Stock Exchanges are galloping. The cut in the discount rate in the euro area, now only a matter of days, pushes up the price lists of the Old Continent. The disappointing data on the German economy made the cut probable: in April, Germany's PMI indices were lower than expected, below the watershed that separates growth and slowdown prospects.
In Italy, the prospect of a forthcoming government post acts as a further propellant for Piazza Affari. The Ftse Mib index rose by 2,5%, a level it hadn't seen for two months. London is up 1,85%, Paris +3,29%, Frankfurt +2,32%. Meanwhile, on the debt front, the XNUMX-year BTP breaks a historic barrier: a yield below the 4% threshold at 3,97%. It hasn't happened since November 2010. The spread is at 270. The yield on the two-year BTP is at an all-time low at 1,14%.
Spain has today placed 3 billion of government bonds, of which 855 million three-month bonds at a yield of 0,128%, a sharp drop from the 0,285% of the previous auction. The demand amounted to 3,2 billion.
Among the Milanese blue chips Fiat stands out, rising by 6,1% after the UBS upgrade which raised the rating to "buy" from "neutral". Finmeccanica rises by 4,6% on rumors of an interest by Doosan in Ansaldo Energia. StM leaps 9,1% after quarterly results announced tonight. Strong increase also for Telecom Italia +6,3%, pending news on 3Italia and separation of the network. New step forward by Enel +4,4%, Eni +1,3%. Saipem -1,6%. The company approved the accounts for the first quarter, which closed with a net profit of 110 million euros (-52,4% ). Revenues decreased by 1,4% to 3,09 billion. Ebitda stood at 380 million, down 30,1% compared to the first three months of 2012, and operating profit fell by 45,8% to 202 million. The company confirmed its estimates for the current year. The banks are up: Unicredit +5,1%, Intesa +3,1%, MontePaschi +2,7%, Mediobanca +5,3%. Pop goes down. Milan +1,5% after the resignation of the president Filippo Annunziata. Purchases also in the luxury sector, driven by the Richemont boom: Luxottica +2,3% and Tod's +2,9%. Cucinelli erased initial losses and climbs 1,9% after the news that Mediobanca has placed 1,1 million shares. Moleskine is down -2,7%. Among the mid/small caps, strong rise for Safilo +13,8% after the quarterly. RCS leap +11,4%.
