RECORD FALL IN YIELDS ON TWO-YEAR BTPs
LEAP FORWARD OF THE PRICE LISTS. BUSINESS PLACE +2,4%
Euphoric start to the stock market year in Europe on a day with little trading, also due to the closure of the US stock exchanges and the City. In Milan, the FtseMib index rose by 2,42% to 15,454. The Paris Stock Exchange rises by 1,7% and the German one by 2,9%.
Prices were boosted by the better-than-expected result of the German industrial production index.
The euro was down slightly against the dollar to 1,293, from 1,296 by Friday's close. The euro-yen cross (99,6) is barely above the lows of the last 11 years.
A splendid start to the year, given the times, for our sovereign debt. The spread BTP/Bund it drops to around 501 bp. Meanwhile, the gap between Italian stocks and the Bond Spanish fell back to 182 basis points, 20 points less than the negative record set a week ago. But the real exploit concerns two-year bonds traded at 4,5% (-44 basis points compared to the end of the year). The return of yields is thus confirmed to be more rapid in the short and very short part of the curve. Boots three-month yields below 3%, 12-month yields today are 3,73%. However, there is no need to let our guard down: the recovery was favored by the closure of the US and British stock exchanges. In view of 12 January, the date of the first risky auction of 2012, there will be a much different atmosphere.
Good insurance. Fondiaria-Sai advances by 6,4% after the rumors about a possible merger with Unipol, up 3,3%. Milan Insurance , the subsidiary of Fon-Sai also involved in the project, rose by 4,8%. Premafin , the Ligresti holding which controls Fondiaria, is suspended due to excessive increases.
Strong increase also of Generali , up 3,7%.
Car stocks are racing in Piazza Affari in the wake of the good performance of the European sector index (+1,8%). Fiat earns 3,7%, Fiat Industrial + 2,6% Pirelli + 2,8%.
Among the blue chips of Piazza Affari, the rise of Terna , which rose by 6% after the Energy Authority published the final document on Saturday which contains indications on the forthcoming adjustment of electricity transmission tariffs. The increases are stronger than expected.
Enel , also affected by the tariff update, rose by 2,6%.
A2A earns 5,8%. In this case the rally can be explained by the declarations of Bruno Tabacci, councilor for the budget of the municipality of Milan who does not rule out the exit from the utility.
Among the banks, Banking Pop.Emilia drops by 1,5% after the news of the forthcoming departure of CEO Fabrizio Viola. MontePaschi, where Viola will assume the position of general manager, rises by 3,5%. Understanding earns 2,78%,Unicredit + 1%.
Among industrial stocks, they are advancing Finmeccanica + 3,36%Tenaris e Prysmian. Great day for too Mediaset + 4,8%.
Among the minor titles stands out, De'Longhi on the first day of listing after the spinoff of the "Professional" business unit, which today debuts on the list under the name DelClima . Well Reno de Medici, Prelios after the sale of a property in Palermo. They also advance: Indesit , Landi Renzo e Nice.
Sopaf celebrates the go-ahead from the Court of Milan in the dispute with Dea.
