European stock exchanges little moved waiting for this afternoon's Eurogroup, also thanks to this Wall Street traveling weak. However, the main European lists manage to close with the + sign with the exception of Milano which loses 0,13% (but Madrid lost 1,24%). The Dax rose by 0,31%, the Cac by 0,07, the Ftse 100 by 0,09%. At the close of European markets, the Dow Jones was up 0,25% and the Nasdaq was down 0,05%.
THEeuro share slightly down to 1,315 against the dollar.
While the Greece has completed the technical procedures of the swap with recourse to the collective action clauses, on the agenda in Brussels is the go-ahead for aid to Greece and the discussion on the ESM fund. But the president of theJean-Claude Junker Eurogroup moved the final aid decision to Wednesday. "There is no doubt that aid to Greece will arrive this week", but "the final decision of the Euro working group will be made on Wednesday", he said as he entered the meeting which was also attended by Mario Monti as Economy Minister. Just as no decision will be made on Spain's defcit targets0. Meanwhile, tomorrow's Ecofin could go back to talking about the Tobin Tax.
Back up slightly the Btp bund spread which goes over 310 points with a yield of 4,88% after falling below 290 at the end of last week. Tomorrow the Treasury will place 12 billion BOTs, against 8,25 due. The most robust offer regards 12 months (8,5 billion). However, the spread remains below the Bono-bund differential which travels at approximately 328 points. In the meantime, the ECB has announced that after a three-week break it has resumed buying eurozone government bonds on the secondary market: bonds worth 27 million euro were purchased last week. Tomorrow Frankfurt will drain 218 billion to sterilize the excess liquidity created with bond purchases. During the day, Germany placed semi-annual government bonds for 3,5 billion euros out of the pre-established 4 billion, recording a drop in yield to 0,053% from 0,076% and a good demand of 1,6 times the offer.
Sul macroeconomic front at the start of the session the news of the increase in the Chinese trade deficit in February played a negative role, a sign of a rapidly deteriorating economic situation. By mid-morning, on the contrary, the upward correction of the Italian GDP (+0,5% against the previous estimate +0,4%) for 2011 had a beneficial effect. In reality, Istat data confirm the heavy drop in the domestic demand (-1%) only partially offset by the stability of exports. AND Italy is now confirmed in a technical recession with GDP declining for the second consecutive quarter. Positive signals on growth however come from the OECD super index in January: the figure rose to 100,9 from 100,5 in December and signals a positive change in the area's economic trend. Although the leading economies of the OECD countries remain the USA and Japan, the positive change could also concern the Eurozone whose index rose by 0,2 points to 98,7 and Italy which rose by 0,4 points to 96,6 . WTI oil is down in the area of 106,5 dollars a barrel.
The rises on the Ftse Eb reward Parmalat which, branded Lactalis, beat the expectations of analysts, who were positively affected above all by the results of the fourth quarter and by the increase in the dividend. The stock jumped by 9,43%. The race in earnings above expectations together with the upward revision of the 2012 targets also galvanized Pirelli which, after several upward suspensions, rose by 7,23%. Well too Atlantia + 2,79% Impregile it +1,44% ed Eni + 1,41%. Luxottica, which drops 0,44%, however, celebrates the success of the new 500 million euro bond which, in the space of half an hour, saw requests for 9 billion euro from 500 investors. This is an amount 18 times greater than that decided by the board of directors, the yield of the 7-year bond stood at approximately 3,6%.
Le banks, which had embarked on the path of increases, are instead turning negative: Understanding it lost 1,64%, still weighed down by fears of a cut in the dividend; Unicredit it lost 1,32%. TO Cordusio Square the game is open on the renewal of the president. The first council on the agenda is March 27 for the approval of the 2011 accounts but it is not excluded that it is already an opportunity to address the hot topic of candidacies. Ps shed 4,96% with trading above the daily average for the past 30 days on rumors that the Foundation has already started selling part of the bank's divestment stake. In the morning, the Foundation then announced that negotiations with the counterparties of the Total Return Swaps (Mediobanca and Credit Suisse) are still ongoing and hopefully will close soon, so that the Foundation can then proceed to sell the stake. Meanwhile, the official announcement of the event should arrive on March 16th Alessandro Profumo to the presidency of the bank with the definition of the majority list by the Foundation. At the bottom of the Campari list, which slips on the accounts -5,81 but also Mediaset – 3,75% ed A2a -2,89% on a possible stop to dividends. Then it collapses Ligresti galaxy: Fonsai loses 6,16% e Premafin, suspended for excessive reduction, 8,52%
