PLACE OF BUSINESS THROUGH THE STARS, RECORD AUCTION FOR THE TREASURE
USA, MOODY'S PROMOTES BANKS. FLY THE BRICK
La Milan Stock Exchange goes into orbit thanks to two formidable propellants: Italy's falling cost of borrowing and a series of formidable US macroeconomic data. To complete the triumph, the news that Moody's has raised its outlook for the US banking system: the crisis is receding, at least on the other side of the Atlantic.
The index FtseMib of Piazza Affari rises by 2,1% to 17.519.
Positive, but less brilliant, the Eurozone Stock Exchanges: Paris +1,61% and Frankfurt + 1,32%. London + 1.83%.
It went very well the Ctz auction this morning, the Treasury placed the 2,5 billion bonds maturing December 2014 at 1,113% from 1,16% at the end of April, a new low since the introduction of the euro. Yesterday the secondary market expressed a yield of around 1,28%.
Meanwhile, salt in Europe the risk appetite: the yield on the German Bund rises by three points to 1,48%, on the levels of two months ago. The Btp Bund spread drops by 5 basis points to 253 basis points. The yield on the 10-year BTP is 4,02% (-2 basis points).
Wall Street opened the first session of the week with a sharp rise with investors toasting the jump in house prices in March: on an annual basis it was the largest since April 2006, a sign of an economy in great turmoil. The data on consumer confidence was also very positive, better than the already positive expectations.
Il Dow Jones advances by 1,19%, the Nasdaq +1,34%, the S&P 500 registers + 1,13%, at 1.668.
Among the individual stocks, the luxury group Tiffany & Co TIF.N jumped by almost 5% thanks to higher-than-expected earnings and revenues.
Big shot of Valeant Pharmaceuticals which announced the purchase of Bausch + Lomb Holdings for $8.7 billion in cash. Vealnt stock had already shot up on Friday (+13%) after the first rumors. The climb continues today (+8% in the first trades).
Returning to Piazza Affari, the rally continues Fiat +3,45%: the Turin group is said to be pressing with the banks to define the financial plans for the merger with Chrysler. Fiat Industrial rises by 2,13%, Exor -0,08%.
Among other industrial stocks, Finmeccanica advances by 0,72%. StM +1,8% after the announcement that the investee St Ericsson has surrendered a number of licenses. Pirelli +1,1%.
Big leap of Buzzi +3,96% which benefits from the "buy" promotion from UBS (however, the report is from 21 May last year). Italcementi +4,7%, Cementir +3,2% does better.
Between the banks, Unicredit +3,45%, Intesa +3,84%, MontePaschi +0,6%, Ubi Banca +1,91%.
Positive tone also among the insurance: Generali +1,25%, Fondiaria +2,75%, Cattolica Ass. +1,7%.
Assogestioni released this morning data on the performance of the asset management industry in April, the net inflow amounted to 6,9 billion euro, a result supported by the boom in subscriptions to bond and balanced funds.
Good upside of Eni which rises by 2,22%, Enel +2,6%. A2A +1,88%. Acea rises by 2,8% and reaches new records.
Telecom Italy + 2,69%.
Widespread increases also among Luxury stocks: Luxottica +1,21%, Tod's +1.05%, Ferragamo +2,19%, Brunello Cucinelli +2%.
