US GROWTH HOLDS BACK, WALL STREET BREATHES
FLY RCS. GOOD FIAT, PIRELLI AND STM. DOWN TELECOM
Business Square it held up both to the impact of the Tokyo Stock Exchange landslide in the morning and, in the afternoon, to the slight downward revision of US GDP in the first quarter. The Ftse/Mib index +0,66% thus closed at 17.366.
The other European indices also rose: Frankfurt recovered 0,6%, London 0,27%, while Paris gained 0,7%.
They have contributed to favoring the maintenance of the price list two factors: the market's response to the offer of BTPs (albeit at increasing rates), the numerous corporate appointments of the day.
As regards the government, all 5,75 billion BTPs were placed in the morning auction: 3 billion 4,14-year bonds with an average yield of 3,94% (from 4,19% a month ago) . On the secondary market, the yield on the Italian 2790-year bond is 258%. The differential with the German Bunds, which jumped over XNUMX in the morning, slipped to XNUMX points in the finale.
As regards the five-year term, 2,75 billion euro of BTPs were placed, the maximum target, with a rate of 3,01% from 2,84% in April.
Takes share in the Wall Street meeting. The Dow Jones rose 0,27% to 15.316,12 points, the Nasdaq advanced 0,63% to 3.476,87 points while the S&P 500 recorded a gain of 0,51%.
Big shot of Warren Buffett which took over Nv Energy +23%, the electricity company that supplies the casinos of Las Vegas.
The slight slowdown in GDP, as well as the disappointing figure for sale of houses (+0,3% against a forecast of +1,5%) removes the risk of a cut in purchases on the Fed market. According to data from the Department of Commerce, growth in the first three months of the year stood at 2,4% per year, against +2,5% in the preliminary reading. The responsibility lies with the drop in public spending, down by 4,9% against the 4,1% of the initial estimate. To counterbalance the trend in public spending there was the increase in that for consumption, +3,4%, given in this case revised upwards from the initial +3,2%.
THEgold it is up to 1.396,71 dollars an ounce marking a progress of 0,3%.
Also recovering ground are the oil prices after the decline recorded yesterday. Light crude for delivery in July is traded at 93,21 dollars a barrel, up 8 cents while Brent from the North Sea is up 29 cents to 102,72 dollars.
Going back to Piazza Affari, it stands out the behavior of Rcs Mediagroup: the market thus anticipated the outcome of the vote on the publishing house's capital increase. First, after almost 4 hours of animated discussion in the hall, the shareholders (90,462% of the capital present) voted on RCS' 2012 financial statements, which closed with an overall loss of more than half a billion euros. They approved by majority with the abstention of the shareholder Diego Della Valle (8,695%) and other minor shareholders, while the representative of the shareholder Rotelli (16,55%) voted in favour.
It also shines Pirelli +3,20% thanks to the opinion of Goldman Sachs. The American financial giant has reviewed the rating on the shares of the Bicocca company, bringing them precisely to "neutral" from the previous sales advice, "sell". The target price was brought to 9,8 euro from the previous 7,6 euro.
Goldman Sachs effect also on Eni -1,38%%, trimmed to neutral. Saipem – 0,99%. Ubs: raised its target price to 41 euros from 34 euros for Luxottica +0,32%. Tenaris -0,37% was instead included by the Swiss bank in the list of "European oil least preferred", i.e. oil stocks to be avoided.
Sale Italcementi +1,21% despite the fact that S&P has lowered the outlook to negative.
In just over an hour just over an hour the board of directors of Telecom Italia -1,78% gave the go-ahead for the unbundling of the fixed telephony access network. “We recall that the premier, Enrico Letta, when he was in office as industry minister in 2000, had a very proactive approach to the unbundling of the gas network and recently met with the CDP to discuss the spin off of the Telecom Italia network ”, reads a note from Mediobanca analysts, specifying that Letta is in favor of the spin-off and would like a separation similar to that of the gas and electricity networks, therefore with control of the newco by the CDP.
Rcs Mediagroup flies on the stock exchange +11,39%. After almost 4 hours of animated discussion in the hall, the shareholders (90,462% of the capital present) voted on RCS' 2012 financial statements, which closed with an overall loss of more than half a billion euros. They approved by majority with the abstention of the shareholder Diego Della Valle (8,695%) and other minor shareholders, while the representative of the shareholder Rotelli (16,55%) voted in favour.
The integration between Fiat +2,70% and Chrysler “It is an important step. If there are opportunities to do more, we will evaluate them all very carefully”. So John Elkann, during the meeting Exor responded on the possibility of a new partner for Fiat-Chrysler. “We have the ambition to be the largest automotive group in the world,” he added. To define the price, he added, the verdict of the Delaware Court on the cost of the option to purchase an additional 3,3% of the Auburn Hills house held by Lingotto will be fundamental.
Regarding a possible capital increase Exor +0,61%, Elkann said: “Asking for capital would not be cost-effective and unlikely due to discounted nav quotes. Accessing new capital is not functional for shareholders ”, he specified.
In great evidence among industrialists also stm + 2,69%.
"Finmeccanica it can be useful again this year, if there are no extraordinary games”. This was stated by the managing director of Finmeccanica +1,34%, Alessandro Pansa, answering questions from shareholders on the return to profit of the group which closed 2012 with a loss of 786 million after the loss of 2,3 billion in 2011.
In Piazza Affari they recover the banks: Unicredit +1,72%, Intesa +1,54%, MontePaschi +0,98%. Shines Ubi +2,69%.
Confirmation of the Popular model does not help Bpm -1,17%.
Between the insurance, Fondiaria Sai salt +0,39%%. Generali advances +1,32%: The Board of Directors of the Lion will meet on 7 June and will, among other things, take stock of the divestment process in progress. On that occasion, the agreement for the sale of reinsurance assets in the USA could be announced.
