Index power. Morgan Stanley's review of the MSCI basket affected the Asian markets session. China slows down after the decision not to include Shanghai shares in the MSI index. Likewise, the lists of Taiwan and Korea are down: surprisingly, MSCI has decided not to classify, as already envisaged, the titles of the two countries in the category of developed countries, but to confirm them as Emerging Countries. The Tokyo Stock Exchange rose accordingly (+0,3%): traders had already resigned themselves to a downsizing of the presence of Japanese shares and are hurrying to buy back.
After three consecutive records in three days, the American Stock Exchange allowed itself a break: the Dow Jones lost 0,02%, the S&P500 the same. The Nasdaq closes down -0,04%.
The rally of the European stock exchanges is slowing down, but the markets register two new things. One week after the ECB's decisions, the euro is losing positions against the dollar, traded this morning at 1,3524 against the euro, the lowest since February. But the recovery of the US currency, up on all currencies with the exception of the yen, is due to a robust recovery of US bonds rather than a delayed effect of the Frankfurt measures: the 2,646-year bond yields 62%. month high ahead of today's Treasury auctions, up to $XNUMX billion of three-, ten- and XNUMX-year bonds.
Piazza Affari closed yesterday's session with a slight gain. The FtseMib index rose by 0,33%, a value which, explains Borsa Italiana, takes into account the management changes linked to the MPS capital increase. The OECD leading indicator confirmed that the Italian economy is experiencing a positive turnaround in its growth trend.
BOT, THE "PERIPHERY" GRINDS NEW RECORDS
The Treasury's mid-month auctions begin today with the offer of 6,5 billion BOTs per year against 7 billion maturing. There is an air of records on the yield front. Operators' estimates are for a yield of around 0,48%, well below the all-time low of 0,589% recorded last April. There is much expectation to evaluate the consistency of the demand, estimated to increase significantly considering the increase in liquidity in the financial system of the Eurozone after the latest decisions by the ECB.
In tomorrow's auction, the most significant appointment, 3 to 3,5 billion will be offered from the third tranche of the May 2017 BTP; from 3 to 4 billion for the new 7-year December 2021 and between 500 million and one billion for the 2044-year 2,79. Yesterday the 2,70-year yield rose to 138%, from 6% yesterday, the spread is at 2,90 ( +2,55 basis points). The party continues on the markets in the suburbs. The yield of Spanish Bonos went from 3,70% to 3,33%, that of Portuguese bonds from XNUMX% to XNUMX%.
Yesterday Greece managed to place 1,625 billion of 6-month government bonds at a yield of 2,15%, a clear decrease compared to the 2,7% of the May auction. Requests also increased slightly: 2,7 from 2,65. Athens 6,4-year yield fell from 5,43% to 2010%, its lowest level since January XNUMX.
MONTE PASCHI STILL BOOMING, CARIGE AT THE TURN
Even yesterday Monte Paschi was able to make price only at the close. The stock closed the session at €2,216, up 19,91% on yesterday's close. Rights are still under pressure, losing 7,35% to 19,92 euros. An exceptional situation, a consequence of the hyper-dilutive characteristics of the capital operation, which could last for several sessions, perhaps for the entire duration of the increase.
Carige is also in tension + 7,24% just a few days after the capital increase for 800 million which will start on Monday. In recent days, the Foundation sold 10,86% of the capital to a group of institutional investors, bringing its stake down to 19%. Among the institutes grappling with the recapitalization, Pop Spoleto yields 2,52%. Rights lost 9,63%. The rest of the sector moved in no particular order: Unicredit rose by 1%, Intesa fell by 0,3%. Ubi positive +0,9%. Significant reductions for Pop.Milano -2,1% and Banco Popolare -1,2%.
ENEL "ELETTRICA", COUNTDOWN FOR TELECOM
Among the best performers is StM, up 1,7%. Remaining among industrialists, Pirelli fell by 0,6%, Cnh Industrial -1%, Fiat rose by 0,7%, Finmeccanica +0,1%. Enel still strong +1,2%, after the positive reception of the market to the disposal plan announced by Starace. Atlantia was also up +0,9%. A2A lost 1,1%. Eni rose by 0,4%. Saipem +0,5%. Slight increase for Telecom Italia, +0,1%. From 15 to 30 June, the window will open which allows the vehicle's shareholders to send the cancellation to the agreements and then be able to directly take possession of the underlying shares of the telecommunications company.
Mediaset gained 1,06% pending a response from Telefonica which notified last June 5 of the binding proposal to acquire 56% of Digital Plus from Prisa. Italcementi's capital increase continues without glory, with 4,63% sold on the second day of the capital increase. Rights left 15,36% on the ground
LUXURY: YOOX AND AEFFE SHINE, DOWN MONCLER
Yoox rebounds + 2,1%. Goldman Sachs has decided to include the British Asos, a company with a similar business model to Yoox, in its Conviction Buy List. Moncler, on the other hand, lost 2,1%. Safilo -2,3%. Kepler Chevreux has cut Brunello Cucinelli's 2015-2016 earnings per share estimates. The robust investment plan in new technologies and in the search for more spacious points of sale could affect profits. Aeffe shines +10,51% after the judgment of Mediobanca Securities: the estimates on revenues, ebitda and profits have been revised upwards in the period 2014/16, revenues should exceed 300 million at the end of the period. Ebitda at that date will reach 15%, with profits tripling and EPS at 0,09 per share. In good evidence also Damiani +9,43%.
