The Tokyo Stock Exchange -0,80% allowed itself a day off this morning, after the dizzying rise from April 4th onwards. But the financial markets have now taken note of the turning point. A survey by Merrill Lynch reveals that, by 2015, the Fed and Boy will increase the planet's money supply by 30 to 60%. Already today, 20 trillion dollars created by the paper offensive of central banks are circulating on the planet in pursuit of bargains on the stock exchanges and fixed income lists. Also in Italy.
Thanks Japan. Maria Cannata, public debt director of the Treasury, underlines the effect of the purchases arriving from the Far East "on Italian bonds and French OATs". The ministry can thus get ready for the launch on Monday of the first Btp Italia of 2013 (a second offer will take place in the summer) in conditions of relative tranquillity- "There is no comparison - he told Sky's Tg Economia - compared to the situation at the end of 2011 ”.The only change is that, this time, the Treasury reserves the right to close the subscription early. "This is because this time the issue will not expire in 2016, a quiet year, but in 2017, full of more demanding maturities". “The market – she added – has reacted this time with great rationality: thanks also to the credibility gained in the last year”.
However, there remains the satisfaction of having managed to significantly lower the entire yield curve (from 3 months to 30 years) compared to the very hot period of the political elections and this without any progress being made in the direction of offering the country a credible executive.
Yesterday 4 billion euro of new BTPs with a 3-year maturity were placed with a yield of 2,29%, down from the previous auction (2,48%). Also placed 1,67 billion euros of 15-year BTPs with a yield of 4,68% from the 4,90% of the previous issue: the target of the issue was 2 billion euros, but the Treasury agreed to place a quantity lower than the forecasts in exchange for a more favorable return.
CHINA STOPPED, WALL STREET RISES DESPITE THE THUD OF PCS
Tokyo fell this morning, slight gains for Hong Kong +0,17% and Shanghai +0,1%. Attention is already focused on the Chinese GDP data which will be communicated early next week. New records for Wall with the S&P index, up by 0,36% to 1.593 points, and with the Dow Jones at 14.865 (+0,42%). The Nasdaq gains 0,07% despite the shock data on the collapse of PC sales.
After last night's dramatic PC sales data, Hewlett-Packard loses 5,7%, Intel falls 2,1%. Worldwide PC sales fell 14% in the first quarter, the largest decline since this survey, according to IDC, a specialist in market research on the ITC.
Microsoft loses 4,8%. Goldman Sachs cut the rating to "sell" from "neutral" both due to the trend of PCs but also due to the disappointing results of Windows 8. However, the positive data from the labor market thinks to push the purchases: last week the new applications for unemployment benefits were only 346 thousand, against the 360 thousand expected on average by economists.
BUSINESS SQUARE GO UP. GREAT LEAP OF MEDIASET
The Milan Stock Exchange closes up +0,6%. The London Stock Exchange rose by 0,4%, Paris +0,8%, Frankfurt +0,7. In Milan the best blue chip is Mediaset +8,4% on the maximum since February 25 thanks to rumors about a possible sale of Mediaset Premium. In the evening, the company denied its intention to sell the company. But the evidence of agreement between Sky and Alfa Romeo also supports the title, favored by the meeting between Rueprt Murdoch and the Knight.
Good rise for Telecom Italia +1,74%. After a six-hour meeting, the board mandated the chairman and three directors to negotiate a merger agreement with Hutchison Whampoa. The feeling is that the "Chinese temptation" is leaving Telco's large partners cold. The management was also given the task of "defining the feasibility path" for the separation of the network.
Among the banks, Unicredit rises by 0,9%% and Banco Popolare loses 0,4%. The best in the segment is Monte Paschi +1,8%. Insurance companies are up: Generali +1.6, Unipol +3%, Mediolanum +2%, Fondiaria Sai +3,1%. Indifferent to the negative data on PC sales, StM +3,4% rises.
Finmeccanica gains 2,5% on the effect of the news that its subsidiary Alenia is well advanced in the sale of a dozen aircraft for pilot training to Brazil. Among the utilities, Iren leapt + 6,6%.
