PORTUGAL IS GOOD FOR THE STOCK +0,27%
THE IMF PREPARES A SUPER FUND OF 1000 BILLION
THEauction of Portuguese securities has brought good humor to European price lists. The Lisbon government placed 496 million 3- and 6-month bonds with an average rate of 4,346%, in stable line with the previous auction but with higher demand.
reflexively, the yield of the BTP drops 8 basis points to 6,39%, the spread with the Bund it drops to 459, the lowest since last December 20th.
Good news for the emissions of the Fund to save States. Japan has announced that it has purchased 8% of the 1,5 billion bond issued yesterday despite the rating cut decided by S&P's. Tokyo has already purchased 3,5 billion euros of securities issued by the EFSF.
And so Piazza Affari, together with the other European Stock Exchanges, it canceled the initial decreases, motivated by the cut in global growth estimates (from +3,6% to +2,55) by the World Bank, linked to the European recession. On the contrary, optimism is fueled by a Bloomberg scoop: the Monetary Fund would be ready to increase its resources by 1.000 billion dollars to safeguard the world economy in the event of a possible worsening of the European debt crisis. The IMF is allegedly involving China, Brazil, Russia, India, Japan and some oil exporting countries in the plan to strengthen the bailout fund (currently 385 billion dollars).
In Milan the FtseMib index thus rises by 0,27% at an altitude of 15.367, London scores +0,19%, Paris + 0,27% Frankfurt leads +0,54%. For now, the downgrading effect does not matter: Fitch has announced a possible cut of 'two notches' to Italy's country rating. This is what Fitch's senior director Alessandro Settepani said on the sidelines of the European Credit Outlook 2012. Settepani then highlighted that the 'fiscal compart' "will be one of the factors that will be taken into consideration in assessing the rating". Settepani then explained that there would be a different impact in the assessment of the rating if a long, slow and painful solution were found on that issue or if it would be immediate.
The euro continues to rise and is trading at 1,279 against the dollar, up from 1,273 at last night's close. Oil unchanged at 100,6 dollars, the level reached yesterday with a rise of 2%. Sales prevail throughout the Old Continent, on cars (Stoxx index -1,5%) and banks and insurance companies (Stoxx -0,9%). Fiat sells 1,2%, Fiat Industrial 1,5% and Pirelli 3%. Positive on the contrary Finmeccanica [SIFI.MI] +1,2% which, according to some rumors, could obtain orders from the Airbus consortium.
Banks are reducing initial rebates: Unicredit down again by 0,3%, Understanding rises by 1,5%, the Banco Popolare by 0,6&. In great evidence PopMilan + 3,7%.
Generali it retreats 1,5% after that the downgrade of Standard & Poor's. The decline of the companies involved in the great project of the insurance pole was much more marked. Unipol drops by 4,9%, Milan Insurance -0,2%. Premafin -0,6%%. But Fondiaria Sai has moved into positive territory. In Milan it stands out StM which rises by 3,6% after the Dutch ASML, European leader in chip making machinery, announced good results for the last quarter of 2011 and clearly growing orders for the current quarter.
