TOKYO STARTS AGAIN. CHINA SLOWS DOWN GROWTH. BAGS OK. TREASURY AUCTIONS UNDERWAY TODAY
After the long weekend of bank holiday of Wall Street and the City, which severely limited activity on the other markets, this morning it is back to full activity. Appointment of the day: the trend of consumer confidence in the USA and in France.
The Tokyo Stock Exchange has come to a halt. This morning the Nikkei index rose by 1,3% on the wave of the decline in the yen. The shares of major exporters bounced, starting with Toyota +4,1%. The path of the Hong Kong Stock Exchange is more cautious +0,2%.
But the real news from China comes from Berlin. Premier Li Kequiang, on a visit to Germany, revealed that the country's growth target over the next ten years will be 7 percent, far below the average increase of 10 percent that marked the first decade of the century .
Even if slowing down, China remains the first customer to be respected and cajoled for the made in Germany. Yesterday Berlin offered an example of its priorities with respect to the EU; Economy Minister Philip Roessler has assured Chinese premier Li Kequiang that he will veto the sanctions by Brussels against the dumping of solar panels from Beijing, whatever the outcome of the community investigation.
THANKS TO LINGOTTO, THE QUEEN OF EUROPE
Will Fiat's +4,4% race continue today? Yesterday it was the Lingotto stock that drove the stock price list on Piazza Affari in the wake of rumors of an upcoming agreement with the US trade union to increase Chrysler's share to 100%. Fiat has been negotiating for months on the price of Chrysler shares (41%) owned by Veba, a health fund for employees and pensioners.
Together with Fiat they also climbed Fiat Industrial +1,1% ed Exor, the Agnelli holding, up 3,8%. Sergio Marchionne will meet the Minister for Economic Development Flavio Zanonato this week.
Milan's FtseMib index rose 1,5% with widespread and sizeable gains for all blue chips. The Paris Stock Exchange and the Frankfurt Stock Exchange rose by 0,9%, Madrid +1,2%. In Piazza Affari yesterday was the day of detachment of the dividend for a dozen stocks.
GERMAN BUNDS AT 12 MONTHS WITH ALMOST ZERO YIELD
Treasury auctions are scheduled at the end of the month: 18 billion in three days starting today, with the offer of Ctz (2-2,5 billion) and Btp-I (0,5 billion).
On the government bond market, the BTP recovered well, traded in the evening at a yield of 4,04% with a spread of 258, down by 11 basis points. It is the promotion effect that drives peripheral bonds. Similar earnings for the Spanish bonos.
Yields on 1-year German Bunds are approaching zero. Yesterday 2,13 billion were placed at a yield of 0,0011% (0,0018% at the April auction). Despite the slight yield, the market made requests for 4,94 billion or 2,3 times the proposal, an increase compared to the previous 1,8.
On the eve, meanwhile, Germany offered another example of its conception of unity of purpose within the EU. Yesterday, Economy Minister Philip Roessler assured Chinese Premier Li Kequiang that Berlin will veto Brussels' sanctions against the dumping of solar panels from Beijing, whatever the outcome of the investigation.
BLACK SMOKE FOR RCS, ROSNEFT TAKEOVER OFFER FOR SARAS
The syndicate agreement Rcs Media Group it decided 'to postpone the appointment of the new chairman of management to one of the next meetings'. This is what a note released by the group reads, adding only that the shareholders unanimously resolved to propose to the assembly on Thursday 30 May the reduction of the number of board members to 9 members and to confirm Laura Mengoni, co-opted during the year. The office of president, according to what is stated in article 12 of the statute of the RCS Pact, belongs to the most senior of the shareholders who in this case is Francesco Merloni, acting as president.
Among other industrial stocks, Finmeccanica gained 2,2%, StM + 1,3% Prysmian + 1,2% Ansaldo sts +1,6%. Banks have risen in Piazza Affari: Unicredit + 2%Understanding + 1,5% MontePaschi + 1,7% Banco Popolare + 2% Ubi + 2%.
Four places up for grabs and four candidates, divided into three lists. This is the situation on the eve of the summit to integrate the supervisory board of Banca Popolare di Milano. Employees and retired shareholders indicated Giacinto Sarubbi, university professor and mayor of Anima sgr, and Flavia Minutillo, former mayor of Akros Alternative Investments sgr. The Non-Employee Members Committee nominated Roberto Fusilli, former director of Bpm in the past. The last list in the running is the one presented by Andrea C. Bonomi's Investindustrial which will do so by virtue of the possession of at least 0,5% of the capital (and not with the signature of 300 shareholders).
The asset management sector is brilliant. Azimuth + 0,8% Mediolanum +3,3%. Among the insurance Generali rose by 1,6%, Fondiaria-Leaves +1,1%. Among the utilities, a strong increase of Enel +2,3%, accompanied by A2A + 3,5%. Telecom Italy rose by 0,5%. leap of Mediaset + 3,9%.
Oil is down with Brent trading at 102,4 dollars a barrel (-0,2%) and Wti at 93,6 dollars (-0,5%). Nonetheless Eni it gained 1,6%.
The takeover bid for 7,3% of Rosneft on Saras starts this morning, +4,95% at 1,12 euros. At the end of the operation, the Russian giant will control 21% of the company while the Moratti family will drop to 50,2%. The offer, 1,37 euros per share, will last until June 14, and concerns 69,3 million shares.
It stands out among the luxury stocks Ferragamo, up 3,1% after the interview of the president Ferruccio Ferragamo with the French newspaper The echoes, in which he announces his intention to strengthen his presence in the USA.
