PLACE OF BUSINESS REMAINS THE RAIL LIGHT
ENEL AND BANK SECURITIES DOWN
Only Piazza Affari doesn't get on the Wall Street tram (theFtseMib index closes at -0,19% at 15948) and remains the rear light, overtaken even by the Bolsa de madrid +0,38%. The rest of the Eurozone benefits from the recovery of Wall Street (Dow Jones +0,27%, S&P +0,43%, Nasdaq +0,53%) favored by theIsm manufacturing index of the United States, which rose to 53,4 in March from 52,4 in February. Less positive signals came from construction spending in the US, which fell by 1,1% in February compared to January, the biggest drop since July.
While London confirmed as positive (+1,17%) exceeded by Frankfurt (+ 1,58%) and Paris (+ 0,79%), Milan and Madrid they stay in line. The attention of the debt markets, meanwhile, remains focused in particular on Spain with the auctions of government bonds on Wednesday for an amount of up to 5 billion euros, after the presentation, last Friday, of the budget with cuts of 27 billion EUR.
Lo BTP-Bund spread it approaches 330 basis points (329), with the yield on the 10-year BTP rising to 5,09%.
Negative notes on the labor front: i Eurostat data show that in the euro area the unemployment rate in February rose to 10,8% from 10,7% in January. In Italy, the unemployment rate rose to 9,3% from 9,1% in January, the highest since 2004.
THEgray mood of price lists favors the negative impact of investment bank studies. This is the case with Morgan Stanley's survey of 850 investors which shows that European banks need to raise at least 100 billion euros to ensure a good capitalisation. In this context, the decline in the financial sector (banks -2%, insurance companies -0,8%) is not surprising, while defensive stocks such as the health sector hold.
In the end, the banks recovered the heavy losses of the session: Unicredit (the conclave on the name of Dieter Rampl's successor is underway) drops by 1,44%, Banco Popolare -1,05%, Pop. Milan -1,97%. Understanding -0,89% despite Goldman Sachs confirming the buy recommendation. Bad day for Unipol -1,75% after reverse stock split (1 new for every 100 old). Fondiaria-Sai -4,4%. Mps (+1,99%) goes against the trend.
The Milanese price list is penalized by the drop of Enel -1,18%, which has to deal with the sharp slowdown in electricity consumption in Spain, where the subsidiary Endesa operates. The share of the energy group represents approximately 13% of the stock market capitalisation.
Down too Fiat -1,23% after very negative indications from Sergio Marchionne on car sales in Italy. Eni suffered a drop of 0,18% with oil practically unchanged at 103,1 dollars a barrel. Among the few positive titles, Salvatore Ferragamo rose by 2,83%, in the wake of the good data on the Chinese economy. Diasorin is up 1,28%, Pirelli +4,82%. Luxottica +0,66%. Buzzi cancels gains and falls 1,65%, after the conference call. This morning, CEO Pietro Buzzi gave weak indications on 2012.
It causes a sensation in the US, the Groupon meltdown – 12,4%. On Friday night, the group released the new results for the quarter, well below expectations. Revenue was $492,2 million with a net loss of $65,4 million. In February, the company announced that it closed the quarter with a loss of $42,7 million. It was the SEC that forced the company to review the data released in February.
Fly Avon instead +17% after the 10 billion dollar purchase offer arrived from the Coty group and immediately rejected because it was judged insufficient. The stock is driven by the news that Coty said it was willing to increase its offer "to allow the birth of a world leader in the cosmetics sector", and immediately gained about 20% to a maximum of 23,38 dollars per share (the offer is 23,25 dollars for each Avon share, equal to a premium of approximately 27%).
