Less than two hours after the close of the markets, the Italian spread travels on 483 basis points, after reaching almost 490. Meanwhile, the European stock exchanges are all moving in the red after the communication on the American GDP data. Madrid and Piazza Affari lose around the point, worse than the Parisian Cac40 at -0,04 and the Frankfurt Dax, -0,37%.
The outcome of the auction of Spanish government bonds caused the slowdown. The Madrid government has placed the entire amount announced, equal to 3 billion euros, but at very high rates. 3-month bonds were sold for 2 billion euro and 1 billion in six-month bonds. Demand was very strong at 2,9 times and 4,9 times the stocks on offer, respectively, but yields soared. On quarterly earnings, the Spanish government pays a rate of 5,11%, more than double the 2,29% with which the previous auction closed in October. For half-yearly the rate is 5,22% from 3,30%. On the ten-year government bond market, Spanish Bono returns 6,49% (+3 basis points compared to yesterday), the spread with the German Bund is at 464 points. Our Btp improves slightly with the yield at 6,61% (-1 point), the spread is at 473.
The euro is recovering against the dollar to 1,352, from 1,348 at last night's close. Spotlights also on Spanish banks after the rescue of Banca Valencia, with Caixabank losing 1,5%.
Meanwhile, the Italian banks are positive: Unicredit rises by 0,75%, Ubi scores +2,06%, Intesa +0,78%, MontePaschi +2,26%, Pop.Milano recovers impressively +5,25% in view of the Investindustrial cure.
The markets await indications from US macroeconomic data (including GDP and consumption) which will be released at 14.30pm. Throughout Europe, auto industry stocks recovered (then slowed down). The three big Germans, Volkswagen Daimler and BMW are up about 2%. In Milan Fiat unchanged, Fiat Industrial -0,25%. In evidence Pirelli +0,94% supported by the increase in the target price decided by HSBC and SocGen. The downward trend of StM continues, down by 3,14%, in line with the tech sector. Finmeccanica, hit hard by sales yesterday (-6,6%), instead climbs back by 3,33%. Yesterday the current managing director of Selex integrated systems, Marina Grossi, refused to resign from the board expiring in April, as requested by the CEO of Finmeccanica, Giuseppe Orsi.
A board meeting should be held on 28 November on the eventual resignation of the president Pier Francesco Guarguaglini, husband of Marina Grossi.
Between the mid cap, Safilo gains 2,9%, Banca Generali +2,1%. Datalogic drops by 1,7% after announcing an important purchase in America. The Bologna-based company was awarded Accu-Sort Systems, active in the industrial automation market, for 135 million dollars. The transaction, to be closed by the end of the year, takes place in debt on the basis of 6 times the EBITDA and will lead to an increase in Datalogic's debt to 1,6 times the 2012 EBITDA (post acquisition).
Accu-Sort, in the first half of 2011, achieved a turnover equal to 51,4 million dollars on an EBITDA equal to 11,3 million dollars. The acquisition, which is expected to close in the first quarter of 2012, will be debt financed:
Landi Renzo drops by 1,9%. The suspension of Monti Ascensori ordinary shares, which began yesterday, is extended pending a press release.
