BERN AND LISBON TAKE COURAGE AT PIAZZA AFFARI
NOW IT'S BERLUSCONI'S TURN: THE BIS MANEUVER POSSIBLE
The Milan Stock Exchange takes courage. After the intervention of the Swiss central bank, another positive factor was added to justify the shot in the arm of the list: the happy outcome of the Portuguese government bond auction. The Ftse Mib index rose by 0,58% to 17373 points after falling to 16817 points at the start of the session. The monetary authorities of Bern announced that they had lowered the interbank lending rate to 0,0%-0,25%, compared to the previous 0,0-0,75%, and also said that it intends to increase the flow of liquidity into the system. The announcement of the measure immediately had repercussions on the currency and government bond market. The euro has an advantage over the franc to 1,111 from 1,087 yesterday evening. The yield of the ten-year BTP loses 6 basis points to 6,04% and the spread with the Bund is reduced to 362 basis points. Meanwhile, the news has arrived that Portugal has placed 750 million euros of three-month bonds (the maximum amount compared to forecasts): the yield stood at 4,96% from 4,98% in the last auction of these bonds. The issue was hedged at a rate of 2,6, an improvement compared to 2,4. Now the spotlights are on the speech that Silvio Berlusconi will give, with stock exchanges open, first in the Chamber and then in the Senate. The premier, according to advances, will aim to ensure that banks have sufficient liquidity and that the next measures will be aimed at supporting growth. In particular on the economic manoeuvre, Berlusconi should announce that the government's objective is to achieve a balanced budget before 2014, thus anticipating the previously set deadline.
BANKS AND FIAT RECOVER POSITIONS
UNICREDIT SUPERSTAR (+5%) BEFORE THE BOD
The banks listed on Piazza Affari are recovering: Banco Popolare rises by 3,8% after a start of the session down by 5%. Intesa Sanpaolo gains 2% after a debut at -5%. Unicredit rises by 5% on the day of data presentation. This morning after the market was closed, its Polish subsidiary, Banca Pekao, announced that it closed the quarter with net profit up 15% to 714 million zlotys (252 million dollars), above expectations. Monte Paschi is up by 4,5%, Bpm by 4,1%. Similar recovery movement for insurance companies: Generali +2,5%, Fondiaria Sai +3,7%, Mediolanum +4,9%. Fiat +0,4% and Fiat Industrial +1,1% also reversed course. Pirelli rises by 0,9%, RBS has raised the target from 8 to 9 euros, confirming the Buy. The price of oil at the fourth consecutive session of decline penalizes Eni and Saipem, for the two stocks the decrease is approximately 1,5%. Enel, on the day of the board meeting, rose by 1,2%.
TELECOM (+2,2%) AIMS AT H3G? MARKETS APPLAUD SAFILO
CONFIRMED THE GOOD HEALTH OF LUXURY
Telecom Italia also stands out +2,2%. Today the Corriere della Sera reports that 3 Italia has put itself up for sale and has allegedly entrusted two investment banks with looking for buyers, among the interested parties there would be the former telecommunications monopolist. Safilo (+8%) rises the day after the presentation of the data for the quarter which shows an increase in revenues of 2,8%, better than the consensus of analysts. Ebitda rose 31% to 40 million euros and net profit stood at 13 million euros, analysts had expected 10,2 million euros. Debts fell by 10% compared to the end of March to 240 million euros
