WALL STREET RISES TO HIGHEST SINCE 2007
MILAN IN THE QUEUE. IN LIVE I BTP 2
La Italian stock exchange it was, for the entire session, at the bottom of the market platoon. In the end, Business Square -0,2% is the only one to have closed in negative ground, outclassed by Stock Exchange of Madrid +0,38%, as well as from London + 1,85% Frankfurt is 1,58% e Paris +1,14%. Only a mini rally in the last hour has revived the fortunes of the Milanese price list, on the wave of positive data coming from the USA. It is difficult to find a precise explanation for this injection of distrust in the shares of the Bel Paese, also because the holding of BTPs denies the hypothesis of a shower of sales linked to the difficult Italian political situation. The ten-year BTP it underwent some fluctuations, but at the end of the session it showed a yield of 5,07%, slightly down on Friday. The spread with the Bund it fell to 327 (2 points down). The detachment from Spain is constant (23 points of spread). But the picture, valid for 10-year bonds, changes if you look at short-term issues: compared to the beginning of March, two-year BTPs yield one percentage point more. It is the signal that the markets, once the purchases linked to the ECB loans have been exhausted, tend to get rid of short-term securities, because they are worried by a certain laxity in our local politics.
While waiting to solve the enigma, the Wall Street performance. The index Dow Jones +0,4% rose last night to the highest level since December 2007 at 13,263 points. The S & P 500 up 0,7, the Nasdaq up 0,91%,
To be noted: a) the collapse of Groupon – 12,2%, after having released results clearly below expectations; b) Apple's new upside +1,9%. A broker, Topeka Capital Markets, has set a 12-month price target of $1.001 per share; ThereAvon's flight Up 17% after Coty launched a $10 billion bid to buy the company at a 27% premium.
Driving the rally were the good macroeconomic data from China and the USA: in both countries, the March survey among corporate purchasing managers showed an acceleration of the industry higher than expected. Now operators are waiting with increasing anxiety for the two key data of the week: the trend of US employment and the publication of the minutes of the last meeting of the Fed. These are key indications for evaluating the possibility of a new easing of monetary policy by Ben Bernanke.
Seated in a minor key for the Asian bags, conditioned by the closure of the Chinese square for holidays. The Nikkei 225 index in Tokyo fell - 0,54%, on the wave of forecasts of a strengthening of the yen. On the contrary, the Hang Seng is recovering +0,48%.
In Europe and the USA, the titles of the auto sector. In Germany, BMW gained 2,6%, Daimler +2%.
Good news arrives from the United States for Sergio Marchionne: Chrysler, according to Bloomberg, recorded the best monthly performance of the market, with a rise in sales of 31%, double that of GM and Toyota. But Fiat -1,2% has to worry about the thud on the Italian market, really "horrible" as anticipated by its number one. Car registrations in March in Italy stood at 138.137 vehicles, down 26,72% year on year. Registrations by the Fiat group amounted to 35.942 vehicles, the lowest level in the last 32 years, down by 35,6% per annum. Its market share stands at 26,02% from 28,31% in February.
Meanwhile, on the eve of tomorrow's budget meeting, the meetings of ordinary and privileged members approved the proposal to convert shares into ordinary shares in the ratio of 0,875 ordinary for 1 savings. The decision, Marchionne said at the time, serves to facilitate the merger with Chrysler given that there are no such categories of securities in the US.
The data pushed up the Wti oil at 104,6 dollars a barrel (+1,5%). Total rises +2,3%, Eni -0,2% falls.
Enel -1,1% pays for the sharp slowdown in electricity consumption in Spain, where it operates controlled by Endesa. The stock of the energy group represents about 13% of the market capitalisation.
Forti discounts for banks, despite the final recovery: Unicredit fell by 1,4%, Banco Popolare -1%, Pop.Milano -1,9%. Intesa -0,8% despite the buy of Goldman Sachs. . MontePaschi, after strong fluctuations, closed up by 1,9%.
Le shareholder foundations of Unicredit will present the list for the renewal of the board with the name of the new president on April 16, the last day. This was stated by Marco Cammelli, president of the Del Monte Foundation in Bologna, at the end of a meeting between all the shareholder foundations. Before the meeting, the president of the Crt Foundation, Andrea Comba had explained that the name "is yet to be found" and that the candidates indicated by the press as components of a shortlist - Gian Maria Gros-Pietro, Angelo Tantazzi and Giuseppe Vita - "are all good, very good”.
Meanwhile it seems certain the entrance of Luke of Montezemolo on the board: he will be one of the two directors appointed by Al Aabar, the Abu Dhabi fund, the bank's first single shareholder.
S&P's announced today that it has placed the rating of the Popolare di Milano under negative observation. Currently, the credit agency rating for Popolare's long-term debt is 'BBB-“, the bottom rung of investment grade. The rating agency commented on the decision saying that the recent announcement of the bank's reported losses will have a negative impact on capital ratios.
Unipol it fell by 1,7% after the reverse split (1 new for every 100 old). Fondiaria-Sai -3%.
Among the few positive titles, Salvatore Ferragamo it rose by 2,8%, in the wake of good data on the Chinese economy. Pirelli gained 4,2%, Diasorin closed up 1,2%, Luxottica + 0,6 %
It lasted about four hours RCS syndicate agreement convened to discuss the governance of the publishing group, in view of the presentation of the list for the renewal of the board of directors which must be filed by 7 April. Renato Pagliaro, John Elkann, Giovanni Bazoli and the president of the pact, Francesco Pesenti, spoke for a little longer. Marco Tronchetti Provera (Pirelli) was not present at the meeting at the RCS headquarters in via Rizzoli.
The Pact will meet again tomorrow in the hope of finally being able to find the solution: the main node lies in the Fiat-Mediobanca to bet on a board made up mostly of independents, a prospect rejected by some shareholders, starting with XNUMX Diego Della Valle, which insists on the reconfirmation of Antonello Perricone to managing director.
