The enormous amount of unused liquidity on the market, combined with the disappearance of fears of a breakup of the euro, should give rise in 2013 to a large movement of reallocation of investments in favor of riskier assets, such as Italian ones. Word of the chief economist of Unicredit, Erik Nielsen, who certainly does not overestimate the electoral effect. "When I meet investors I don't hear many questions about the elections in Italy - he comments - liquidity is a tsunami that arrives, and when the market returns, investors cannot remain on the sidelines".
From Unicredit (+0,61%) therefore comes a forecast in pink for the market. Piazza Affari thanks by rewarding the Bank of Piazza Cordusio. Intesa does even better (+1,56%), promoted outperform by Crédit Suisse. And so the Italian stock market consolidates its performance, the best in Europe in 2013. The Ftse/Mib index closes at +0,44%, at 17.467 points.
Conversely, Frankfurt loses 0,69% (weighs -4% of the software giant SAP), Paris -0,3%, Madrid -1,2%. Only London rises by 0,15%.
Flat calm on bonds, with the spread at 270 basis points and the yield on the 10-year BTP at 4,16%. The German Bund future climbs above 143 points. The Wall Street indexes are also negative: Dow Jones -0,11%, S&P -0,27 and Nasdaq -0,45%. Apple's landslide weighs on the market, -2%, below 500 dollars.
The euro consolidates gains against the dollar, at 1,334, while marking new highs since December 2011 against the Swiss franc, at 1,239. On the day, it made a top of 1,2413. Gold gains 0,7% to $1.680. Brent loses half a point to 111,4 dollars.
Returning to Piazza Affari, the rise of Snam Rete Gas stands out, +2,71%, which reacts positively to the news that Eni (+0,78%) will place a bond convertible into ordinary shares of the CDP subsidiary.
Among the most consistent decreases is Tenaris, which lost 0,78% also following Mediobanca's decision to lower its recommendation to underperform from neutral.
Strong recovery of the other banks: MontePaschi went on to gain 2,32%. Turnaround also for Ubi, +2,55%, gratified by the purchase of 5% by Blackrock has acquired 5% of the capital. On the other hand, Generali's decline continues, down by 0,85%, which also drags Mediobanca down, -0,8%.
In reverse Fiat, which yields 1,32% after yesterday's leap (+6%). At the Detroit Auto Show, Sergio Marchionne confirmed his goal of merging with Chrysler even in the event of listing the share held by Veba.
Strong recovery by Finmeccanica, +0,79%, StM also did well, +0,59%. The news on the failures of the iPhone5 arrived on the stock of the first chip maker in Europe, but a few days earlier excellent indications had arrived from the Lumia, Nokia's flagship mobile phone.
Telecom Italia drops 2% on the opposition of France and Germany to a single telecommunications network. Mediaset -3%.
