Another piece on the Greece went to its place: the IMF board has given the green light to aid for 28 billion euros to Greece. But the new emergency front has already reopened: the Portugal. The ten-year spread broke through 1.200 points this morning with a rate above 14% and the yield curve remains inverted with the five-year spread rising above 1.600 and the five-year bond rate at over 17%. "Portugal has not yet completed its consolidation effort, and is behind on many areas that require further efforts to contain risks", Economic Affairs Commissioner Olli Rehn told the Lisbon Parliament today, specifying: "It is not in the interest of Portugal or the eurozone to start talking about new aid for Lisbon”.
This morning the good performance of auctions of Spanish and French government bonds, had confirmed the market's confidence in the stability of the Eurozone debt. The Btp-bund spread remains slightly fluctuating. After falling to 284, it climbed back to 293 and then settled close to 290. The European stock markets closed slightly higher, after a slowdown conditioned by the slow opening of Wall Street, despite some better-than-expected macro data.
Milan rises by 0,85%, volatile due to tomorrow's technical deadlines, Paris by 0,44%, Frankfurt by 0,92% while London lost 0,08% after the rating agency Fitch confirmed the triple A rating on UK sovereign debt yesterday after markets were closed, but revised the prospects by transforming the outlook from stable to negative. L'euro trades at 1,3080. At the close of the European markets, the indices were slightly up: the Dow Jones rose by 0,31%, the Nasdaq by 0,57% and the S&P by 0,53% above 1.400 points, the first time since June 2008. Apple touches the new record $600 per share as the spotlight turns on Cisco's $5 billion acquisition of NDS.
Unemployment benefits in the US fell to a 4-year low of 351.000, revising a four-year low since March 2008, beating expectations, and the Philadelphia Fed index rose 12,5 points in March from 10,2 in February. The surplus of long-term invested capital inflows also jumped to 101 billion dollars, the highest level since August 2010, thanks also to the inflow of foreign investors to US Treasury bonds. The upward pressure on oil eased after diplomatic sources reported that the United States and Great Britain are ready, with bilateral action, to place their stocks on the oil market to try to bring down prices. The WTI trades at 104,9 dollars a barrel.
MAXI CLEANING BY AGREEMENT, THE DIVIDEND ARRIVES
Entente rises by 4,01% after the bank announced the distribution of a dividend of 5 cents per ordinary and savings share with a dividend yield of 3,4% and 4,1% respectively despite the red on the balance sheet. Savings shine + 9,11%. 2011 is a year of strong cleaning up in Ca'de Sass: the group closed the financial year with a loss of 8,19 billion due to 10,2 billion write-downs against mainly card-to-card transactions. Transaction that has no impact on cash flow, liquidity and capital solidity. The group thus confirms a Core Tier 1 ratio of 10,1% and the EBA ratio of 9,2%, higher than the 9% required. But, due to the negative evolution of the markets and the Italian economy, a revision of the targets of the 2011-2015 plan is in sight. The rest of the banking sector moves in opposition. Unicredit rises by 1,23%, Mps drops by 0,28% and Bpm by 1,58%.
STM FLIES ON THE POSSIBLE ST-ERICSSON TAKEOVER
AUTOGRILL, ADR RETAIL TOWARDS ALDEASA?
Rumors about possible M&A push the best stocks of the Ftse Mib. Stm +5,05%% on rumors of a possible takeover of St-Ericsson which could be targeted by Amd, Intel or Texas Instruments; Autogrill rises by +4,35% on rumors of an interest by the subsidiary Aldeasa for AdR retail and Bene also Tod's 2,74%.
SCARONI, RECOGNIZE THE ENTIRE SNAM FEE
Eni rises by 0,44%% on the day of the presentation of the strategic plan: the six-legged dog closes 2011 with a net profit up by 8%, establishing a dividend of 1,04 euro, of which 0,52 euro is already been distributed on account. The remaining 52 cents will be paid on May 24 and the coupon will come off on May 21. As part of the plan, the group undertakes to maintain the sustainability of the dividend. The sale of Snam "will have to recognize the entire value of our stake", which at market level is around "7 billion euros", said the CEO of Eni Paolo Scaroni speaking of the spin-off of the subsidiary ordered by the of liberalisation
IMPREGILO, SALINI AT THE ROAD SHOW
PREMAFIN, CONFIRM THE POSTING OF THE BOD
Among the worst of the list are confirmed at the end of the day Impregile it -2,51%, at the center of the clash between Gavio and Salini. The latter according to Il Mondo di domani aims at a conditional surrender of Beniamino Gavio, after taking over 22% of the capital of Impregilo putting 220 million euros on the plate. The goal of the Roman builders is to illustrate the integration plan between the newco in which Salini has transferred the entire construction branch of the family group and Impregilo itself through a road show that will start within the month of March. The goal is to convince the market and the financial community of the possibility of generating value through the creation of a construction player with a tonnage of 7 billion in turnover. Atlantia loses -1,33%. Profit taking on Salvatore Ferragamo -1,62% on the day of presentation of the accounts after the close of the markets. Premafin -5,4%confirmed in a note the postponement of the board of directors on the accounts as at 30 March from 16 March. On the Fondiaria-Unipol front, tensions flare up in Bologna over the Sator-Palladio offensive after the initial savoir faire with which the move by Arpe and Meneguzzo was welcomed.
