THE FED RELAUNCHES THE EXCHANGES: QE IS NOT STOPPING FOR NOW
MEDIASET OLA THANKS TO THE CIR DISCOUNT. DOWN THE BANKS
Other than braking. There Fed, if necessary, will even increase the purchases of securities. In any case. The feeling that there is going to be a slowdown in QE "is not in harmony" with the thought of the Fed. Bill Dudley, governor of the New York Federal Reserve, said it a week after Ben Bernanhe's press conference, together with Bernanke himself and to the deputy Janet Yellen, the most powerful personality of the central bank, expression of the Big business of Wall Street.
It is not surprising that, after words of this tenor, the European stock exchanges and the US have taken the upward path. In Piazza Affari, the Ftse Mib index +0,44% closed at 15.430, London gained 1,6%, Paris +0,97%, Frankfurt +0,63%. Madrid 0,15%.
Same reaction overseas: S&P +0,9, Dow Jones +0,85% and Nasaq +0,88%.
In reality, the macro data arriving from the USA they continue to be more than good: surprisingly, personal incomes are up by 0,5%, much better than expected while inflation remains below expectations. But the backtracking of the Fed (but also of the People's Bank of China) indicates that the central banks have acknowledged that the markets have shown themselves to be hypersensitive to Bernanke's moves. So, at least for now, reverse. It's just a postponement, though.
In the European Stock Exchanges they rise in particular car titles (Stoxx of the sector +1,5%) and tech (+1,2%).
In Milan, the titles concerned react as follows: Fiat up 0,7%, Fiat Industrial +1,2%. StM gains 1,2%.
Shine the star of Mediaset +7,79%: in the afternoon the news arrived that the Cassation prosecutor is offering a 15% discount on the amount to be paid to Cir for the Mondadori award.
This morning Bank of America removed the company from its list of discouraged securities.
The entire banking sector is weak, despite the positive outcome of the Btp auction. The Treasury placed 5 billion, equally divided between 5 and 10 years. equal to the maximum amount foreseen. In detail, 2,5 billion 5-year and 2,5 billion 10-year bonds were placed. The five-year yield rose to 3,47% (from 3,01% at the end of May) traded at 3,70%; the 4,55-year yield rose to 4,14% (from the previous XNUMX%).
On the secondary market, the 4,53-year bond is traded at a yield of 282% with the spread decreasing to 10 (-XNUMX basis points).
Unicredit drops by 0,27%, Understanding loses 0,87%, Mediobanca -2,04% Pop.Emilia -3,23% Pop.Milan -2,81% and MontePaschi -1,86%.
Instead they go up Ubi +1,33% and Banco Popolare + 3,5%.
Big day for asset management: Mediolanum salt by 2,77%, Azimuth + 1,94% General Bank +0,9%. Bank of America which removed it from the list of discouraged securities.
Among the industrialists, Finmeccanica -0.68% Ansaldo Sts +2,19%. In great evidence Tenaris +2,85%. He runs A2A +2,3%, up Telecom Italy +1,2% ed Eni + 0,96%.
