THE FED DOES NOT EXCITE THE MARKETS. WALL STREET FLAT. CONTINUE THE RUN. NEW AUCTIONS IN SPAIN TODAY
Glass half empty or half full? The markets reacted with a good deal of uncertainty to the measures announced by the Fed. The Tokyo Stock Exchange rose by 0,80%, but the wait for today's meeting of the Bank of Japan plays a decisive role, which could kick off a robust fiscal stimulus. However, Hong Kong is down - 0,93%.
Wall Street, on the other hand, closed flat after swinging in two directions: Dow Jones -0,10%, S&P-0,17%, Nasdaq +0.02%. Even more significant was the drop in raw materials, confirming that the appointment with the recovery has been postponed for (quite a few) months.
The central bank confirms the strategy of exceptionally low rates, extends the Twist operation, committing to buy long-term bonds on the market for 267 billion dollars against the sale of short-term bonds for the same amount but does not give comforting indications on recovery. Unemployment will not fall below 8 percent, growth will continue at a "moderate pace" also because, Bernanke underlines, Europe is scary: "We must be ready to face new turmoil and to protect the American economy".
And the euro? Slightly down to 1,2672. But the fate of the single currency, as we know, is played out on other playing fields than in Washington. Meanwhile, an auction of high-voltage bonds will be held this morning: Spain is back on the field with two-, three- and five-year issues.
In the meantime, the long-distance confrontation between France and Germany on the Monti proposal continues: use the fund to save Stat EFSF or the ESM (equipped with a banking license) to cool the spread between the BTPs, the Spanish Bonos and the German Bund.
"No concrete project" is under discussion, German Chancellor Angela Merkel said yesterday during a joint press conference with Dutch Prime Minister Mark Rutte. "The purchase of sovereign bonds directly by the state-saving funds - she added - is only one of the options available" as long as the role of "independent controller of the ECB" is safeguarded.
At the same time, an interview with Frenchman Benoit Coeuré, a member of the ECB directorate, appeared in the Financial Times online: "The rapid use of European funds on the open market is the best solution" declared the French banker who also announced that " it is probable” that the next meeting in Frankfurt will deal with the fall in rates.
In short, the situation remains confused but Piazza Affari believes that something will be done this time. Yesterday we witnessed a collective rebound of banks and industrial companies from the low prices of the list. Among the hottest, Mediobanca +6,27%e Finmeccanica + 6,87%. Mediolanum +6,7% has been suspended due to excessive increases. Also on the rise Mediaset +4%. It's another very lively day for Telecom Italy +4,2%. They gallop Banco Popolare + 5,84% Mount Paschi +5,89%, B. Pop. Emilia-Romagna +6,35%. Unicredit + 2,55% Ubi + 3,75%. Fiat scores +5,14%.
On the insurance front, the conditional go-ahead from the Antitrust for the Unipol-Premafin transaction should be noted. The integration between the two groups can be authorized if the ties with Mediobanca (which controls Generali) are dissolved and the dominant position in the non-life markets (in particular for motor liability policies) at a national level will be reduced with the sale of assets and, as regards the distribution of policies, in 93 provinces.
The meeting of the RCS Mediagroup syndicate pact will be held on Thursday 28 June. The entry of the new managing director, Pietro Scott Jovane, scheduled for July 2, is being examined by the parties. But also an opportunity to examine the performance of the group's management, in the light of the latest data on advertising revenues, which recovered in June both in Italy and in Spain thanks to the European soccer championships and the state of the negotiations for the sale of Flammarion .
No dividends for Silvio Berlusconi and his children. For the second consecutive year, Fininvest, the family holding company which owns Mediaset, Mediolanum and Mondadori, will not pay coupons to shareholders. The company closed 2011 with a net profit falling to 7,5 million euro from 160,1 million last year.
The Cassation annulled the acquittals granted to Gianluigi Gabetti and Franzo Grande Stevens in the context of the Ifil-Exor trial for information rigging. In particular, the Fifth Criminal Section, accepting the appeal of the Turin Prosecutor's Office, the General Prosecutor's Office and Consob against Gabetti, Grande Stevens, Ifil Investments and Giovanni Agnelli Sapaz, ordered a referral to the Court of Appeal of Turin for the second instance judgment.
