UNCERTAIN BAGS: FEAR IN PARIS, TRUST IN BERLIN
FONSAI. AT PEAK THE SECURITIES OF THE INSURANCE POLE
Uncertainty prevails in Piazza Affari: a downward start, a rebound thanks to the better-than-expected data from the Ifo, the index that photographs the confidence of German businesses. Then sales returned throughout Europe, before the new rebound. Milan is in positive territory.
However, the unknown outcome of the presidential elections weighs on the markets At the start of the session in France, the spread between the German Bund and the French Oat jumped to 141 basis points, the highest since the beginning of 2012.
The yield of the BTP rises by 9 basis points to 5,67%, the spread with the Bund widens to 397 basis points for the race, in parallel, for German government bonds: the Bund future marks new all-time highs at 140,68 points.
The FTSE Mib index rose by 0,6% to 14.373, thanks above all to the turnaround of negative bankers in the first phase of the session: Unicredit + 1,41% Understanding +1,57%. Highlight the popular ones: Pop Milan +1,4% and Bper +2,14%. Falls Mediobanca (–1,24%). Paris rises by 0,28%, Frankfurt +0,52%. Best of all Madrid, +1,02%.
The companies involved in the project of the Italian insurance pole sink following the indictment for market manipulation against Salvatore Ligresti requested by the prosecutor: Unipol -9%, Fondiaria Sai -8,4%, Premafin -7%. Yesterday the Guardia di Finanza seized 20% of Premafin shares held by offshore companies which, according to the Milan Public Prosecutor's Office, are attributable to Salvatore Ligresti. The shares will not be able to exercise the right to vote in the shareholders' meeting.
The merger project, however, goes ahead: Fonsai's board of directors has evaluated the operation positively from an industrial point of view even if it aims at more favorable exchange rates.
The worst blue chip is Finmeccanica with a drop of 2,83%. Large discounts for industrial companies: Stm -2,06% and Fiat -1,38%. Eni is down by 0,9% and Tenaris by 1,4%.
Atlantia, which started in positive territory, is down by % after the agreement on the sale of half of the capital of the Chilean subsidiary Costanera. Suspended due to excessive reduction of the title Mondadori: in the meeting, the administrator Maurizop Costya spoke of declining income prospects for the first half-year.
During the day, the spotlights turned on the start of the Spring Meeting of the IMF and the World Bank in Washington, which will end on Sunday, while the meeting of finance ministers and central governors of the G20 continues. At the center of the summits, the question of increasing the IMF's endowment: the Fund has already collected an additional 320 billion dollars among its members but the director Christine Lagarde said yesterday she was sure of reaching at least 400 billion, despite the negative opinion of the United States.
The yield of the BTP rises by 9 basis points to 5,68%, the spread with the BTP widens to 399 basis points.
The 'Spring Meeting' of the IMF and World Bank begins today in Washington and will end on Sunday, while the meeting of finance ministers and central governors of the G20 continues. The question of increasing the IMF's endowment to combat the debt crisis in the euro area will dominate the Washington summits. The Fund has already raised an additional $320 billion among its members but director Christine Lagarde said yesterday she was confident of achieving an increase of at least $400 billion, even with the US backing out.
The decision of the BRICS (Brazil, Russia, India, China and South Africa) will be fundamental: just yesterday Brazil asked for more power in the IMF for emerging economies as a condition for their participation in the loan.
The quarterly quarterly parade continues on Wall Street: today, among others, it's up to General Electric e McDonald's.
