DRAGONS EFFECT: WALL STREET AT HIGHEST SINCE 2008
SPREAD BELOW 370, MILAN ATTEMPTS THE RALLY BIS TODAY
The markets of the whole world fly on the wave of the words che Mario Draghi pronounces at the Eurotower in Frankfurt, after the most important directorate in the history of the ECB.
On Wall Street, the S&P index jumped 2% to its highest level since January 2008. Close behind is the Dow Jones +1,9% - But the race is led by the Nasdaq +2,2%: it is necessary to go back to Christmas 2000, after the boom in Internet companies, to find the technological index so high again.
No less euphoric the Asian markets. The Nikkei index rose by 1,83%, Hong Kong's Hang Seng by 2,37%.
At the center of attention, for once in a positive sense, is Piazza Affari. The Milan Stock Exchange has in fact achieved an overwhelming rise, surpassed only by Madrid: The FtseMib index rose by 4,3% to 15.780 points, Madrid by 4,7%. The rises of the other stock exchanges were less extensive London rose by 2,1%, Paris +3% and Frankfurt +2,9 %.
Even more impressive is the recovery of government bonds: the Italian 24-year yield fell by 5,25 basis points to 32% and the spread with Bunds of the same maturity decreased by 369 basis points to XNUMX. The Bund future falls to 140,45 and reaches the lows of the end of April.
The markets' euphoria is well explained by the comment of an Asian trader to Bloomberg: "However things go in the future, the risks of a collapse of the eurozone in 2012 have disappeared". Yet there is no shortage of risks evoked by the menacing prophecy of Jens Weidmann, the president of Buba: "You know how you enter - he warned his colleagues in Dantesque tones - You don't know how you will get out". The plan will have to pass the indirect examination of the German Consulta, which on Wednesday will have to rule on the legitimacy of German membership of the ESM, one of the sources the EU will have to draw on to finance purchases. But the euphoria of the markets, despite these obstacles, for once is fully justified.
In Piazza Affari, which recorded the highest levels for five months, the banks took flight. Unicredit +8,1%, Mediobanca +5,9%, driven like all banks by the ECB's decision to launch a government bond purchase program to control spreads: from the lows of the last 12 months, reached on 26 July , the stock gained 66%.
The guarantee consortium for the capital increases of Fondiaria-Sai and Unipol, headed by Piazzetta Cuccia and Unicredit, has placed all the rights that remained unexercised on the market, the last rights for the subscription of new Unipol ordinary shares were placed at a price symbolic of 0,0005 euros. On Monday it will be known how many rights of the two operations have actually been exercised. The atimes speak of a total unopted amount of 500 million (out of 660). Only 100 million shares would have been placed on the market to which must be added the additional 60 million of Fonsai who took over Unipol. But the rally triggered by the decisions of the ECB could push the prices of the two companies to decidedly more attractive levels, allowing for a final rush to the full advantage of the leaders of the consortium, Mediobanca and Unicredit.
Understanding + 5,9% Ubi + 9,1% People of Emilia + 9,9% People of Milan + 11,1%.
Generali completes the picture of the financial sector with an increase of 6,1%. The company has communicated the new terms of the sale of the controlling stake in the Israeli Migdal to Eliahu Insurance: 69% of the company's capital changes hands for 705 million euros, 130 million less than the already announced price.
The construction companies also stand out: Impregile it +6,2%, Impregilo rebounds after two consecutive downturns and rises by 6% to 2,99 euros: Since the beginning of August, the share had fallen by 10%.
Maire Tecnimont it closed up by 3,8% at 0,6345 euro. The good news coming from the USA, where the group was awarded two contracts for a total value of 250 million dollars, recalled the purchases of the stock.
Buzzi + 4,5%.
Widespread increases in the utilities segment. Atlantia +2,48%, Snam +3,3%, Terna +2,9%, Enel +3,5%.
A2A earns 2,8% reaching 0,4395 euro. Exane Bnp Paribas raised its recommendation to neutral from its previous underperformer. Since the historic low reached on July 25, the stock has gained 48%, the drop has been 41% since the beginning of the year.
Oil companies led by Eni are on the rise, up 3,8%. Among the blue chips, the only stock in decline is Luxottica which lost 4,7% after Leonardo Del Vecchio sold 3,8%.
