BANKS FLYING, BUSINESS SQUARE TO THE STARS
BTP AT LOWEST SINCE 2010, SPRINT BY ANSALDO STS
It was the day of records. Business Square leaps to the top of the earnings podium among the European lists. Government bond yields fall to two-year lows.
The index Ftse Eb it reaches its highest since the start of trading at 15.887 points (+2,81%).
In Europe the bullish movement is less impetuous: London climbs 1,15%, Paris is up 1,81%.
Also Wall Street is in positive ground: Dow Jones +0,30%, S&P +0,47% and Nasdaq +0,57%.
On the macro front, the data on American GDP it grew by 2,7% in the third quarter, slightly less than the expectations of economists who indicated an average of +2,8%. The disappointment came from consumption, which grew by only 1,4%, against the 1,9% expected.
In line with expectations, the data on the labor market: last week, new applications for unemployment benefits fell to 393, from 416 the previous week.
Il Btp to 10 years it goes to 4,52% (-5 basis points), close to the lows of November 2010. The surge in Btp prices in the last few sessions has found constant support in the decidedly positive outcome of the auctions.
Today, 5,982 billion euros of 5-year BTPs were placed with rates down to 3,23% (3,80% in October, 3,36% secondary yesterday): the range was 4-6 billion euros. 3 billion euro of 10-year BTPs were also subscribed with rates down to 4,45% (4,92% in October, 4,56% secondary yesterday).
In summary, the pause of a dramatic slowdown in the US economy and an imminent collapse of the eurozone is diminishing. As a consequence, a global rise in shares, bonds of the European periphery and raw materials is triggered.
At the sectoral level, it is the banks and mining companies that run the most. The best stock in the Stoxx 50 index is Rio Tinto with a 5% increase.
The resurrection of the banks largely explains the exploits of Milan. This morning Exane advised customers to focus on medium-sized regional institutions because in the event of a restart of the Italian economy, they will be the first to benefit. The advice was accepted: Banca Popolare dell'Emilia Romagna +10%, Ubi +7,55%, Banca Popolare di Milano +8,26%.
Banco Popolare rebounds after its fall, already affected by the Moody's warning: the share rises by 4,88%. Intesa Sanpaolo +4,17%, Unicredit +4,41%.
Up too financial and insurance. Generali rose by 2,37%, Azimut +4.37%, FondIaria Sai +5%, Unipol +2,5%.
The other star of the day was Ansaldo Sts +6,22%, the largest increase among industrial companies: yesterday evening the German conglomerate Siemens announced the acquisition of the railway signaling activities of Invensys at very high multiples, much higher than those at which it deals with the subsidiary of Finmeccanica, in turn +6,11%.
Telecom Italy gains 3,95%: there is talk of the sale of a part of the newco to Cassa Depositi e Prestiti, in recent days the press gave this solution for dead.
