After the rallies on accounts of Parmalat and Pirelli, which continues the race (+6,86%), the shoes of Tod’s (+7,17%) on the 2011 accounts, rising to the highest levels since August and the cement of Buzzi Unicem (+6,32%) which celebrates the numbers of the subsidiary Dyckerhoff.
Piazza Affari, also supported by the banks, runs up 2,08%, Frankfurt Dax 1,37%, Cac 1,72% and London 1,07%. Banks and raw materials are running. The BTP-Bund spread returned to 307,7 points with a yield of around 4,9%, while the Bono-Bund differential remains above 330 points.
The charge in Piazza Affari and the others European stock exchanges it arrived already in the morning frombot auction which showed a sharp drop in yields on three and 12-month bonds and in the wake of the spectacular rebound in Germany of the Zew index. Then there is the further clearing on the Greek front: i EU finance ministers have decided that the first tranche of aid from the second program will have to be disbursed by 20 March, due to the deadlines that Athens has on that date. Fitch then improved the credit of credit of Greece to B- with stable prospects, removing it from restricted default.
On the other hand, the Hungarian front becomes more complicated: after a heated debate the finance ministers they sanctioned the country for failing to correct the excessive deficit in 2011 by blocking the cohesion funds allocated for an amount of 495 million euros. While on the Tobin tax, on the Ecofin table today, there are still too many problems to make a decision. The EU "will take a little more time to reflect and develop new proposals: there are still many open questions", he said the Danish Minister of Economy, Margrethe Vestager, president of Ecofin. "If we don't reach a compromise on the Tobin tax within the Danish presidency, we have to find alternatives, because not deciding would be a disaster," commented the German Finance Minister Wolfgang Schaeuble.
It is then Wall Street that consolidates the increases of the old continent: US price lists are boosted by data on US retail sales, which rise to a 5-month high. The S&P500 index reached a 4-year intraday high (since June 2008) at 1.377,08 points. The Dow Jones rose at the close by 0,89% and the Nasdaq by 1,17%.
Now the focus is on the press conference of Fed Governor Ben Bernanke which will take stock of the American economic recovery.
But in Europe it is this time the president of the ECB Mario Draghi to address the problems still on the table. “The ECB, he reiterated, has played its role now it's up to the governments”. "in the absence of structural reforms it will be difficult to keep the euro area together, warns Draghi, the economy of the euro area is stabilizing at depressed levels". "Banks, he added, should use the ECB's liquidity offer to strengthen balance sheets, including cutting dividends and bonuses."
Dividend fears Intesa Sanpaolo (+3,97%) however could turn out to be unfounded: according to rumors the bank is preparing to distribute the 2011 dividend, even if down compared to the 8 cents of 2010. Mps yields 0,42%. A source close to the dossier reported that the go-ahead has arrived Credit Suisse to the sale by the MPS Foundation of MPS shares, an operation aimed at restructuring the debt.
Let's get on with Unipol as per the contract”, said the top management of Premafin (+0,53%) on a visit to Unicredit to take stock of the holding's debt while the board of directors are on the agenda on Thursday to examine the swaps of the operation.
