CHINESE GDP IS HOLDING DOWN, AS WELL AS THE EXCHANGES. GOLD COLLAPSE. RCS, TELECOM ITALIA AND BTPI TODAY IN THE LIGHT
Unexpected slowdown in the Chinese economy. In the first quarter, GDP growth was 7,7%, against 7,9% in the last part of 2012.
The figure had an immediate echo on the price lists. Tokyo lost just over 1 percent along with Shanghai while Hong Kong dropped back by about 1,4%.
Meanwhile, the landslide of gold is picking up speed. This morning the yellow metal traded at 1446 dollars an ounce (-3,7% ) after Friday's slide (-3,5% at 1.505 dollars an ounce). Brent also fell sharply to 100 (-2,21%).
A slower opening is also expected in Europe
Friday end of the week in braking on Wall Street. The S&P500 index, which reached its all-time high on Thursday, lost 0,28%, Dow Jones unchanged, Nasdaq – 0,16%. they finished the session down 0,2% . JP Morgan's unconvincing quarterly data weighed on its earnings per share better than expected but only because the bank drew on reserves. Even the Wells Fargo quarterly did not convince.
Negative closure on Friday also for all the European Stock Exchanges, including Piazza Affari which closed the week with the FtseMib index down by 1,5%, but the balance of the last five sessions is comforting with an increase of 3,4 % which reduces the drop since the beginning of the year to -3%.
THE BTPI AT THE START. OFFER MAY CLOSE TOMORROW
Everything is ready for the launch this morning of the new Btp Italia, the fourth in the series which can be subscribed, unless it closes early tomorrow, until 18 April. The bond indexed to the Italian price index has a four-year term, a minimum denomination of 1.000 euros, and can be subscribed in the bank, at post office branches and online, always without purchase commissions for subscribers who, on the contrary, will be entitled to a loyalty bonus by 0,4% if they hold the bonds until the April 2017 maturity. The coupons will be semi-annual.
Calm climate on the eve of the government bond market of the euro periphery: the 10-year BTP closes at a yield of 4,32%, little moved compared to the day before. Spread at odds of 306 from 302.
The differential with Spain is between 30 and 40 basis points to our advantage.
Conversely, the super-expansive policy of the Boj is sparking panic among long-term Japanese state governments: the 10-year yield jumps 0,61 basis points to 10%, the highest since mid-March. Consider that this translates into heavy capital losses. Yield on XNUMX-year Treasury bill also rose on Friday after unexpected drop in US retail sales unconvincing quarterly data from JP Morgan, earnings per share better than expected but only because the bank appealed to the reserves. Even the Wells Fargo quarterly did not convince.
IN THE SPOTLIGHT: RCS AND TELECOM ITALIA
Yesterday evening, with a gray smoke, a long RCS Media Group board of directors closed, from which it emerged that the loss for the 2012 financial year was 509,3 million, mainly due to the devaluation of the Spanish Recoletos. What did not emerge was the method of the capital increase, after the objections via letter from Diego Della Valle (8,69% outside the agreement) due to the dilutive characteristics of the operation. We will talk about it again at the board meeting on April 28, now close to the 400 million operation (plus another 200 by 2015) to be carried out by July.
The board of directors also approved the refinancing operation, 575 million, by a banking pool made up of Intesa, Ubi, Unicredit, Bnl, Bpm and Mediobanca also subject to the execution of the capital increase aimed, half, precisely at repay previous debts to banks.
Today, CEO Piero Scott Jovane will illustrate the business plan to the financial community.
In the meantime, the first account is being taken of the acceptances and renunciations of the increase which will in any case cause an earthquake in the equilibrium of via Solferino, if the dilutive effect of the operation is confirmed. Given the defections of Francesco Merloni (who resigned from the board of directors) and of Generali, the syndicate pact will undoubtedly drop from the current 58,3 to 46,5%. The two main shareholders outside the agreement, i.e. Giuseppe Rotelli (absent from yesterday's board of directors) and Diego Della Valle, could significantly decrease in the event of renunciation (Rotelli from 16,5% to 4,4%, Della Valle from 8,6 .2,3% to XNUMX%). The position of Sinpar (Lucchini) and the Pesenti group is uncertain within the pact. Out of agreement, the no of the Benetton group is obvious. On the contrary, John Philip Elkann has already anticipated the adhesion of the Agnelli group which could take charge of the unopted. The stake in RCS, now in Fiat, could be moved to Exor.
Already on Friday, among the blue chips, the best stock was Telecom Italia +3,7%. Today the market will have to evaluate the opening of Enrico Cucchiani, CEO of Banca Intesa to the merger proposals arrived from Hutchison Whampoa.
"It is a hypothesis to be examined with attention and interest" said Cucchiani adding that "it is a pleasure that there are international investors interested in investing in our country, after which when the contents of the proposal are known, the appropriate assessments will be made". Cucchiani also came to the defense of Franco Bernabé, under fire from attacks by Telefonica and the independent Luigi Zingales: "It is improper to speak of a receivership of Bernabé," he said. Finally, the eventual exit of Intesa from Telecom Italia will be decided “only on the basis of strictly economic conveniences”.
It is easy for Piazza Affari to acknowledge that, beyond the possible success of Li-Ka-Shing's offer (far from obvious), the adventure of Telco, the box that controls 22,6% of Telecom Italy seems to be drawing to a close: Generali intends to exit, Mediobanca as well, Intesa will not build barricades in defense of the status quo. And the changes, with the liquidity circulating through the lists, can lead to increases in prices.
INSIDE BUSINESS PLACE; TODAY THE FIRST COUPONS
The balance of the Sias coupon arrives today: balance of €0,90 (down payment of €0,30 already distributed on 6 August 2012).
The dividend campaign will continue on Monday 22 with the detachment of coupons by: Edison savings (0,15 euro), Prysmian (0,42 euro), Fiat Industrial (0,225 euro), Recordati, balance of 0,10 euro (down payment 0,20 ,19 euro already distributed last 2012 November XNUMX),
Telecom Italia ordinary (0,02 euro), Telecom Italia savings (0,031 euro).
Banks fell in Milan on Friday: Ubi -3,7%, Banco Popolare -3,8%, Unicredit -2%, Intesa Sanpaolo -1,8%.
Among the insurance companies, Generali lost 1,8% while Unipol rose by 0,7%.
Industrial stocks are down. Fiat -3,6%, Finmeccanica -2,7%, StM -2,7%.
Mediaset lost 4,8% after the leap (+8%) the day before.
The fall in crude oil affected oil stocks: Eni lost 1,3%, Tenaris -3,2%, Saipem -2,3%.
Among the utilities, A2A shone +2,3%, Enel lost 1,7%.
