BOUNCE MPS AND CARIGE. MEDIOBANCA CONTI OK. POSITIVE EUROPEAN STOCK MARKETS THANKS TO GOOD QUARTERLY REPORTS
The European stock markets rebound thanks to some positive quarterly results. On the wave of data, Novartis and Ubs are advancing in Zurich. Milan appreciates the quarterly result of Mediobanca +2,7% which closed with a profit well above expectations. Alberto Nagel, during the meeting, announced transfers for a figure between 200 and 400 million in the second part of the year, including Telecom Italia, which in the meantime is up 0,7%.
The Ftse Mib index is in a strong recovery: just before midday it gains 1,75% a 19.361,32 points. Frankfurt is also on the rise +1,34 after Monday's fall linked to the Ifo. Paris +0,2%, about the same as London. Madrid +1,61%. At the end of the morning, the Btp/Bund spread fell to 167 basis points, which yesterday reached a peak of 172,4 (the gap with the Spanish Bonos at 41 was at its highest). The yield of BTPs is 2,55%.
The Treasury instead placed inflation-indexed Ctz and BTP for a total of 3,5 billion euro with rising rates (0,692% from 0,385%) on two-year bonds, but not as much as expected on the eve. In Piazza Affari, the rebound of the most targeted bank stocks after the exam by the ECB is taking center stage. Starting from the rejected institutes: MontePaschi, which collapsed yesterday by 21%, actually rose by only 1% after reaching +3,3% in mid-morning. Carige +3,11% after it has just announced the sale of the insurance companies to the US Apollo fund for 310 million. The other banks were also positive: Unicredit + 1% Understanding + 1,67% Banco Popular +1,24%. Ubi +0,92% and Bpm +0,63% are in positive ground.
In the first part of the session, the titles most sacrificed on the eve advance. Enel the subsidiary rose by 1,53%. Enel Green Power gains more than 3% supported by the new UBS Buy recommendation. The rally continues A2A +2%. Positive too Eni +1,87%, on the eve of the accounts. JP Morgan raised Snam's target price +0,87% from 4,5 to 4,7 euro and that of Terna +0,16% from 4 to 4,09 euro but lowered the rating from overweight to neutral.
Among the growing industrialists fca +2%. Tomorrow's board of directors, in addition to approving the accounts, will have to decide whether or not to confirm the 2014 guidance and evaluate whether or not to propose capital strengthening. StM +1,38%, unchanged Finmeccanica.
