MILAN BEGINS IN BEAUTY +2,48%
OK DAY FOR SOVEREIGN DEBT
Final in beauty at the Milan Stock Exchange +2.48,% at 14.192 points thanks to the trend reversal of Wall Street (Dow Jones +0,78%, S&P +0,53%) conditioned by economic data of different signs and by the expectation of the FOMC meeting, from which the verdict on rates will come out tomorrow. The consumer confidence index is down, but the data on the real estate market is better. 328 new homes were sold in March from 353 in February (revised up from 313). But according to the Case-Shiller index, house prices in the 20 main cities fell in February by 3,5% on an annual basis while the decline on a monthly basis was 0,8%. With the new downturn, house prices are now at their October 2002 levels.
And so the FtseMib index, who in the early afternoon had almost completely zeroed his earnings, was able to press the accelerator. The other European Stock Exchanges also rose: London +0,78%, Paris +2,29%, Frankfurt +1,03%, Madrid +2,23%.
The tension on the bond market also decreases: the spread goes down of the Dutch decennial like the French one. The Italian spread is reduced by 11 basis points to 393, the Spanish one by 20 to 412.
It was Pirelli's day +4,6%, which this morning announced a 120 million dollar investment for a new factory in Indonesia. Well Fiat too +5,08% and Prysmian +4,98%. StM's earnings are modest +2,6%, a tenth of what was lost in Monday's dramatic collapse (-14%).
Finmeccanica +1,7%, on the day of the news of the judicial investigations into alleged illicit loans to Umberto Bossi's League.
Atlantia +1,7%, cancels -2,5% in the morning after CEO Giovanni Castellucci had said he expected a 5% drop in traffic in Italy in 2012. The group is interested in buying Ecorodovias if sold by Impregile it.
Very volatile financial stocks: Unicredit + 3,79% MontePaschi + 3,29% Banca Popolare di Milano -1,19% Banco Popolare + 2,4%. Understanding + 4%. Unipol salt by 3,5% and Fondiaria Sai +1,2% after rumors about a possible reduction in the size of the capital increase. In Turin, a bitter battle is underway at the Fonsai assembly with representatives of Palladio-Sator. Between small cap the increases of Eurotech +7%, Saras +4% stand out.
