Milan recovers, folds the spread. But it's a storm on Telecom

A breath of fresh air for Piazza Affari, while the spread, after this morning's surge, shrinks – The positive trend in European lists is due to encouraging macro data, in particular the composite PMI of the Eurozone – Telecoms are the exception: to unleash the decreases the announcement of a capital increase by the Dutch Kpn – But Telecom Italia defends itself.

EXCHANGES IN RECOVERY (MILAN +1%) THANKS TO MACRO DATA
BEAT ON TLC: KPN -21%. BUT TELECOM DEFENDS ITSELF

After the storm, a flash of serene. They recover the price lists of the Old Continent.

A Business Square the FtseMib index rose by 1% to 16704, preceded by Madrid +1,34%. London advances by 0,5%. Frankfurt+0,07%. Paris +0,79%.

Macroeconomic data was released in the morning showing a general recovery. L'composite PMI index of the euro zone elaborated by Markit rose in January from the highs of the last 10 months to 48,6 from 47,2 in December: it is the third consecutive month of rise. The index, which measures both manufacturing and services activity in Germany, rose to 54,4 last month, the highest since June 2011, from 50,3 in December.

On the government bond market BTP it is trading at a yield of 4,45%, with a spread at 280, down 4 basis points, after the surge at the beginning of the session.

THEeuro trades at 1,353 on the dollar from 1,351 yesterday.

Against the Swiss franc it is trading at 1,228 from 1,227 yesterday.

All sectors are improving, in Italy as in the rest of Europe, with one exception: the telecoms. The decreases were triggered by the unexpected announcement of a capital increase of 4 billion (more or less equal to the current market value) of theDutch Kpn -21% . Kpn closed the fourth quarter of 2012 with a loss of 162 million euros, when analysts on average expected a profit of 362 million.

Kpn drags down the sector: Deutsche Telekom and France Telecom both lose 1,4%, Telecom Italia drops by only 0,87%.

On the other hand, they improve banks, the main target of the past two sessions.

MontePaschi rises by 3,44%, Unicredit +2,68%, Intesa +2,03%, Pop.Milano +1,38%.

Oils rise: Eni + 1,51% Saipem + 0,84% Tenaris -0,07%. British BP rose 1,8% on the day of the quarter's data release. Refining company Neste Oil was down 6% after results.

Positive Enel +0,04% and the subsidiary Enel Green Power +0,21%.

Among the industrialists Fiat loses 0,05%, Fiat Industrial +1,41%. Finmeccanica gains 1,97%. StM is down -2,09%.

Crossbody strap Seat -40% to 0,001 euros, the company announced this morning that it will ask for an arrangement with creditors and debt renegotiation.