WALL STREET RISES UP, BUT TOKYO PEAKS
TELECOM, S&P CUTS THE RATING. REFERRAL FOR THE NETWORK
Il Toro of 2013 has strong shoulders. The landslide of the markets lasted the space of one session. Even less to Wall Street which, after a negative start, recovered ground until it almost broke even: Dow Jones -0,08%, the S&P -0,29% and the Nasdaq -0,11%.
They shine tech stocks, led by Hewlett-Packard +13%. The real estate market is growing: in May, sales of new homes rose by 2,3%, prices increased by 1,3%.
A TokyoHowever, Thursday's collapse (-7,3%) left its mark. In the first part of the session, the Nikkei index achieved a robust recovery, up to 2,7%. But, after the conference of the governor of Boj Kuroda, sales have resumed. And so the index plummets to 3,3 percent. Ends around parity.
The sensation of the markets is that Kuroda does not have a strategy: despite the massive injection of liquidity (19,4 billion dollars) on Thursday, the Central Bank did not prevent the collapse of the stock market but, on the contrary, caused a sharp rise in government bond yields and the yen, which is the opposite of the declared objective.
The reaction to the warning of Ben Bernanke the possible slowdown in Quantitative Easing confirms the markets' confidence in the Fed's action. The Bank of Japan, on the other hand, did not pass the test by fire. And Europe? The Economist shocks the leaders of the European Union with a lapidary "sleepwalkers". In other words, it's time for governments to wake up, because in this phase "no news is bad news".
IN EUROPE THE BEST BUSINESS PLACE LOSES THE MOST OF ALL. UP THE SPREAD
Heavy declines hit yesterday the price lists of the Old Continent which left 163 billion on the ground. Paris, Frankfurt and London they lost 2,1%. The Bear has particularly affected the more cyclical sectors such as raw material (-3,2% the stoxx of the sector), le (-3,2%) and the banks (-3%). TO Paris at the end of the price list is the car with Renault (-3,6%) and there are banks with SocGen (-3,8%). in Frankfurt Commerzbank drops by 6%, Allianz and Deutsche Bank they drop more than 3%. In London raw materials are down with Antofagasta (-4,4%) and Rio Tinto (-4,2%).
Milan was the worst in Europe closing on the lows at -3,06%, depressed by the main banks, and by industrial stocks. But all 40 of Pizza Affari's blue chips closed with a negative sign.
On the market for government bonds there was a drop in the 10-year BTP, with the yield rising to 4,02% and the spread widening by 10 basis points to 257.
THE CAMFIN WAR CONTINUES: TRONCHETTI RESIGNS FROM GPI
Between the banks, Unicredit fell by 3,9%. This morning the managing director, Federico Ghizzoni, said that the trend of the second quarter is in line with that of the first.
Understanding MontePaschi lost 4,3%, -3,7%. Ubi -4,5%, Banco Popolare -4,1%. Mediobanca also fell sharply -4,8%.
In asset management Azimuth fell by 2,9%, Mediolanum -4,1%.
Between the insurance, Generali fell down by 3,2%, Fondiaria-Sai -3,1%.
Fiat it closed down 4%. StM lost 3,5%, Finmeccanica -3,3%.
Telecom Italy it closed down 1,6%. The Telecom Italia board of directors has decided to adjourn to a new meeting on May 30 to "take a definitive decision" on the spin-off of the network. In the meantime, Standard & Poor's cut Telecom Italia's rating from Bbb to Bbb-, the last step before falling to “non investment grade” level. "We expect a continuous worsening of the EBITDA in the period 2013-2014, considering the competition in Italy on the mobile telephony market and the economic context", explain the experts of Standard and Poor's, according to which the performance of the South American subsidiaries will not be in capable of counteracting the worsening of margins in Italy.
Pirelli -3,6%. Marco Tronchetti Provera has resigned from the presidency of Gpi, the holding company that controls Camfin and subsequently Pirelli, due to the continuation of the dispute with the Malacalza family over the group. In place of Marco and Ilaria Tronchetti Provera, the shareholders' meeting of Gpi, controlled by Tronchetti's Mtp, appointed two independent professionals, Mario Amoroso and Pietro Caliceti, a decision "following the rejection of the proposal formulated yesterday by Marco Tronchetti Provera Partecipazioni (Mtp) to Malacalza Investimenti and given the legal dispute that has now become permanent". Malacalza replies that the prospect of a takeover bid on Camfin has changed the situation "leading to the distortion of our current stake in Camfin and of the one that should be transferred to us in fulfillment of your obligations ”.
Enel it fell by 2,2%. According to rumors, the company is preparing to issue a 2 billion euro hydro bond. Eni -2,6%.
Negative closing also for Parmalat -0,1% for which a favorable revision of the price paid for the acquisition of Lag is expected.
