YEN FALLS, TOKYO STOCK BOOM. THE TREASURE RETURNS TO THE FIELD WITH THE AUCTION BOT
After the success of the Spanish auction, today it's Italy's turn. The Treasury launches today mid-month auctions with the offer of 10 billion Bots (3 billion of 219-day flexible securities plus 7 billion of one-year securities) and will continue on Monday with the 3-year Btp.
On the eve, spreads widened slightly again. The Btp/Bund spread rises by 5 basis points to 262, the yield of the 10-year Btp at 3,87%. Proof that after last week's rally, the lists have taken a break.
NIKKEI UP 2,4% TO HIGHEST SINCE 2008. WALL STREET CAUTIONS
Banzai. The yen is back to the levels of four years ago. Japan relaunches its challenge in the automotive and electronics sector. The Tokyo Stock Exchange celebrates the yen's drop above 100 against the dollar with a series of spectacular increases. The Nikkei index rises by 2,38%, the Topix flies to a 4-and-a-half-year high. The big exporters rejoice: Nikon rises by 14%, Sharp by 8,5% (but the rally was 37% during the week). Among the car manufacturers, Mazda +8,4%.
On Wall Street, the indices consolidate not far from record levels: Dow Jones -0,15% but remains above 15 (15.082), S&P500 -0,37% after five consecutive rising sessions in which it gained a total of 3,2 %. NASDAQ -0,12%. On the macro front, the data on weekly unemployment benefit claims at 323 is better than expected, less than the estimated 335.
A day of achievements for the Milan stock exchange, which recorded the worst performance in Europe after two sessions of increases. The Ftse Mib lost 0,96%, but thanks to the rally that started in mid-April (+12%), the performance since the beginning of the year remains positive (+5%).
Downturn in Paris, at the highest levels since July 2011, while Frankfurt and London closed around parity, at their highest levels since January 2008 and December 2007 respectively. Positive news came from the USA, where requests for unemployment benefits fell to their lowest since 2008.
COLD SHOWER ON BPM. THE GROS-PIETRO ERA BEGINS
Minus signs prevail among the Milanese blue chips. Snam down 5,09% Eni placed 395 million shares, equal to 11,6% of the capital. Eni drops by 0,22%. Banking Pop.Milano falls by 8,93% after the rumors about the possible stop to the transformation process in Spa. Other banks are also down: Bper -4,38% Unicredit -2,45% Ubi-2,10% and Understanding -1,72%.
Intesa's supervisory board has given the go-ahead for a new 10-member management board with Gian Maria Gros Pietro as the new chairman. As for the managers, in addition to the CEO, Enrico Cucchiani, the financial director Carlo Messina, who will also be the vicar general manager, the number one of Banca Imi Gaetano Miccichè, and the Chief Risk Officer Bruno Picca enter. The management of the institutional investments (such as Telco-Telecom, RCS and Alitalia) ended up under the direct responsibility of CEO Enrico Cucchiani.
Mediobanca -2,77%. The institute of Piazzetta Cuccia recorded a net result of 31 million on 37,2 March, down 64,5% compared to 105 million in the first 9 months of the previous year. The implementation of the 'financial clean-up' carried out by Generali at the end of 2012 (1,3 billion in write-downs), which had a negative impact of 139,5 million for the third quarter of Mediobanca, weighed on the performance. The quarter thus closed with a loss of 86,6 million against the profit of 41,5 million the year before. From a capital point of view, Core Tier 1 rises to 12%.
Among the few positive headlines stand out Lottomatica +1,65% and Fondiaria-Leaves +3,77% after the good results. Generali closes at +0,62%. Today the board of directors on the quarterly will be held. Industrial stocks thwarted: Fiat -0,79% Finmeccanica + 0,09% StM-1,12%. Male Prysmian -4,92% after the accounts. Enel down 1,48%, Telecom Italy earns 2,35%%.
