CLEAR DESCENT FINAL FOR MILAN AND MADRID
WEIGHT FT AND STANDARD & POOR'S TORPEDOES
Final in clear deterioration for the Stock Exchanges, starting from Milano -2,04%, (FTSE/Mib index at 15624) and Madrid -2,7%.
The less brilliant data than expected on the factory orders in the USA introduced another element of caution. On Wall Street only the Nasdaq is in equilibrium -0,02%, the highest since 2007; S&P 500 -0,21 and Dow Jones oscillates around -0,4%. In the evening, the minutes of the last meeting of the FOMC, the monetary committee of the Fed, will be released.
Contains losses London -0,57, Frankfurt loses 1,01% (also weighs the bankruptcy of Q-cells, already world leader in photovoltaics), Paris it dropped 1,57%.
The distrust towards Italy also affects government bonds: the yield on the 10-year BTP rises by 4 basis points to 5,12% and the spread with the Bund widens to 330 basis points (+3 basis points). The yield on the 2-year BTP rises by 7 basis points to 2,82%, it had fallen to up to 1,65% at the beginning of March.
Obviously they weren't random sales on the price list of Piazza Affari nin the first session of the week, apparently inexplicable. In fact, since the morning two real torpedoes have rained down on the Ftse/Mib index: the indiscretions of the Financial Times on a "confidential" report circulated during the Ecofin in Copenhagen last weekend, from which it would be inferred that according to Brussels the government of Rome will have to make an additional maneuver to reach the pre-established target of balancing the public budget in 2013. This hypothesis was clearly denied today, both by Prime Minister Mario Monti and by the EU itself.
It had arrived earlier yet another "bomb" by S&P: "We consider - reads a report on the credit system - among other things that the significant write-downs of goodwill support our idea that the profitability of Italian banks will probably remain low in the coming years and that this will lead most institutions to adopt conservative dividend policies after canceling or reducing this year's dividends,” says S&P.
Given the premise it is not surprising the decline in bank values: Unicredit - 4,97%, BancoPopolare - 5%, Intesa marks a decline of 3,3%. Banca Popolare di Milano loses 5,4%, after Standard & Poor's put the institute under observation for a possible downgrade.
Autogrill goes against the trend +2,36%, limits Mediaset damage -0,39%, in positive ground for most of the session. The television network company has completely exited the Dutch group Endemol, taking home 72 million euros for the last remaining bonds in the portfolio, equal, in the event of conversion, to 6% of the capital.
Continue the Ferragamo rally + 2,69%.
They close down Finmeccanica -0,75%%, despite the promotion of HSBC to neutral and Eni -0,11%. A2A – 2,72% marks new historic lows. Unipol rebounds, rising by 5,35% after yesterday's decline. FondiariaSai +1,35%. On the eve of the assembly Fiat -0,78% Down Fiat Industrial -1,3% and Pirelli -1,6%.
Telecom Italyfinally, it lost 2,89%, after Mediobanca's relegation to "selected underperformer".
