%.
In great evidence Banca Popolare di Milano +2,74%. Among industrialists, Prysmian shines +2,61%. Berenberg upgraded the rating to Buy from Hold. Finmeccanica +0,42%, Fiat -1,47%.
After the results, Brunello Cucinelli advances +2,8%. De Longhi, on the other hand, slips -4% despite better than expected results due to the cut to 'neutral' from 'outperform' by Mediobanca Securities. The stock has gained more than 40% since the beginning of the year.
