THE BTP DROP AT AUCTION TO 2,39%, HOLDING THE STOCK BACK. LIKE THE TELECOM CHALLENGE, FLY CUCINELLI
The Treasury also filled up at the auction of 5- and 10-year government bonds. The 5-year BTPs (amounting to 2,5 billion) were placed at a yield of 1,10% against the previous 1,20% in July. The 4 billion of the new ten-year terms, expiring in December 2024, were assigned to 2,39% from the previous 2,6%. Finally, 1,5 billion Ccteu were assigned to 1,16%. After the auction, however, the spread between the BTP and the Bund rose again to over 150 points, the 2,41-year yield now fluctuates around 127%. The differential of Spain marks 2,17 bp, the yield is equal to XNUMX%.
The euro is on the second consecutive day of appreciation against the dollar after hitting an 11-month low on Tuesday, the cross is 1,321 from 1,319 at yesterday's close. The Milan Stock Exchange is down after three consecutive sessions, the FtseMib index loses 0,9%. In the first three days of the week, the reference index of Piazza Affari gained 4,5%. The other European markets also fell, held back by the words of Wolfgang Schaeuble who denied an imminent easing of the ECB's monetary policy. The London Stock Exchange is down by 0,2%, Paris -0,5%, Frankfurt -0,8% and Madrid -0,6%. The Moscow Stock Exchange also lost 2% following the accusations leveled last night by Kiev against Moscow: Russian troops allegedly took possession of a town on the border between the two countries.
Telecom Italia is on positive ground +0,17% awaiting Vivendi's board of directors.
This morning the company announced that it had officially presented the offer to acquire the subsidiary of the French group in Brazil, Gvt, valued at 7 billion euros. The proposal provides for a payment with newly issued Telecom Italia shares, such that at the end of the operation Vivendi would become the first shareholder of Telecom Italia with 20%. But Telefonica stands in the way of Telecom Italia, which this morning relaunched its offer for Gvt, raising it to 7,4 billion euros from 6,70. Marco Fossati, a 5% shareholder of Telecom Italia, said he was ready to support the offer approved by the board of directors. Mediaset drops by 1,3%.
Banks are down, in particular Ubi Banca -2%, Banca Popolare dell'Emilia Romagna -1,8% and Banco Popolare -2,1%. Unicredit -1,3%, MontePaschi -1,2%, Intesa -1,7%. Also down were Fiat -1%, Finmeccanica -0,4%. StM unchanged. Treasury sales are approaching, Enel down -1,3% and Eni -0,7%. In great evidence Brunello Cucinelli +3%, on the wave of the final figures for the half year and the positive indications on 2014 and 2015. Ferragamo +0,1%, Profit taking on Yoox -2%.
