THE SPREAD WITH THE BUND IS TIGHTENING: QUOTE 450
FONSAI, MPS AND FINMECCANICA SHINE IN MILAN
European stock exchanges are mixed. Milan records substantial parity +0% (Ftse/Mib at 13), better than the German Dax -15287% and the French Cac -0,49%. The positive note comes from the government bonds front: the Btp/Bund spread returns below 0,52 points for the first time since last November 450: the differential between the Italian and German paper narrowed briefly up to 14 points, to then return to the 447 area again. The yield on 450-year Italian bonds fell to 10. The improvement is linked to the successful outcome of the French auction, in the wake of the intervention of the central banks which defused the mine of liquidity collapse. France placed 6,78 billion of 1,57-year government bonds, managing to extract a slightly lower rate that fell to 10% from the 3,18% of the November 3,22 placement. Spain has also achieved its goal of allocating all the 3 billion offered, albeit at higher yields: for the five years, the average yield has risen to 3,75% from 5,544% at the November 4,848rd auction. Expectations are growing for the data on the trend of American manufacturing activity in November, signaled by the ISM index (the expectation is for an increase to 3 points, after the 51,8 level seen in October) .
In the first stages of trading in Piazza Affari, an upward stop was triggered for MPS, after the share managed to rise more than 5% (it is now earning 2,97%). Yesterday an agreement was reached between the Mps Foundation, Mediobanca and Credit Suisse for the suspension of the conditions of a loan from the institution with the simultaneous commitment to sell some non-strategic assets. Among the other banks, Intesa rises by 2,28%, Unicredit +0,91. Down Ubi- 1,13%.
There is a certain euphoria on the market also for Fonsai, halted by trading due to excessive volatility. The company's shares have been in the spotlight since the start of negotiations, in the wake of the advances on the group's disposal plan: the shares now mark an increase of 8,90%.
Bpm gains 1,20%, with Banco Popolare up 0,34%, Intesa Sanpaolo up 2,28%. More cautious Unicredit (+0,91%). Mediobanca loses 0,88%. Spotlights on Finmeccanica +2, 99% on the day of Pier Francesco Guarguaglini's exit from the scene.
Instead, Fiat appears decidedly weak, down by 1,78%. The European automotive sector was cut to 'neutral' by Oppenheimer, while in particular the shares of the Turin group were penalized by a reduction in Morgan Stanley (from overweight to underweight). Saras' rally continues +5% after the previous leap (+22%). At this point the market considers the rumors about an imminent delisting of the Moratti refinery to be very convincing, placed at much higher prices in the moment of the boom. Telecom (-1,42%) and Saipem (-1,15%) remain behind.
