THE SPANISH AUCTION DOESN'T WAKE UP THE EXCHANGES
MEDIOBANCA SINKS IN PIAZZA AFFARI
Le Stock exchanges remain weak after the auction of Spanish government bonds, with Milan slightly heavier than the others. The Ftse Mib index drops 1,17% below 16 thousand points while Madrid loses half a point, Paris 0,77%, London 0,62% and Frankfurt 0,51%.
Madrid has placed 4,8 billion of bonds, above the estimates of 4,5 billion: in particular, the market absorbed 3,94 billion of three-year Bonos with a yield of 3,84% and 859 million euro of 10-year government bonds with a rate of 5,6 %, down from the previous 6,67%.
Paris placed 3,16 billion two-year government bonds at an average rate of 0,2%, 1,295 billion euro of 4-year securities, an average rate of 0,5% and 3,5 billion euro of 5-year securities at a rate of 0,98%.
They arrive macro indications in chiaroscuro from Germany. The Markit survey of purchasing managers in September contracted for the fifth consecutive month. The compound PMI index (which combines the performance of services and manufacturing) in September marks the best figure since April at 49,7 which nevertheless remains below the 50-point threshold, the boundary between growth and contraction.
The same index, relating to China, confirms the state of alarm on the trend of industrial production. In September, the index settled at 47,8, from 47,6 in August. It is the eleventh consecutive month that the index remains below 50.
On the government bond market, the 10-year BTP is traded with a yield of 4,91% , spread at 334 (+7 basis points).
Mediobanca loses almost 4% in Piazza Affari, after having towered over the sector during the morning. To encourage sales on the title were the year-end accounts which showed profit down 78% year-over-year. The other banks were heavy: Intesa – 2.44%, Unjicredit -2,15%. Even worse Monte Paschi-3,59%, Popolare -3,34%, PopMilano -3,81%.
Generals -1,6% lhe Czech entrepreneur Petr Kellner fell to around 0,6% of Generali, Il Sole-24 Ore writes today. The Czech entrepreneur had communicated that he had more than 2% in April 2010.
Fiat loses 1,2% on the day before Saturday's meeting between Sergio Marchionne and Prime Minister Mario Monti.
General -1,6% the Czech entrepreneur Petr Kellner fell to around 0,6% of Generali, Il Sole-24 Ore writes today. The Czech entrepreneur had communicated that he had more than 2% in April 2010.
Eni -1,4% discovered an oil field offshore Ghana. Board meeting today on the 2012 interim dividend resolution.
Prysmian -0,6% has been awarded a 67 million euro contract by the Turkish utility Teias to build a high voltage submarine cable connection on the border between Europe and Asia, through the Dardanelles Strait.
Reverse course Stable goods -0,6%. Société Générale raised the target price to 0,6 euro from 0,45 euro. The recommendation is buy.
Prelios runs on the rumors about the restructuring plan, the share gains 4%.
