PEUGEOT -7% SPENDS THE EUROPEAN CAR
RECESSION AIR, EXCHANGES DOWN
Everything as expected. The economy of the 17 countries confirming the preliminary data of Eurostat: in the fourth quarter of 2011 the decrease was 0,3%. This is what the final data released by Eurostat indicate, following the preliminary reading. The news, combined with tensions over Greece, contributes to accelerating downward tensions: in Milan the FtseMib index drops by 1,6%.
The decline is accentuated Milan Stock Exchange, where the FtseMib index falls by 1,3%, followed by Frankfurt -1,1%, Paris -0,7%, London -0,5%.
Once again uncertainty weighs on the market on the Athens front. It remains to be understood how many investors will join the "voluntary" restructuring of the Greek debt, accepting the exchange between the old government bonds held and the newly issued ones, with a cut of 53,1% on the nominal value. The adhesions must be received by 8 March: without the yes of the majority of the creditors (then the dispute with the diehards will begin) European aid to Greece will not be triggered. This morning, however, Athens placed 1,137 billion 6-month government bonds with a yield down to 4,80% from 4,86% at the previous auction. Bid-to-cover ratio to 2,63 from 2,72.
On the market for government bonds the ten-year BTP marks a further slight decline: the yield rising to 4,93% and the spread to 313 points (+5 basis points). However, the overtaking of the Spanish Bono is consolidated, which yields 4,99%.
Still to be noted the descent of gold, coinciding with the upward trend in interest rates: the metal falls just below the 1.700 dollar an ounce level.
Marked declines between banks: Unicredit -2,5%, Intesa -1,8%, Ubi -3,1%.
Also Generali -1,4% suffered from the slowdown in government bonds. Instead, the battle over the Ligresti group deflated: Fondiaria-Sai lost 4,4% and Milan dropped by 3,7%. L'agreement between Premafin and the creditor banks for 368 million it has practically been achieved: by 15 March the reorganization of the group could be defined which provides for the rescheduling of the debts, the issue of a convertible and the pledge of the creditors on 35% of the capital.
Benjamin Gavio decided to fix the quota Impregile it (by 29,9%) in Autostrade Torino-Milano which, to complete the operation, launched a capital increase of 500 million euro. The deal was resoundingly rejected by the market and Auto To-Mi fell by 9%. Also Atlantia loses 2,6%. Tough day for the car as well. Leading the declines is Peugeot - 6%, after announcing a capital increase of 1 billion euros and the non-payment of the dividend for this year. She gets groundbound as well Fiat – 2%, while Fiat Industrial is down by 2,2%, on a par with Pirelli -2,2%. In Frankfurt BMW loses 2,1%, Daimler -1,9%.
Finally, a sharp decline for StM which drops by 3%. Finmeccanica retreats by 1,7% Seat's rally continues +2,7%. Rcs is revised +2,1%.
