APPLE EFFECT ON BAGS
IN MILAN, THE RISE WILL ACCELERATE
The effect of Apple, which presented the most positive quarterly in its history, has infected the European lists. Furthermore, on the eve of the European summit on aid to Greece, the question of the budget ceiling was resolved in the US, thanks to a "bipartisan" proposal. Hence a morning of increases that took shape as the hours went by. The Milan Stock Exchange, at 12, recorded a rise of 30% with the Ftse/Mib index at 2,2. The European stock exchanges remain on the ground in a climate of general improvement on the European financial markets. Paris gains 18.629%, London +1,44%, Frankfurt +0,7%, Madrid over 0,3%.
THE SPREAD WITH THE BUND BELOW 290
THE BTP RELEASES THE SPANISH BONO AGAIN
In anticipation of tomorrow's extraordinary summit between the heads of state and government of the EU, the ten-year BTP improves further with the yield falling by 11 basis points to 5,61%. The spread with the German Bund narrowed to 289 basis points (yesterday morning it was 330). A similar improvement can be seen on the Spanish government bond, the Bono, whose yield drops by 8 basis points to 5,98%.
Confidence in the "Italian system" returns also in relative terms compared to the peripheral ones, the spread between Spain and Italy has widened to 36 basis points in favor of the BTPs, from 23 last week. The auction of Portuguese securities has just concluded with a positive outcome: 450 million 3-month bonds were placed with a yield of 4,982%, up from the previous 4,926%, requests equal to 2,4 times the offer. 300 million 6-month bonds were also placed with a yield of 4,96%, in line with the 4,954% of the previous auction, requested 3,7 times. The euro appreciates both against the dollar (1,422) and against the Swiss franc (1,168). The greater appetite for risk leads to profit taking on gold (-0,3% to $1.585) and silver (-1% to $38,7).
THE REBOUND OF BANKS CONTINUES THROUGHOUT EUROPE
FONSAI RISES FROM THE LOWS. ON AUGUST 2 UNICREDIT IN THE BOD
Among the best sectors in Europe are banks (Stoxx of the sector +2,5%) and insurance (+1,3%). Among the banks, Unicredit rose by 3,4%, Popolare di Milano by 3,6 and Intesa by 3,3. Fondiaria Sai, with a loss of 1,73 euros, a new historic low, recovered up to 1,91 amid intense exchanges. Today Corriere della Sera reports that Salvatore Ligresti will be heard by the Prosecutor Luigi Orsi who is investigating the crime of obstructing Consob and tomorrow instead the company's board of directors will meet to respond to Isvap's findings. The newspaper also anticipates that on 2 August there will be the entry into the board of directors of the company of the three representatives of Unicredit, the bank that entered the capital with the recent recapitalization and which now holds 6,6%.
FIAT IN THE STARS THANKS TO THE GOLDMAN BUY
MEDIASET RECOVERY THANKS TO DMT TOWERS
But the star of the morning is Fiat which rises by 4,36% driven by the new buy recommendation from Goldman Sachs (target price 12,9 euros). Meanwhile, the parent company Exor gains 2,5%, Fiat Industrial rises by 1,7%. The American investment bank underlines as a positive fact that soon Fiat and its subsidiary Chrysler will be led by a single top management team, as announced by the managing director Sergio Marchionne. Another reason of interest are the group's restructuring plans which, according to Goldman Sachs, will probably lead to the separation and valorisation of some assets such as Ferrari-Maserati and the component business owned by Magneti Marelli. Since the beginning of the year, Fiat has risen on the Stock Exchange by 5,5%, a performance equal to half that of the European Stoxx index for the auto sector (+10,9%). Volkswagen gained 24%, BMW climbed 22%.
The other industrial stocks were not brilliant: Finmeccanica +0,8%, Prysmian +0,4%, Stm unchanged. For the second day in a row, Mediaset advances (+2,6%) thanks to Ubs which has raised its judgment to buy and to the anticipations on the next purchase of the Dmt towers. The rise in oil (Wti at 98,6 dollars a barrel, +1,1%) supports Eni +0,8%, Saipem +0,8% and Tenaris +0,8%. Among the luxury stocks, Tod's grows by 2,59%, Ferragamo is even better +4,8%. Numerous increases worthy of note among medium-small companies. Kerself rises by 7% after the go-ahead of the shareholders' meeting for the capital increase. Danieli gains 2,1%, Fiera Milano also does well +1,1%. The march of Poltrona Frau continues +1,7%, protagonist of a strong increase yesterday.
