Expectations are growing for the maneuver that the Monti government is preparing to launch on Monday 5 December together with the measures for growth. This morning the Minister of Labor Elsa Fornero said that in a few days she will announce an "incisive but fair" pension reform while the strategic lines on the labor market will be inspired by the Scandinavian flex-security model. Piazza Affari, in positive territory for a long time, corrects in the final: -0,16% Ftse/Mib index at 15.244, in any case better than the Parisian Cac -0,77 and the German Dax -0,86. The performance of government bonds is comforting: the spread between BTPs and Bunds is at 448 basis points, the lowest since the beginning of November, while yields on Italian ten-year bonds fall by 23 basis points to 6,75%. The greatest gains are on the short end of the yield curve: -43 basis points on 2-year maturities and -37 basis points on 5-year maturities.
There were two positive signs of the day: a) the success of the auctions of French and Spanish government bonds; This morning the Spanish Treasury successfully placed the 3,75 billion government bonds envisaged with maturities in 2015, 2016 and 2017. France also placed 4,346 billion government bonds, placing itself at the top of the range. The OAT yield fell by 22 basis points to 3,1%, while the spread with Germany narrowed to 90 basis points. b) the positive US data relating to the ISM manufacturing index and to spending in the building sector. Wall Street, despite the increase in unemployment benefits (402 thousand against 396 thousand), has recovered positions after a negative start.
In Piazza Affari, financial stocks are up while industrialists are weak. Fiat closed down by 1,41%. Morgan Stanley cut the recommendation to underweight from overweight. Fiat Industrial is up by 0,83%, Exor -3,05%. A bad start, Finmeccanica records a growth of 2,68% after the start of the board of directors: the market expects the resignation of the chairman Pier Francesco Guarguaglini. The Minister of Economic Development, Corrado Passera said that some news will emerge from the board of directors. Stm is up 0%.
Banks lose positions in the final starting with Ubi which drops by 1,85%. Unicredit -0,45%, Monte Paschi +1,73%, Banca Popolare di Milano +1,85% rose. Intesa SanPaolo closes at +1,06%.
Fondiaria Sai skyrocketed and was suspended due to excessive increases, to then close with an increase of 9,3%. The subsidiary Milano Assicurazioni rose by 3,3% and the holding company Premafin by 2,7%. Trading is five times higher than the daily average of the last month on the Stock Exchange of two million 'pieces'. Unipol +4,2%, Generali +0,45%. Eni gains 0,19%, Tenaris -1,44%, Saipem loses 2,54%. Telecom Italia is down by 0,3% while the subsidiary Telecom Italia Media +7,2% continues its rally despite Tarak Ben Ammar having denied wanting to launch a takeover bid on the company. Luxottica marks an increase of 1,09%
