TAXES AND GOVERNMENT: THE STOCK SLOW DOWN AND HOPE
AND FIAT IS CLOSER TO 100% THAN CHRYSLER
Piazza Affari gives a high five. On the day Enrico Letta was appointed to form the government, the Milan Stock Exchange closed for the fifth consecutive day on the rise. The Ftse Mib index, which came to lose 1% in the late morning, recovered everything in the afternoon reaching the closure of negotiations at 16.563 points (+44%), the maximum of the last 9 weeks.
But what is responsible for the braking in the morning? Letta's phrase 'the government will not be born at all costs, but only if the conditions are right' has once again fueled a climate of uncertainty and induced investors to take home the gains made in recent sessions.
In Europe, also due to the negative data arriving from Germany, expectations are growing for the rate cut at the next ECB meeting.
London +0,3%, Frankfurt +0,9%, Paris +0,9%, Zurich +0,6%.
APPLE DOWN, SAMSUNG SALTS. EARNINGS IN TOKYO
The bull run continues this morning in Asia. The Nikkei index gains 0,40% while the yen weakens, doing much better in Hong Kong +1,10%. Great volatility in Shanghai +0,2%. But the note of optimism comes from Korea; GDP growth in the first quarter was the best since 2010. Samsung announces that bookings for the new Galaxy 4, on sale from May 30, are "much higher than expected".
The Wall Street indices are in balance: the Dow Jones loses 0,29%, the S&P 500 unchanged, Nasdaq +0,01%.
Durable goods orders saw a 5,7% drop in March, the worst decline in seven months
Weaker-than-expected macro data and a round of disappointing quarterly earnings, including those from some large groups, overshadow the stock market rally in Boeing +3.24% after announcing first quarter accounts. Procter & Gamble, on the other hand, dropped 4,86% after the third quarter accounts which showed lower than expected earnings per share. Closes in red Apple.
AUCTIONS OK, BUT THE DESCENT OF THE SPREAD HAS STOPPED
The Treasury placed this morning 2,5 billion euros of Ctz with a 2014 maturity at 1,167%, an all-time low. Tomorrow it's the turn of the 5- and 10-year BTPs.
The BTP is weak after seven consecutive days of recovery: the ten-year yield returns to touch 4% from 3,90% this morning, spread at 275 (+8 basis points).
The yield of the 2-year BTP rises to 1,20% from yesterday's historic low of 1,13%.
SNAM AND FINMECCANICA ARE ON THE LIST
Banks fluctuated a lot and closed with modest changes: Unicredit+ 0,2% Understanding -0,1% Ubi -0,7%.
Among the worst. Pop.Milano -4% after the resignation of three members of the CDS, in addition to the president Filippo Annunziata. The market fears that the move by the members of the cds could somehow slow down the process of transformation into a joint stock company, which will be submitted to the shareholders' meeting on 22 June Mediobanca -2,8%.
Among the insurance companies: Generali-1,1% and Fondiaria + 0,6%Unipol + 3,8 %
Fiat superstar rises by 2,5% (after +6% on Tuesday) after rumors about an agreement with some banks to finance the purchase of the Chrysler shares held by the American fund Veba. The anticipation for Monday's board on American soil is rising.
in Frankfurt Volkswagen gained 2,5% after release of quarterly results filed with profit down 38%. However, the market appreciated the confirmation of the objectives for the end of the year by the management.
Finmeccanica -5,5% following the presentation of 2012 data and indications on 2013. The news that the rating agency Moody's has put the company under observation for a possible rating cut on the bonds scuttled the stocks , at the junk level.
StM + 2,8% Prysmian + 3,4% Tenaris + 3%.
Mediaset +3,4%. No major news emerged from the shareholders' meeting, with the president Fedele Confalonieri throwing water on the fire and indicating that the rumors about the entry of new members, Russians or Arabs, 'are only rumors'. Publitalia will close an agreement with the Virgilio portal shortly, but "the ongoing negotiations do not concern the acquisition or advertising sales of the online operator", Mediaset specified in a note.
Parmalat + 3,3%.
Eni accelerated in the afternoon to close up 2,4%, Enel+ 1,3%.
Snam Rete Gas it closed sharply down (-3%) on the day of the publication of the quarterly data and the consultation document of the Energy Authority on gas transport tariffs.
Telecom Italy -0,4%. From bad to worse moleskinand (-5%). The shares of also closed down by 2,1%. Sacom, the freshman landed today in Piazza Affari and active in the food biotechnology sector
