AMERICA, SAFE HAVEN FOR SAVINGS 2O11
MONTI: ITALY DOESN'T DESERVE THIS SPREAD
The auction test has been passed. But not with flying colors: despite that the coffers of the ECB burst of liquids parked by banks at rates just above zero, iThe Treasury managed to place only 6,9 billion bonds, less than the target of 8,5 billion. As for i BTP2,5 billion euro of 6,98-year bonds were placed at 7,56%, up from 2,5% in the previous auction at the end of November, and 5,62 billion of three-year bonds at 7,89%, up from XNUMX, XNUMX% of the end of November. Just because Mario Monti was able to judge the result "very good", while on the markets the opinion prevailed, much less enthusiastic than the Financial Times website which spoke of a "disappointing" result. Which underlines how Italy has not managed to place the entire offer.
After all, the economy is made up of opinions unlike mathematics. The Prime Minister is right in saying that "there is nothing in the fundamentals of our economy that justifies such a high spread". But the undertaking of repaying 95 billion bonds maturing between February and April, in the light of the conditions of demand, continues to appear to be a sixth degree escalation which explains why, after the long press conference by the premier who christened the plan Grow Italy the gap with i Waist has shot up to 518.
US DATA WAKES UP THE BULL. Italy's failure to "flop" has in any case allowed stock lists to set aside the ghosts of the collapse of the euro (which has slipped to lows anyway) and to concentrate on the good news at the end of the year arriving from the USA. The increase in home sales and the data on new applications for unemployment benefits which for the fourth consecutive week remain below the psychological threshold of 400 units (it hasn't happened since July 2008) were the driving forces behind the year-end mini rally. L'FtseMib index up 0,76% to 14, Paris and Frankfurt did better.
A Wall Street both closed in positive territory Dow Jones +1,12% that the Nasdaq +0,75%. L'S&P 500 index + 1,07% to 1263, today it will try to reach the levels of last January 2, at 1285 points. In this case, the American stock market will fully deserve the title of the only safe haven in 2011. Despite the relegation by S&P, the US debt has also proved to be a good deal: in 2011 it returned 9,6%.
WEATHERBAG. CLEAR IN THE MORNING, THIN EXCHANGES. I futures, before the start of the last session of the year, signal a positive start. But modest activity and thin volumes are expected: ideal for a possible speculation ambush. L'Asia in the meantime, he takes his leave of 2011 with an increase. In Tokyo the Nikkei 225 index rose by 0,53%, Hong Kong's Hang Seng by 0,32%. Data that does not serve to erase the disappointment for a difficult year: the MSCI Asia Pacific basket, which includes the blue chips of the Continent (excluding Japan) closed the year with a drop of 18%. Meanwhile, in view of the euro's birthday (it will turn ten on 2 January), the yen records a new, unwanted all-time high against the common currency: 100,03.
SCARONI: “SELLING SNAM IS POSSIBLE” “We look at this important asset without bias”. In this way Paolo scaroni opens, in an interview with Il Sole 24 Ore, to the hypothesis of an exit from Snam. "We could imagine a divestment - adds the CEO of the six-legged dog - provided we can make the most of it".
Thus takes shape what will be one of the catchphrases of the coming months: the sale of Snam (in which the CDP will undoubtedly be involved) will allow theEni to deleverage and better qualify as a pure oil company. No news, however, on the dividend policy front. “The next announcement – specifies Scaroni – will be in mid-March on the occasion of the presentation of the strategic plan for the next four years”. Meanwhile, Eni suffered a slowdown in the final yesterday, with the share closing at 15,78 euros, up 0,9%. Just 30 minutes before closing, it was quoted at 15,89 euros.
The sudden drop was caused by the declaration of the Libyan interim prime minister, Abdurrahim al-Keib, who issued a statement stating that his government will review the contracts signed with Eni during the government of Muammar Gaddafi, before the company's operations in the country resume. In the note - which says that yesterday al-Keib met Eni's CEO, Paolo Scaroni - it is specified that the latter has asked that the company be allowed to resume activities in Libya to complete the projects on the basis of the agreements signed in 2006 and 2010 A few hours earlier, in the press conference at the end of the year, thePrime Minister Mario Monti he had announced his forthcoming trip to Tripoli, on January 21, to relaunch the Italy-Libya friendship treaty.
CARIVERONA GOES DOWN IN UNICREDIT
MUSSARI PREPARES THE GOODBYE TO MPS
In Milan the banks moved yesterday in no particular order. Unicredit -1,5%, ISanpaolo agreement + 1,49% Where's Banca + 0,71% Banca Popolare di Milano -0,3%. As for Unicredit, the decision weighs Cariverona: the Foundation will participate in the increase but without incurring debts. The share of the entre will thus drop from the current 4,21% to 3,51%. The worst is Pop Bank. Emilia -2,62%. Since its entry into the main basket, the bank has left an abundant 30% of the value on the ground. But, on the contrary, we note the suspicious jump in the subsidiary's savings bonds Banco di Sardegna resp. +15%. Purchases arriving from the parent company have made operators prick up their ears when they smell the delisting. What's new in sight a Mps Bank. On the one hand, the Foundation is tightening the deadlines for the transfer of the asstes necessary to keep debts under control, on the other the mayor of Siena Franco Ceccuzzi, in an interview with the Nation, underlined that "the renewal of the Monte can only take place in the light of discontinuity". Ceccuzzi himself let it be known that, in view of the renewal of the bank's top management in April, the president Giuseppe Mussari, number one of the ABI, "has already expressed to the shareholders his will not to continue his experience as president".
Generali rises by 0,68%, while Fondiaria Sai loses 1,8% and reaches new all-time lows: this morning the company that is preparing to face a dramatic recapitalization was downgraded by Standard & Poor's. It also falls Milan Insurance-4%.
Among the industrials, the decline in automotive stocks stands out. Fiat -1,3% Fiat Industrial -0,15% Pirelli -0,08%. Goes down Prysmian -1,31%.
DE LONGHI PREPARES FOR THE SPLIT
Among the thin stocks, it has remained in the spotlight Prelios +1,6% , following the agreement with creditors on the rescheduling of the debt which gives life to the real estate company and allows more time to complete the disposals. On Wednesday the stock had risen by 6% anticipating the announcement that arrived in the evening of the agreement with eight Italian banks and with the former majority shareholder Pirelli. Since the beginning of the year, Prelios has melted on the Stock Exchange: the stock has lost 80% of its value.
Another down day for De 'Longhi, in the penultimate Stock Exchange session in which the group is listed as a single entity. The stock is trading at 6,08 euros, down 5%. In the last four sessions it has lost 15%, but nevertheless De' Longhi closes 2011 with one of the best performances of Piazza Affari, up 3% against a 26% drop in the FtseMib index.
Starting from Monday 2 January, the split between De' Longhi, which will head the production of household appliances, and De' Longhi Clima, which will deal with heating and air conditioning systems, will be effective. As a result of the transaction, each shareholder of De' Longhi will receive one share of De' Longhi Clima. The latter company will take the name of DelClima.
