THEBtp auction disappoints, the spread rises and the banks give ground. Another day of nervousness in Piazza Affari which in the middle of the session yielded around 1,5% undermined by political events and banks. L'IMF effect, which promoted the sector yesterday, did not make itself felt by the credit institutions that are feeling the effects of the Cyprus case, with the contested bailout "model", and of the tensions on the spread. After an opening of 324 basis points, the differential has reached 344.
In the morning the Tesoro concluded an issue of ten- and five-year government bonds for 6,91 billion, slightly below the target of 7 billion and with mixed rates: while the yield was down for the ten-year, the five-year Btp recorded rising rates. The ratio between supply and demand which stood respectively at 1,33 for the ten-year BTP (1,65 in the February placement) and at 1,22 for the five-year BTP (1,61 at the previous auction). In Italy, Istat communicated that industrial orders fell by 1,4% of the economic situation in January and turnover by 1,3%; on a trend basis, orders fell by 3,3% and turnover by 0,6%.
However, all of Europe travels in red awaiting the opening of Wall Street, which yesterday was supported in the increases by positive macro data and better than expected (but futures are negative in the morning). Paris loses 1,41%, Frankfurt 0,92%, London 0,52%. Great Britain's GDP grew by 2012% in 0,3, revised upwards from the previously forecast 0,2%.
Europe pays for business and consumer confidence data. In March, the EU Commission's index measuring business and consumer confidence recorded a drop of 1,1 points in the Eurozone to 90 and 0,6 points to 91,4 in the EU, signaling a pause in the recovery that has begun last November. Confidence worsened in 3 of the 5 largest economies: France -1,7 points, Germany -1,6, Spain -0,9. It is stable in the Netherlands (-0,3). It improved in Italy.
A Business Square they go down banks: Mps -4% after the search of the Milan office of Nomura, Ubi Banca -3,53%, Bper -3,34%, Banco Popolare -3,13%. At the bottom of the Ftse Mib too Telecom Italy -4,09% after the suspension in the volatility auction. According to press leaks, Marco Fossati, the group's second shareholder, would have asked to place trust in top management on the agenda for the meeting. Bucking Mediaset which leaps by 7% with sustained volumes after yesterday's accounts which brought back the first red in the history of the Biscione. Analysts like the group's work on cost reduction. Ansaldo also did well +3,86% after the presentation of the strategic plan. Also up sharply Fiat Industrial + 1,38%.
