Better-than-expected US consumer confidence eases pressure on price lists. On Wall Street, after a red start, the stocks reversed course and at the close of the European markets, the Dow Jones rose by 0,46% and the Nasdaq by 0,99%. JP Morgan collapses (-7,7%) which weighs down the entire banking sector. In Europe, the stock markets, which had widened the losses in anticipation of the opening of Wall Street and after the US data on producer prices, regained share in the wake of Wall Street and closed with a positive result: Milan +0,29%, Frankfurt +0,95 .0,57%%, London +0,01%, while Paris stops close to parity, at -0,71%. In the red Madrid at -1,2935%. The euro is down slightly against the dollar to 400, while the Btp-Bund spread manages to return just below the 5,50 level with a yield of 406% after a peak during the day at 3. The bot auction today at 12 and XNUMX months.
The Bonos-Bund spread instead remains at 446 points and Madrid closes at -0,7%. Today the Spanish government, as expected, announced the new increase in the provisions required from the country's banking sector in order to protect their exposure to the real estate sector by around 30 billion euros and the provisions will be concentrated mainly on assets currently considered as "not at risk" but which threaten to become so .
JANSON (CENTRAL BANK OF SWEDEN), CENTRAL BANKER DISCUSSED THE HYPOTHESIS THAT GREECE EXITS THE EURO WOULD NOT BE PAINLESS
The trading day was characterized by great volatility: there are too many uncertainties on the table. In the foreground, the evolution of the Greek political crisis: under pressure from the EU, which demands compliance with the commitments for the disbursement of aid and ensures that otherwise Europe will be able to manage Greece's exit from the euro without problems ( an eventuality that more and more observers deem probable, the Greek political forces are trying to find an agreement for a government of national unity.The meeting between Pasok, Evanghelos Venizelos, and the leader of the coalition of the Left (Syriza), Alexis Tsipras, it was postponed this evening to 19 pm. The fear of new elections could push parties, reports the Greek press, to a positive result during the meeting of party leaders under the presidency of the head of state Karolos Papoulias which could take place between Sunday 13 and Monday 14 Meanwhile, rumors are multiplying about plans B for a Greek exit from the Euro, which Germany assures can occur without problems for the Eurozone. For Jansson, deputy governor of the Riksbank, the Swedish central bank confirmed that European central bankers "have discussed" the hypothesis that Greece leaves the euro and its consequences, adding that "I would be very careful to hypothesize that you are dealing with a painless process without consequences”.
CHINA SLOWS DOWN, YELLOW ON THE ADDITIONAL MANEUVER FOR ITALY
There's more: China released worse-than-expected industrial production data at its lowest since 2009 and India's industrial production slowed by 3,4% in March compared to the same month of 2011, also confirming the slowdown of the Indian economy, the EU cut its GDP estimates for Italy (in addition to confirming the cut for the Eurozone in February), and a little mystery was consumed on the the need for Italy to resort to an additional maneuver to balance the budget, an interpretation which was later denied at European level.
HEAVY BANKS, BUT MEDIASET IS THE WORST
INTESA, GUZZETTI EXCLUDES THE ACQUISITION OF MPS
In Piazza Affari at the bottom of the Ftse Mib Mediaset (-2,83%) is confirmed, which is still affected by the quarterly accounts published during the week. Atlantia was also among the worst at -1,58%, while Telecom Italia lost 1,01% after Telefonica wrote down its stake by 337 million euros in the first quarter. After the rally, Telecom Italia media also took advantage, at -3,99%. But the banking sector is also weighing down the main index in Milan, with the main institutions closing the session in the red: Unicredit -1,06% Mps -1,19%, Bper -1,71% and Intesa -1,47, XNUMX%. Today Giuseppe Guzzetti, president of the Cariplo Foundation, once again ruled out the possibility of an acquisition of Mps. But the CEO Enrico Cucchiani also intervened on the listing project for Fideuram, which “is a structure with good profitability and low capital absorption. It is quite clear that it is in our interest to keep it within the perimeter”. The pressure on Tenaris is reduced, -0,94%, ballasted during the day by the crash of Vallourec, French competitor that released a weak quarter, halving its estimates on revenue growth in 2012. Always in evidence on the Ftse Mib A2A (+5,90%), Fiat (+4,11%) and Fiat Industrial (+2,59%), Pirelli (+4,34%) and Diasorin (+3,25% ).
GENERALI QUARTER ABOVE EXPECTATIONS, BOND ISSUE ANNOUNCEMENT
RALLY FOR THE FONSAI GALAXY WAITING FOR THE CONSOB VERDICT ON THE TAKEOVER OFFER
Generali closes at -1,04% after first quarter results which turned out to be above expectations. The general manager Agrusti then confirmed the profit target of 1,8 billion by the end of the year and announced that the group is operating in these days for the purposes of a bond issue in view of the refinancing of bonds maturing in July for 750 million and "the authorization given by advice is higher than what is strictly necessary for reimbursement".
Fonsai rose by 19,89% (savings also rallied +12,70%) following the quarterly accounts which highlighted the company's return to profit. Premafin limits gains to +2,85% and Milan to +7,48%, on market expectations for a mandatory takeover bid on the Fonsai subsidiary. Consob should soon resolve the question on the mandatory takeover bid posed by Unipol. By now the node on share swaps also seems close to a solution which should provide for a ratio that brings Unipol to 62% of the new entity, i.e. halfway between the maximum valuation of Fondiaria (54-59%) and the minimum of the Bolognese company (64-70%). But Fonsai's board took the time to evaluate the other offer on the plate, the new proposal from Sator and Palladio Finanziaria, reserving the right to evaluate it at a subsequent meeting which should be held in the early days of next week. Meanwhile, the declarations of Unicredit CEO Federico Ghizzoni arrived: il Unicredit's board of directors "has not yet taken a decision on the possible pro-rata subscription of the Fonsai capital increase", he said, adding that with regard to the proposed merger of Fonsai and Premafin with Unipol, UniCredit's stake would be diluted, but the dilution cannot be estimated to date because the exchange negotiations are still ongoing.
