SPECULATION NOW HEADS TO BTP AND BONOS
CHINA IS SCARY. BRICK IN HIGHLIGHT IN MILAN
The effect of stimuli from Japan it died within a single day. This morning the Asian stock exchanges fell significantly: Tokyo -1,40%, Hong Kong -0,5%.
In addition to the drop in Japanese exports, concern over the state of health of the Chinese economy continues to weigh. Provisional data on manufacturing activity signal a further decline, to 47,6 points, well below the 50 level that separates growth from recession.
In this climate Premier Wen Jiabao arrives in Brussels tomorrow preceded by controversy. The press conference at the EU headquarters was canceled because Beijing claims to control the list of journalists. Jose' Barroso and Herman Van Rompuy accepted the request of the EU press to cancel the meeting.
Positive closure yesterday for the US stock exchanges: S&P climbs 0,1% , along with the Dow Jones. The Nasdaq is up 0,23%.
From Real Estate Market there are encouraging signs. The market, however, seems oriented to settle, after the summer rally, pending the electoral confrontation: since June, S&P has gained around 15%, the average price / earnings ratio of the merctao is 14,1 times the maximum since the end of 2010.
In sharp decline oil prices, dropped to 90 dollars: US stocks are much higher than expected.
In Europe, the stock markets closed in positive territory, thanks to the final rebound due to the comment by S&P on Spain. Piazza Affari rises by .15%. London +9,35%, Paris +0,54%, Frankfurt +0,59%.
For once it came from the rating agencies a breath of fresh air for the "peripherals" . Spain's sovereign credit rating is unlikely to be downgraded to non-investment grade in the foreseeable future. Standard and Poor's EMEA ratings manager Moritz Kraemer told Reuters Television. "Right now, especially with what we've seen from the ECB, the preconditions for success are somewhat higher than they were a month ago." The rating agency currently rates Spain 'BBB+', three notches above the 'junk' rating.
The comment came at the end of a very positive day in the bond market: the Italian 5-year rate returned below the XNUMX% threshold, broken for the first time in six months last Friday.
The yield of ten-year BTP it fell by 8,5 basis points to 4,93%, the lowest since March, the spread is at 334. The two-year spread stands at 203 basis points, the lowest since April. The yield on the 10-year Greek bond is below 20% for the first time since April (today -40 basis points).
In the morning the auction of two-year government bonds of Germany saw a yield of 0,06% set, above "zero" for the first time since June and in line with the secondary market. 4,084 billion were placed out of the 5 billion offered.
Contrasted closure for the banks in Piazza Affari: Unicredit loses 0,5%, Intesa is just above parity, Banco Popolare -1,8%, Popolare Milano -1,3%.
The descent of Mount Paschi -3,1%, Ubi -2,1%, Mediobanca -2,3%.
Breathe Fiat +2,56%, awaiting Saturday's meeting at Palazzo Chigi between the leaders of the group and the government team led by Prime Minister Mario Monti. In the meantime, however, the company receives S&P's warning together with the French Peugeot and Renault: the weakness of the car market leads to the need to reduce production, write the analysts of Standard & Poor' in a note on the car market 'car. Peugeot has a BB rating with a negative outlook, Fiat BB- with a stable outlook and Renault BB+ with a stable outlook. For all three, the rating agency believes that category "B" is suitable, but the negative outlook on Peugeot indicates a one in three probability of a possible downgrade next year. S&P's expectations for Fiat and Peugeot are that they will return to being positive at most in 2014. If this scenario is not achievable, the rating agency would consider a downgrade.
Luxottica +2,6% was the best blue chip thanks to the hedging start by Berenberg with a buy rating and a target of 31 euros. Yoox also stands out +3,2%. Cucinelli +2,2%. and, among industrial stocks, Ansaldo +1,7%.
Also yesterday Rcs it was suspended due to an excessive increase. Mediaset drops by 2,8%, Telecom Italia Media loses 8,8%.
Big movements in the real estate sector. Prelios soars 8% after the presentation of two offers to acquire control of the company. The candidacy of Forterss was opposed yesterday by that of the Caputi-Haggiag consortium. The offer presented by Feidos (a company chosen by Caputi) is equal to 175 million consisting of a capital increase which would be subscribed for approximately 100 million by the consortium and by the market and for another 75 million by the syndicate agreement of Prelios and by the banks who would be asked to convert a portion of the credits. Fortress' proposal, on the other hand, aims to integrate the Italian activities of the American group, Italfondiario and Torre sgr, into Prelios as well as adding new capital for around fifty million, in line with the rumors circulating on the market. The next formal step will be the examination of the two offers by the Prelios board of directors scheduled for 26 September.
The Ipi +2,56% is also on the rise, which has put the Lingotto, the historic headquarters of Fiat, up for salefor a total value of 200 million. Ipi is controlled by the Segre family who took it over in 2009 from Danilo Coppola. The sale operation could take place in several tranches: Ipi, in fact, owns two hotels inside the Lingotto (380 rooms in total), about 50 thousand square meters of offices, the famous "Bolla", the panoramic meeting room designed by Renzo Piano, the landing pad for helicopters and parking lots with almost four thousand parking spaces. .
