THE BOT AUCTION MEASURES ITALY'S FEVER
SPOTLIGHTS ON THE INTESA BOD. AND FIAT RUNS
The mists on the Italian political situation show no signs of clearing and rising the apprehension for the auctions of government bonds of this week: between today and tomorrow the Treasury will offer bonds for 15 billion euros (tomorrow Bot for 7,5 billion), a delicate test of the trust that the markets attribute to the Bel Paese in the midst of a governance crisis, rather than a government one.
IERI (Yesterday) the 10-year BTP closed with a return of 4,62% e spread with the Bund rising to 310 (+4 basis points). It dropped to only 9 points there scissor with spanish titles (at auction today) against 104 at the beginning of January. This is the lowest level for a year and it is not excluded that, if a quick solution to the political crisis is not found, the advantage will already return to Spain's favor, as happened in the most acute phase of the crisis in 2011.
THE INDEXES
Sitting uncertain about Asian markets. thoughtful theNIkkei index -0,16% a Tokyo, misses most of all Shanghai -1,1%, reflecting the slowdown in the growth rate. There Seoul Stock Exchange marks a drop of half a percentage point: the threats arriving from Pyongyang are partially compensated by the wait for the announcement, scheduled for Thursday, of the Samsung's new Galaxy.
All indexes are on the rise Wall Street: Dow Jones +0,32%, S&P +0,35% (just 9 points from the all-time record) Nasdaq + 0,26%.
Back to the center of attention Apple Lossless Audio CODEC (ALAC), +1,4%: Gasco's manager Howard Ward says he is certain that within a month a plan will be announced for the allocation of liquidity (137 billion) held by the company.
The initial weakness gave way to buying, which pushed the S&P 500 index to its intraday highs since October 2007, one step away from all-time highs.
THEUS stock therefore last week's rally continues which had also allowed the Dow Jones, which this year has achieved overall gains of 10%, to reach record levels.
The 'fear factor' has dropped to its lowest since April 2007, suggesting investors have not been intimidated by the consolidation seen this morning. The .VIX volatility index fell by 5,5%.
After last Friday's surprisingly positive data on employment, the next appointment with the American economy is for Wednesday with the data on the trend in consumption in February.
In Europe today they were weak banks (Stoxx of the sector -0,6%), positive the automotive sector (+ 0,1%
INSIDE BUSINESS PLACE
The balance sheet test begins today Italian banks.
The board of directors will meet this morning Bank Intesa -0,7%. Friday it will be ad Unicredit -1,2%.
Meanwhile, under the effect of the Fitch's hatchet and bad grades of Socgen for Intesa, Unicredit and Banco Popolare, the sector had a difficult day.
Mediobanca fell 5,2%, Pop.Emilia -4,3%. Banco Popolare it fell by 3,1%.
Positive closure for MontePaschi + 1,3%.
In the spotlight also the reaction to the results of Pirelli + 1,4%.
The 2012 financial statements closed with a net profit up by 27,2%, net of non-recurring charges, at 398,2 million. In 2011, in fact, profits had reached 440,7 million after a positive impact of 128 million for previous deferred tax assets. Ebit reached 780,8 million (+34,2%) while the gross operating margin before restructuring charges reached 1,11 billion (+27%). The net financial position improved, reaching 1,2 billion (respecting the targets) from 1,868 billion as at 30 September 2012. Lastly, revenues increased to 6,071 billion (+7,4%). The distribution of a dividend of €0,32 per ordinary share (€0,27 in 2011) has been proposed.
Among the insurance Generali it lost 1,8%, Unipol -2,7%.
Positive General Bank +3,4% after the good results.
The title race continues automotive sector.
Bright Fiat, up 3,2%, Fiat Industrial rose 0,3% after Deutsche Bank upgraded its rating to “buy” from “hold”. Exor gained 1,9%.
Positive Ferragamo + 2,3 %
Mediaset lost 3,7%, Campari -1,5% Diasorin -3,5%.
Heavy fall of Telecom Italy -3,1%.
Cofide, the holding company upstream of the chain of control of the Cir -De Benedetti group, closed 2012 with a negative net result after write-downs of 57,6 million euros, after the write-down of the equity investment in Cir (35,4 million euros) and the negative contribution of the latter (?16,2 million euro). Revenues rise by 11,9% to over 5 billion. The Board of Directors will propose to the shareholders' meeting not to distribute dividends.
After the approval of the merger plan by their respective boards of directors, both went down Atlantia -3,4% gemina -6%. Moody's raised the rating of Adr, a Gemina group company, by two notches to Baa3 from Ba2, with a stable outlook at the conclusion of the rating review launched on 8 January.
