Fly to highs the Italian bond market. The 4,145-year bond falls to 4,195% (XNUMX% on Monday, approaching the lows since early June). It also shrinks the spread with Bunds, which fell to 240 basis points.
In short, a very positive result is looming for this morning's offer. A climate that appears decidedly favorable in view of this morning's medium-long term auction, when the Treasury will offer 5-6 billion Btp, equally divided between 5 and 10 year terms. In support of the issue, the substantial maturities of bonds and coupons this week from Spain and Italy: approximately 45 billion euros.
This morning the bot auction in six months ended positively: the Treasury placed 8 billion six-month bonds with declining yields (0,629%) and requests equal to 1,8 times the quantity offered. The Dow Jones advances by 0,67% to 15.673,99 points, the Nasdaq it grew by 0,21% to 3.948,3 points and the S&P 500 advanced by 0,48% to 1.770,54 points. Markets are trading higher on the belief that the Federal Reserve will keep economic stimulus measures intact for several months to come.
Macroeconomic data released yesterday reinforced the feeling that the recovery is struggling to fuel: September retail sales were down 0,1%, against an average forecast by economists of 0,2% growth. And, in this context, investors expect the Fed not to back down. Limited gains in London +0,73%, Paris +0,6% and Frankfurt +0,48%. Madrid +1,31%. A day of fireworks at the Milan Stock Exchange which closed with the FtseMib index up 2,27% to 19.256 points.
BANKS
The index European Stoxx of banks closed the session with a slight increase of 0,3%, weighted down by the collapse of the Swiss Ubs -7,6% . Quite a different script in Piazza Affari. Here the difference was made by the banks, all of which rose sharply in Milan thanks to Goldman Sachs which raised the target prices of Italian credit institutions in a flurry. Unicredit gained 5%. Goldman Sachs raised its target price to 7,5 euros from 6,1 euros. The “buy” judgment confirmed. Yesterday the bank successfully placed the stake held in Fondiaria-Sai and the latter today rose by 2,9% Mediobanca achieved an increase of 1,9% after the good results announced yesterday. Brokers raised their target prices: Kepler Cheuvreux to 6,6 euros, Nomura to 6,1 euros, Ubs to 5,8 euros. Intesa rose by 3,5%, Banco Popolare +4,6%, Banca Pop. Milan +4,9%, Ubi +4,1%, Monte Paschi +2%. Positive for Generali +1,5%. The head of Mediobanca's investment portfolio, the largest shareholder of the Trieste-based company, has sat on the board of directors of the insurance group since the spring of 2012 and, according to what has been learned, seems to be the most popular candidate to fill the position of vice president vacated by Vincent Bollorè. The appointment perhaps already in the board of directors of 6 November. Meanwhile Leonardo Del Vecchio does not rule out increasing his stake in Leone in the future
TELECOM
Sharp rise of Telecom Italia +6,1%. In this afternoon's meeting in Rome with the Prime Minister Enrico LettaCesar Alierta, president of Telefonica, said that Telecom Italia will have to continue its policy of developing investments in fiber and fourth generation networks, while remaining an Italian company. The increase in the share can also be explained by the payments from the Public Administration (the company is a creditor of around 1 billion) and by waiting for TimBrasil's quarterly accounts. The utilities are in fibrillation: Enel +1,3%, A2A +3,9%, Terna +0,8%, Enel Green Power +2,4%.
SAIPEM
On the eve of Eni's board meeting, the oil sector lights up. Oil stocks rose throughout Europe (Stoxx +1,8%), driven by the English BP +5,5% which achieved better than expected results and announced an increase in the dividend. In Milan, Saipem rose by 4,7% following the release of quarterly data. Eni gained 1,5%.
CAR
Fiat, on the eve of the quarterly report, gained 1,5%, Finmeccanica +3,3%, StM +3,3%. The only stocks to close in the red were Pirelli -0,29% penalized by the belts of Michelin -3,5% and Cnh Industrial -1,27%.
MEDIASET AND EDITORIALS
Sharp rise of Mediaset +4,5%. The other editorials follow closely: Mondadori +9%, Rcs +4,8%, L'Espresso +5,5% soars. Cairo Communications +3,09%.
