ITALY RECORDS AT THE BTP AUCTION TEST. MPS CONTINUES FLIGHT
TOKYO +1,5%. LAUNCHED A PLAN FOR 600 JOBS
Now it's more than a feeling: major international investors are revising Italy's risk downwards.
This is confirmed by:
a) the decline in the Btp/Bund yield spread, dropped today by 20 basis points to 258. The yield on the 10-year Italian government bond (4,14%) is at its lowest since November 2010.
b) theExcellent conclusion of the Bot auction which saw the Treasury effortlessly place 8,5 billion 12-month bonds at a yield of 0,864%, the lowest rate since January 2010, down sharply from 1,45% in the previous auction in mid-December and compared to the secondary market rate of around 1% yesterday. Demand was 1,78 times supply.
c) the FtseMib index rose 0,7% to 17.451 supported by increases across all sectors
Today a new test, the auction of three-year BTPs. The Treasury offers at auction, for a minimum of 2,75 and a maximum of 3,5 billion euros, the Treasury Bonds (Btp) with effect from 1 December 2012, expiring on 1 December 2015,
On the other hand, the other European Stock Exchanges were weak: London +0,05%, Paris –0,39 and Frankfurt -0,16%.
The ECB has announced that it has left the reference rates unchanged at 0,75%. This prompted some selling on the dollar: the euro-dollar cross jumped to 1,321 from 1,306 at last night's close. Repercussions also on commodities: Wti-type oil rises by 1% and reaches 94 dollars, gold gains 1,2% to 1.677 dollars an ounce.
On the rise Wall Street: S&P500 +0,76%, Dow Jones +0,60%, Nasdaq +0,51%.
The S&P index has touched a new high in the last five years.
Prominent the leap in crude oil (Brent over 113 dollars a barrel) after the announcement of the -4,9% cut in Saudi Arabian production. ASIA – The Japanese government has announced a stimulus plan to boost the economy: 118 billion dollars with the aim of creating 600.000 jobs through 2% GDP growth. In reaction, the yen fell to 89,35 against the dollar, to the lows of June 2010. The Nikkei Index on the other hand, it recorded an increase of 1,50%, approximately. Both Hong Kong -0,35% and Shanghai -0,3% decreased: the increase in Chinese inflation in December to 2,5% weighed heavily.
AMERICA
To support yesterday's purchases on Wall Street it was the optimism on the quarterly season and the positive data that arrived yesterday from China's exports, which jumped to a seven-month high.
Le new claims for unemployment benefits, equal to 371 units, are in line with last week's 372 and slightly above the estimated 365. Wholesale inventories in November were up by 0,6% against expectations at +0,2%.
The positive tone extended to almost all sectors. Seven out of ten S&P 500 stocks are up
EUROPA
At the end of board of the ECB who confirmed the reference rate of the euro at 0,75%, Mario Draghi expressed himself with caution on the European economic situation, saying that recovery should show at the end of 2013.
There are not only i Boots.
Also yesterday, Spain placed 5,817 billion euros divided between 2015, 2018 and 2026 maturities. The initial offer was for a maximum of 5 billion. High requests, more than 2 times for all three deadlines. The bond maturing in 2018 was placed at a rate of 3,988%, down sharply from the 4,68% of the last auction in November.
In the meantime, the signs of easing continue on the front of ex-safe assets:
1) the 143,4-year German bund future fluctuates around XNUMX points.
2) the euro/Swiss franc cross stands at around 1,209.
3) Switzerland's 2-year bond, the only one still with a negative yield, rose to -0,28%, its highest since mid-October.
ITALY
Le banks benefited from the improvement in the spread.
Purchases continued among the banks MontePaschi +1,4%. Good progress also for the rest of the sector: Unicredit +1,2%, Mediobanca +2,2%, Intesa +2,9%, Banco Popolare +2,4%.
In managed savings Azimut gained 4,4%, Banca Generali +0,7%.
Between the blue chip of Piazza Affari the strong increase of Finmeccanica continued +3,3%. Ubs intervened on the stock by raising the target price to 6 euros from 5 euros, the recommendation is "buy".
StM also positive +2,3%, on which Goldman Sachs intervened by raising the target price to 8 euros from 6,1 euros. The “buy” judgment confirmed. The chipmaker also benefited from a "carryover effect" from Nokia, which jumped 10,8% after announcing that its fourth-quarter 2012 results will see its handsets division surprisingly return to profit, thanks to great success of the new Lumia smartphone.
Strong rise by Mediaset +7,2%, with analysts who do not see improvements in the group's accounts and in the sector's prospects capable of supporting the prices. It also went up l'Espresso + 3%.
All over Europe they went up car titles (Stoxx of the sector +0,6%) and in Milan Fiat recorded a slight increase of 0,2%. Definitely brighter were Pirelli and Fiat Industrial, which gained 3% and 2,2% respectively.
Slight backwards by Telecom Italy -0,5%, protagonist of a pyrotechnic leap of 8,8% the day before.
Finally down Atlantia -3,5% after official confirmation of the negotiations for an aggregation with gemina, up 1,1%.
