Widespread sales on European lists taking time waiting for further signals on the macro front and from central banks. Milan closes down by 0,96%, the Old Continent's black shirt undermined by the banks although the session was enlivened by the EiTowers takeover bid on RaiWay. The other European indices closed in negative territory: Paris -0,09% and recovering from the new high since 2008 marked yesterday, London slipped by 0,21% following the historic record and Madrid lost 0,14%. Frankfurt narrowly snatches a plus sign and archives a +0,04%.
The Btp bund spread at the close rose slightly to 112 basis points after falling to 109 during the day following the successful outcome of the six-month BOT auction which marked the new all-time low in yields. Today the Treasury placed 7 billion six-month BOTs at a rate of 0,09% (against the previous 0,16%). The gap between the Spanish Bonos and the German 102-year bond is also narrowing and stands at 1,38 basis points. The Spanish bond yields 1,45%, the XNUMX-year BTP XNUMX%.
SURPRISE, ITALY GROWS MORE
In January, Istat reported a trade deficit of 234 million in the extra-EU trade balance, sharply down on the same month of the previous year (-938 million). Both imports and exports are down: -2,4% on month and -3,5% on year for exports, -0,4% and -8,5% for imports. A positive surprise came from the experts of the Confindustria Study Center who, in their latest statistics for the Italian economy, expect a 2015 GDP higher than the forecasts released in December.
Meanwhile, the EU Commission has given the green light to the Stability law although it has stressed that Italy is experiencing "excessive macroeconomic imbalances that require decisive political action and specific monitoring". France, which has until 2017 to bring the deficit below 3% with additional measures, was postponed and Germany was recalled, albeit without requesting any intervention, on its trade surplus.
In the morning, traders also recorded the positive macro figure from China where the HSBC PMI rose surprisingly in February again above the 50-point threshold to 50,1. The highest level in the last four months.
Yesterday the agreement between the EU and Greece gave impetus to the markets (this Friday the approval of the plan by the Bundestag is on the agenda) and the words of Janet Yellen to the Senate Banking Commission: while preparing to raise the rates, the governor of the US central bank still seems careful not to act too quickly with the risk of stifling growth. Yellen is speaking in the House Financial Services Committee today.
After yesterday's record close, Wall Street opened cautious today with the S&P500 shedding 0,05% and the Dow Jones rising 0,08%. In the spotlight Google which has denied the 320 million agreement with the Italian tax authorities. On the macroeconomic front, January new home sales beat expectations, rising 0,2% to 481 units. WTI oil rose by 0,77% to 49,66 dollars a barrel and the euro-dollar exchange rate by 0,15% to 1,1357.
THE OPA ON RAI WAI IS CRAZY
In Piazza Affari, the banks are losing ground: Ubi Banca -2,85%, Mps - 2,7%, Mediobanca -2,66%, Unicredit -2,27%. At the bottom of the Ftse Mib also Moncler -2,57%. On the other hand, Telecom Italia +1,57% and Mediaset +1,35% stand out. Today the news of the takeover bid by Ei Towers (in the orbit of Mediaset) on Ray Way, the company of the Rai Towers on the list since November 2014, is taking center stage. In fact, the Alfa subsidiary announced late yesterday evening its intention to launch a voluntary public purchase and exchange offer on 100% of Rai Way's share capital at 4,50 euros per share, partly in cash (up to 3,13 euros) and partly in shares (0,03 new shares of the bidder). Raiway +9,46%. EiTowers +5,26%.
Outside the Ftse Mib RCS dropped 0,34%. The group has convened the board of directors for March 2 which, according to financial sources, has "the progress of the sale plan and strategic projects underway" on the agenda. Unipol Sai +0,78%, Luxottica +0,74% and Exor +0,53% are also highlighted among the best stocks of the Ftse Mib. After the rumors in the Wall Street Journal, the safe at the Agnelli house specified that it currently has nothing to communicate on the hypothesis of the sale of the subsidiary Cushman & Wakefield.
GOOD START OF THE YEAR FOR COMMON FUNDS
The first data on 2015 from Assogestioni indicate a good start to the year for mutual funds: in January they recorded total net inflows of 9,11 billion euro after the 8,95 billion in December. Assets have updated the record once again, positioning themselves at 1.622,7 billion.
