ITALY TO THE BTP TEST. MADRID IN THE GROUP OF THE DAMNED. THE FATE OF THE LIGRESTS IN THE HANDS OF THE COURT
The 12-month Bot auction, in terms of returns, was a drain. But today the Treasury can only attempt an encore with the offer of three-year BTPs. In short, the path remains uphill. As, moreover, it was not difficult to predict three days after the Greek vote. In this context, Prime Minister Mario Monti played the joker: "the sale of shares in public assets" through already established securities and real estate funds.
Complicating the situation was the "downgrade" by Moody's of Spain and Cyprus. Madrid bonds drop three positions in one fell swoop from A3 to Baa3, while Cyprus moves from Ba1 to Ba3 due to the consequences of "Greece's probable exit from the euro area".
The FtseMib index of the Milan Stock Exchange lost 0,6%. The CAC of Paris fell by 0,5%, Frankfurt lost 0,1%, London +0,1%. The US Stock Exchange closed down: Dow Jones -0,62%, Nasdaq -0,86% and 0,2%. The S&P also fell by 0,70%. The half-disappointment coming from the data on consumption paves the way for fears on the repercussions that the crisis in Europe could have on the world economy.
Asian stock exchanges also suffer from the Europe syndrome. The Nikkei index in Tokyo loses 0,13%, the Hang Seng in Hong Kong marks -0,59%. WTI-type oil trades at $82,3 a barrel, down 1%.
But the fever is high especially on the sovereign debt front. The Treasury has placed the entire expected amount, equal to 6,5 billion of 12-month bonds, but at a yield of 3,97%, from the previous 2,34%. The fever has not spared German government bonds: the Berlin government today placed 4 billion Bunds over 10 years at 1,52%, from 1,47% a month earlier.
On the secondary market, the yield on the ten-year BTP reached 6,18% in the evening with a spread of 469 basis points over the Bund. Meanwhile, in the ranking among the richest men in Europe, a Spaniard leaps to the top: Amancio Ortega, controlling shareholder of Inditex-Zara, whose fortune has risen to 39,5 billion euros. Follows, with 37,2 billion, the owner of Ikea Ingmar Kamprad and Bernard Arnault, number one of Lvmh.
In Europe, the greatest declines concerned the automotive sector (Stoxx -2,4%), stunned by the pessimistic statements of the CEO of Renault, the highly esteemed Carlos Ghosn (before Marchionne's advent he was the most respected car manager in Europe) . According to Ghosn, the car market in Europe faces another 3-4 years of stagnation.
The big names in German industry such as Daimler -2,6% and Volkswagen -2,2%, and in Milan they are down Fiat -2,4% Fiat Industrial -2,6%. The most penalized is Exor, the Agnelli holding, which fell by 5%.
Down too Pirelli -3,4%. The group yesterday announced the purchase of Dackia, one of the leading Scandinavian tire distribution chains. The Blackrock fund has popped up among the shareholders with shares above 2%. Consistent losses also for the other titles of the industry such as Finmeccanica -3,2% and Prysmian -3,5%.
The banks have failed in a recovery attempt and the closure shows a little-moved overall panorama: Understanding -0,1% Unicredit + 0,5% Pop.Milan + 1,1% People of Emilia +1,8%. Sharp decline for the Mount Paschi -4%. The recovery of Generali, up 3%.
The titles of the Ligresti galaxy rose following the meeting of Premafin -0,4% which approved the financial statements and gave the go-ahead for the 400 million euro capital increase reserved for Unipol -1,5%. Fondiaria-Sai rose by 2,8%, Milan Insurance + 0,7%.
Yesterday the formal signature of the creditor banks arrived Premafin to the debt restructuring agreement (368 million). Now the spotlight is shifting to Consob, which has to decide on the exemption from the takeover bid for Milano Assicurazioni and to the court of Milan, where the fate of Imco and Sinergia is decided, the "boxes" at the top of the chain of control leading to Fonsai -Premafin. This morning, in fact, it will be known whether the bankruptcy judge has granted the 15-day extension requested by the liquidators in order to reach an agreement with the creditors which provides for the intervention of the Hines real estate fund or to issue the sentence immediately, as the prosecutor wants.
Day of declines for oil, with crude oil moving little (Wti at 83,7 dollars a barrel, Brent at 97,9 dollars). Eni fell by 0,2%, Saipem -2,7%. Among the utilities, all of which are down, the sharp drop in stands out A2A -5,7%.
Sharp rise of Telecom Italy Media +6,8% following rumors about an acceleration of the sales process by the parent company Telecom Italy, down 1,6%. S&P yesterday raised Telecom Italia's short-term rating from A3 to A2. TerniEnergia rose by 8,9%, Yoox + 3,1% cucinelli + 2,1%.
