CHINESE EXPORTS RUNNING. AND ASIA IS BOOMING
MILAN RECORD IS NOW WAITING FOR THE BOT AUCTION
The cover title rightfully belongs to Business Square. First, due to the robust +2,2% increase, the best performance in Europe which brought the index above 17.300 points, as it hadn't happened since 2 August 2011. Since the beginning of the year, the Italian Stock Exchange has risen by 6,4%. The exploit falls on the eve of two important appointments today: the first Treasury Bot auction of 2013; the first meeting of the ECB directorate of the year. A rate cut is not expected, Mario Draghi's words on inflation and recovery are important.
Another news coming from China confirms the mood of recovery: Beijing's exports (+14,1%) and imports (+65%) restarted in December. The year closed with a surplus of 231 billion, up 50% after three years of decline.
The figure gave wings to the Asian price lists: Hong Kong flies +0,90%, Tokyo continues the march +0,70%. Since the December 16 elections, the Nikkei 225 has gained 22%.
The prices of futures on the S&é index +0,3% suggest a sprint start for the US Stock Exchange.
Meanwhile, yesterday Wall Street was energized by Alcoa's good quarter +0,5% : Dow Jones +0,46%, S&P +0,21%, Nasdaq +0,45%.
The other European Stock Exchanges were positive, but less brilliant: London rose by 0,7%, Paris +0,3%, Frankfurt +0,3%
SOVEREIGN DEBT, TREASURY AUCTIONS TODAY
Today, as has been said, Italy will return to the market with an auction of 8,5 billion BOTs over 12 months. The yield on the secondary market fell to 1,063%, to its lowest since April 2010, and if buyers confirm this yield tomorrow, it will be an important testimony to the new-found confidence on the part of the "Italian system", in the wake of what S&P said yesterday , already a thorn in the side in the toughest moments of the crisis.
"For the sovereign debt crisis - says a study by S&P - 2013 could be the turning point". According to the report, the year could mark the beginning of the Eurozone's sustainability by overcoming the volatility and market fragmentation that has plagued it over the past few years. “However, we believe investor confidence will return if member states continue to make progress in rebalancing their economies – states the S&P report – both through structural debt stabilization and further reducing external deficits”. In other words, Italy's behavior after the vote on 24 February will be decisive.
In the final session he improved the Bund/Btp spread, back below 280 points to 278, with the yield on the 10-year BTP down to 4,26%.
THE DAY OF TELECOMS AND BANKS
Piazza Affari drove the Eurostoxx index thanks to the performance of TLC and credit.
In Europe the best sector was that of telecommunications (Stoxx +2,6%), following the news of a proposal made to the European Commission by the main operators aimed at creating a single European network. Telecom Italia was up 8,8%, FranceTelecom +4,2%, Deutsche Telekom +3,3%, Telefonica +3,9%.
Telecom Italia Average +4,4%.
A strong contribution to the upside also came from the banks. The Stoxx sector index gained 2,2%, France's Société Générale rose 3,4%, Spain's BBVA advanced 3,3%, Zurich's Ubs gained 4,1%, Barclays + 2,6%.
But it was the Italian institutions that led the rise.
For the fourth consecutive day MontePaschi was in the spotlight, with an increase of 4,8%: since the beginning of the year, the share of the Sienese bank has gained 29,5%. Strong increases also by Unicredit, up 4,8%, Mediobanca +3,1%, Intesa +2,4%, Banco Popolare +4,5%, Ubi +3,8%.
Yesterday Ubs wrote in a report that for Italian banks the macroeconomic and political scenario is improving: the broker has also raised the target price of some credit institutions, the favorites remain Intesa and Unicredit.
IN THE PLACE OF BUSINESS
Atlantia "today started contacts with the Gemina company aimed at verifying the conditions for a possible corporate integration operation between the two holding companies". This was stated in a note from Atlantia after the numerous rumors of recent days relating to the operation and the rebound of the share on the stock exchange.
Among the insurance companies, Generali +0,2% made little progress, but Fondiaria Sai gained 5,8% and Unipol 5,4%.
In managed savings, Mediolanum performed +4,8% after the good collection results in the month of December. In the spotlight this morning Banca Generali after the excellent results on funding announced yesterday after the Stock Exchange.
Industry stocks were positive, especially Finmeccanica +6,3% which reacted to the rumors about an acceleration in the sale of Ansaldo Energia.
StM gained 1,2%, Fiat +1,9%, Prysmian +1,7%. Strong acceleration of Enel Green Power +4,1%.
