RENTI'S NEW BOIARDS AT THE MARKET TEST
WALL STREET GALLOPS, CREDIT COLLAPSES IN CHINA
Positive session a Tokyo on the wave of US stock exchanges. The Nikkei index rises by more than one percentage point, also dragging upwards Hong Kong +0,8%. But attention is dominated by statistics coming from China: credit to businesses and households is slowing down sharply (-19% on an annual basis) as are deposits. GDP growth, which will be announced tomorrow, should drop to 7,3 percent on an annual basis but for Nomura's Zhang Zhiwei the official figure is too optimistic: actual growth, at the end of the year, risks being less than 7 per cent hundred.
Wall Street, while waiting to evaluate the unknown China and the Ukrainian tensions, has meanwhile started running again: the Dow Jones index rose 0,91%, theS & P 500 about 0,7% and the Nasdaq by 0,57%. To trigger the rise were Citigroup accounts +4,3%, much better than expected. But the March retail sales figure contributed to the rally: +1,1%, the largest increase since the summer of 2012.
A speech by Janet Yellen is expected today. The recovery of the US stock exchanges has forced a change of pace on European lists, depressed in the morning by the Ukrainian crisis. They close in positive territory London + 0,2% Frankfurt +0,2% and Paris + 0,4%.
The best price list was Business Square: In Milan, the FtseMib closed with an increase of 0,5%, bouncing above the threshold of 21 points.
APPOINTMENTS, THE CONTINUITY BEHIND THE PINK AVALANCHE
White smoke (indeed, pink) for the top management of the Treasury subsidiaries. At Eni it goes up Claudio Descalzi appointed to, Emma Marcegaglia president. At the Post Office, in view of the IPO, Francesco Caio to e Luisa Todini president. At Finmeccanica confirmed Gianni DeGennaro president while Mauro Moretti is the new ad. Francesco Starace is the new CEO of Enel, Patricia Grieco president .
The names change but, at least in the case of Eni and Enel, the lines emerging from the business plans awarded by analysts and brokers are confirmed. The change of course in Finmeccanica is more sensitive: Moretti's arrival may change plans for Ansaldo Breda and Ansaldo Sts. Yesterday, pending the appointments from Palazzo Chigi, the Treasury's subsidiaries behaved as follows: Eni's sharp increase +1,7%. Enel +1,2% and Terna +0,8% also rose. Enel Green Power gained 2,9%. Finmeccanica, on the other hand, fell sharply: the share lost 2,1%.
BTP ITALIA: 6,7 BILLION COLLECTED ON THE FIRST DAY
The first day of placement for the new BTP Italia closed with orders for 6,721 billion euro. At the end of the exchanges, over 110 purchase agreements were signed. Given the positive trend of the first day, it is possible that the Treasury will opt today for the early closure of the placement to private individuals: the announcement is expected in mid-morning. On the secondary market, the spread between the BTP and the Bund closed at 165 basis points with a 3,18-year domestic rate at 3,14%, while the Spanish Bonos settled at 161% at XNUMX basis points from the Bund.
BPM COLLAPSES, POPULARS AND MPS SHAKE
Black day for the Populars. Banca Popolare di Milano -8,5% with volumes double the average of the last 30 sessions and almost triple the last five. On Saturday, the assembly rejected the governance reform proposal advocated by Bank of Italy. The market fears repercussions on the 500 million capital increase due to be launched on May 5th and the probable delay in the removal of the add-ons. The tops of Piazza Meda however, they confirmed the calendar of the increase in a dense series of meetings with the supervisory authorities and the banks of the underwriting syndicate (Mediobanca, Barclays, Deutsche Bank and JP Morgan). The start of the recapitalization is scheduled for May 5th.
Pop.Emilia it fell by 3,4%. After the balance sheet meeting on Saturday, the market is increasingly betting on a short-term capital increase whose import could be between 600 and 700 million.
He did worst of all Banca Etruria -11,59% after the announcement of exclusive deals with Popular Vicenza to study an integration: the title thus suffers from the loss of the speculative appeal with the exclusive signed over the weekend. Since the beginning of the year, the balance of the title has been positive for over 90%.
Also Mount Paschi -5,32% closed sharply lower. On the other hand, Unicredit +1,2% and Intesa +0,1% and Banco Popolare went up. The Italian banking index is flat, the European one drops by 0,13%.
THE STAR OF LUXURY SHINES AGAIN
In Piazza Affari, the luxury stocks rebounded: Tod’s +4,9% above the 100 euro quota Ferragamo +3,2%. The drag effect of Lvmh continues: Moncler +1,52%, Brunello Cucinelli +2,56%. Luxottica rose by 1,61%.
UBS PUNISHES STM, WEAK TELECOM
In the rest of the list to report: Telecom Italy -0,46% to 0,8705 euro, on the eve of tomorrow's shareholders' meeting, despite the upgrade of Banca Akros which raised the rating from hold to accumulated and the target price from 0,78 to 1,05 euro. stm loses almost 3% after the rejection of Ubs to 'sell'.
Out of the main basket: Indesit -2,63% after receiving the downgrade of Equita Sim (target price at 11,4 euros) from buy to hold and the 7% cut in EPS this year and 13% for 2015 by Kepler Cheuvreux (buy rating and target price at 12,5 euros).
Igd closed the session in the red by 1,66%: Mediobanca Securities which raised its target price from 0,96 to 1,3 euro, keeping its rating unchanged at neutral. Carraro recorded a drop of 0,25% to 3,16 euro despite Banca Imi having raised its opinion on the stock from hold to add and the target price from 2 to 3,63 euro.
