La charge of the BTPs and the data on US employment shakes Piazza Affari which turns positive at the end of the morning and, driven by the banks, closes at +1,25%. Flywheel Bpm +4,14%, Mps +4,07% and Unicredit +3,92% and Intesa Sanpaolo + 3,48%. Plus signs also for the other European markets: Frankfurt +1,06%, Paris +1,42%, London +0,92%.
Le banks restarted after this morning's auction which recorded a demand of 6,2 billion euro for three-year BTPs against an offer of 3,75 billion securities, placed at a yield of 2,86%, in slight increase from the 2,75% of the previous mid-September auction. In addition, other BTPs were placed at various maturities for 2,25 billion, equal to the maximum amount envisaged. A result that seems to confirm the return of international investors to Italian debt and which was not affected by yesterday's cut of Spain's rating by two notches to Bbb- by S&P.
The Btp-bund spread also benefits it continues to drop to 351 points and a yield of 5,02%. The Bono-Bund spread was also down compared to the opening at 425 basis points.
Despite the warnings of the IMF, that the recovery of the world economy is slower than expected, and the disappointment about the reaction times to the crisis of the advanced economies, today the markets looked at the US macro data. At least as regards new unemployment benefits which decreased last week by 30 thousand units to 339 thousand claims against expectations for 365 thousand new claims, the lowest figure since 2008. However, the figure may not be as good as it seems: the count is missing one State that did not provide additional data as expected. On the other hand, there was an increase in the trade deficit of the United States in August to 44,2 billion dollars, due to the decline in exports. The deficit is higher than the expectations of analysts who aimed at 43,8 billion.
Wall Street opens higher and at the end of Europe the Dow Jones marks an increase of 0,33% and the Nasdaq of 0,27%. WTI oil also rose to 92 dollars a barrel (+52%), gold also rose to 1,4 dollars an ounce (+1.772%) and the euro-dollar exchange rate to 0,39 (+ 1,2931%).
In Greece, the budget deficit fell significantly in the first 9 months of the year to 12,6 billion euros, compared to 20,1 billion a year earlier, despite lower-than-expected tax revenues due to the country's recession and the strike by tax collectors. A figure that beats expectations thanks to the sharp cuts in public spending, which fell to 49,4 billion at the end of September from 57 billion a year earlier. But the clash continues over the granting of more time to comply with the repayment plan agreed with the troika in a country where one in four people is now unemployed. The IMF reiterates that it is "necessary" for Greece to be granted a further two-year period, until 2016. Likewise for Spain, in the belief that a sharp cut would do more harm than good. But Berlin still says no.
A Business Square behind the banks stands out Autogrill +3,20%, while at the bottom of the list we find Lottomatica -1,30%, Eni -0,68%, Tenaris -0,45% and Ansaldo Sta -0,30%. Eyes on the Camfin board (-1,23%) scheduled for 18 pm where the board must decide on the convertible bond the day after the complaint by the Malacalza family, which contests the resolutions on the bond taken by the board in August. The Prelios board of directors (which collapses in Piazza Affari -4,83%) this morning chose Feidos di Caputi to continue with exclusive negotiations.
The weight of cooperatives in Unipol is growing (-1,25%): as of 5 October, according to what emerges from Consob communications, Coop Adriatica holds 3,31%, Nova Coop 2,3% and Lima 4,55% from the previous 3,12 percent. A note from the insurance group specified that the appeal presented against the provision with which the Antitrust authorized the acquisition of the Premafin-Fonsai group it concerns some profiles of the measures requested by the Authority, considered "excessively burdensome". In the meantime, however, the process of divestment of assets continues to proceed. "The activities functional to the implementation of the process of divestment of the insurance assets and financial holdings, envisaged by the Acgm provision, are underway and will continue without any solution of continuity", says the note.
