OK, THE CTZ AUCTION DEFLATES TELECOM
HIGHLIGHTS AUTOGRILL AND ITALCEMENTI
Il Tesoro filled up. At this morning's auction the maximum amount envisaged (2,5 billion euro) of the CTZ at 2 years to a yield of 1,623%, a significant drop compared to both the 1,871% of the auction at the end of August and the 1,74% expressed yesterday evening by the secondary market.
Also placed 750 million Btp indexed to inflation al 2,62%.
Tomorrow will be the turn of 6-month bots offered for 8,5 billion.
Lo XNUMX-year Btp/German Bund spread it is at 238 basis points, 3 less than the Spanish one. The yield drops to 4,22%, the lowest since mid-August. At the same time, the German bund future rises to 139,9, the highest level since the beginning of September, following the reassurances of the ECB on the continuation of the accommodative monetary policy.
More good news: the data on consumer confidence, which rose to 101,1 in September from 98,4 in August, the highest level since July 2011.
Balanced on yesterday's levels the Frse/Mib index -0,03% at 18.053.
The other European Stock Exchanges fell: Paris -0,48%, Frankfurt -0,4%, London -0,43% and Madrid - 0,01%.
After the auction of government bonds, the banks. Unicredit rises by 0,69%: progress has been made in the negotiations between the bank and Carlo Tassara on the debt, even if there are still issues to be resolved, in particular regarding the requests on governance. Intesa -0,88%, Mediobanca -0,0.74%, Monte Paschi +0,38%.
In decline Telecom Italia –3,08%. Franco Bernabé admitted in a Senate hearing that in these conditions there is a concrete risk of a downgrade of the group's debt with inevitable negative effects on investment capacity in the medium term. The alternative is a capital increase open to current or new shareholders (the market conditions are there), the sale of Tim Brasil would instead be a brake on growth.
Enel +0,9%, stretches to the highest since the beginning of June after the sale of assets to Rosneft. Equita brought the target to 3,3 euros. A2A+2,72%.
Autogrill +4.38%, confirmed to be the best blue chip of the morning. The management has confirmed its guidance for the current year and, according to what was announced at yesterday's Investor Day, intends to develop its presence in northern Europe with important operations which may envisage a dilution of the majority shareholder.
Snam -0,26%, Credit Suisse raised the recommendation to "outperform" from "neutral" bringing the target price to 4,1 euros from 3,7 euros.
Finmeccanica -0,3% a few hours after the Ansaldo board of directors, StM rises +0,14%. Positive change also for Fiat +0,41%.
Italcementi +2%, UBS raised the rating to "neutral" from "sell".
Cheuvreux downgraded the rating to "hold" from "buy" on Mediaset -1,4% . A year-end profit of 28 million euros is expected thanks to the savings programme. Cost cutting is almost over. The rating on the security thus passes from buy to hold and the target price from 3,55 to 3
