MARKET PLACE BETS ON THE CUT IN RATES
S&P PROMOTES PORTUGAL, OK SPREAD AND BONOS
Positive start for the Milan Stock Exchange. The FtseMib index rose by 0,44%.
Paris + 0,7% Frankfurt + 0,4% Madrid + 0,7%.
The operators are waiting for the decisions on ECB and Bank of England rates. For both institutes, economists expect confirmation of current interest rate levels, but the party of optimists is growing. In any case, it will be important to decipher Mario Draghi's message and the signals before the new governor Mark Carney takes office in London, intent on accelerating the expansionary policy.
On the market for government bonds the 10-year BTP it is trading at a yield of 4,61%, the Btp/Bund spread is decreasing to 316 (-3 basis points).
There is optimism about peripheral bonds after the S&P decision to raise Portugal's outlook to "stable" from "negative".
The positive outcome of the Spanish auction is beneficial: Madrid has placed all the 5 billion euros of government bonds offered with maturities in 2015, 2018 and 2023 and with falling rates. On the 2015 maturities the yields fell to 2,632% from 2,713%, for the 2018 bonos the rate fell to 3,572% from the 4,123% of the February auction, while on the 2023 maturities the yield fell to 4,917% from 5,202%. Demand was up on all maturities compared to previous similar auctions.
More good news: during the night the US Congress approved, with 267 votes in favor against 151, the provision that allows the financing of government spending programs until the end of the fiscal year, on September 30, thus avoiding the sequester.
Between the Milanese blue chips the biggest increases are from MontePaschi +4,3%, Azimut +3,3% and B. Pop. Milan +3,2%.
Bene Saipem +1%. In great evidence the parent company Eni +2%, in negotiations with the Chinese CNPC to sell them 1,2% of a gas field in Mozambique for 4 billion.
Eni, Exxonmobil and Statoil they could invest at least 14 billion dollars in the exploration of offshore fields of the energy giant Rosneft: the president of the Russian company Igor Secin announced this from Houston. Unicredit rises by 1,2%, Intesa +0,4%. Fiat goes up by 0,5%, while StM goes back +0,4%.
Luxottica drops by 1,2%, on the contrary Ferragamo +1%, and Cucinelli +2,4% shine in the luxury store.
Opposite fate for Safilo + 5,5% after announcing good results and Geox which loses 6,3% after the disappointing quarterly.
