Bags and BTP collect records but the euro remains too high. This morning … – FIRSTonline

Raining other positive news from the East to the scales, already galvanized by record Wall Street and the thrust of the ECB. Chinese exports rose more than expected in May (+7% vs. 6.7% expected), reinforcing the view that the recovery of the Dragon, after the stimuli rained down from the center, is now in place.

Meanwhile, Japan has revised GDP data for the first quarter: +1.6%. The Nikkei in Tokyo advancing 0.5%. Hong Kong rises of 0.9% followed by 0.6% in Shanghai. In positive terrain Korea is also up 0.3%, while the won at the highest salt a year. Thus begins a week that promises to be lightweight, which is ideal to digest the news of rain decided by the European Central Bank.

15 days after the Summit of the Federal Reserve, also promises serene landscape macro Use: The employment data for May has confirmed that the recovery proceeds without tearing ideal for continued action of Tapering no surprises for the markets. The weather report Stock Exchange, in short, a nice stable little everywhere.

In the U.S. stocks rise with the major indexes renewing historical records, already touched several times recently. The Dow ended the week with a step portion 17 thousand points, setting the record at 16,924 points, while the S & P 500 is now a step away from the wall of the 2 thousand points (1,949), a threshold that a few years ago seemed utopian. Continues its run too Nasdaq: List the technology is just under 5.5% compared to the record set in 2000 in the middle of the Internet bubble.

In the sharp rise in the price lists also emerging: the salt Brazilian Bovespa + 3%. Also highlighted the Indian Sensex, +1.51. The Eurostoxx index is at the highest in six years. The best list is Milan: Milan stock index rose 1 FtseMib, 5%, driven by strong increases of banks. The week ended with a gain of 3% which leads to the performance of +17.5% year to date in Milan. The index is at an altitude of 22,290, the maximum of the last seven years (May 2007).

The spotlight is now focused on the euro traded at 1,363 against the dollar weekend. Contrary to what you might imagine, the cut in interest rates in the euro area has not facilitated a depreciation of the currency and on the contrary has pushed slightly higher. According to some economists, the movement is explained by the strong demand for assets in the euro triggered by the prospect of global economic recovery, after which the ECB has expressed a very definite orientation in favor of growth.

The BTP IN FLIGHT TO NEW AUCTION RECORD

The sovereign debt market again after a session history in which, after the decision of the ECB, were pulverized previous lows: the performance BTP 2 years for the first time in history under 0.5%. The title five years has fallen to ’1.39%. The ten-year fell for the first time since the birth of the euro at 2.81%. E ‘in this climate that the auction will be held on Wednesday Bot 6.5 billion euro, while the day after the return to the Treasury securities market by offering medium to long term.

L’ OUTLOOK NEGATIVE BY S & P SPAVENTA NOT FOR NOW

Standard & Poor’s confirmed its BBB sovereign rating of Italy, with an outlook remains “negative” because it “reflects the vision of the risks on public finances resulting from the low nominal and real growth prospects. Modest growth prospects – says S & P – depend on the uncertain progress made over the previous three governments in reforming the labor market and domestic goods markets, which we believe are less flexible than those of its main trading partners. “There is ‘a bit’ of severity by the agencies on Italy, but it is true that the economic cycle is on the reforms we are behind compared to other countries such as Spain, “notes Richard Barbieri of Mizuho International. The next pronouncement on Italy is expected Friday, June 13, when will the judgment of Moody’s.

MPS 5 BILLION TO ERASE THE PAST

L ‘ x time has finally arrived. Part today the capital increase of Monte dei Paschi di Siena, the most important one after Unicredit 7.5 billion in 2012., But they are only the size of the operation, 5 billion, or the fact that the recapitalization is almost double the current stock market value (EUR 2.94 billion) to make the important affair MPS: the operation is especially also the thermometer to measure the level of satisfaction of Italian banks, a few months after the entry into force of the Supervisory Board only.

Friday the title of the institution, only to close in negative territory in the comparo credit, lost 1, 9% after announcing the terms of the capital: the shareholders are offered in Option 214 new shares for every 5 shares held at a price of 1 euro per share. But on the eve of the start of the operation the institute has earned the support of two new partners in South America, and Fintch Btg Pactual, ready to cover even part dell’inoptato.

The title of this morning will have an adjusted reference price of 1.54 €. It should be noted, finally, that Banca MPS is among the creditor banks of Alitalia, with an exhibition at the end of March, 93.3 million of which 63.4 million self-liquidating. Today they take away even the capital increases of Banca Popolare di Sondrio and Italcementi.

BANKS IN FLIGHT DUE TO DRAGONS

Eight out of ten of the headlines Weekly top ten Piazza Affari belong to the banking sector. In detail, in the top of the FTSE MIB figure Mediobanca +9% (+4.8% in the session on Friday) followed by Pop.Milano +8.5% and +7.5% Bto. Much in evidence even Ubi +6 , 2%, 6.2%, Intesa Sanpaolo, Unicredit and Banco Popolare +5.9% +4.5%. The Board of Directors of Banca Etruria began on Friday ‘s examination of the offer made by the People’s Vicenza: the seat has been updated to 11 June in the case of determinations “relevant and consequential.”

TELECOM AND Mediaset, THE TIME OF CHOICES AND ‘ARRIVED

The market is betting on the new structure of Telecom Italy +8.2% in the week (+3.9% Friday) on the maximum since June 2011. likely the dissolution of Telco falls between each other in a time of great effervescence for TLC: France looming passage of Bouygues telephone in Orange; Germany hangs the judgment on the transaction Telefonica KPN, designed to reduce the number of mobile operators from 4 to 3, as it may soon happen in Italy as a result of the possible noze between Wind and 3Italia.

Meanwhile, this week announced the agreement should be between TMobil and Sprint, which are expected to be born on the third U.S. operator, with 82 million subscribers. Hot week for Digital Plus, the Spanish mobile platform for which Mediaset controls 22%. In a few days there will be the decision of whether to surrender (as seems likely) the share to Telefonica for € 350 million, or raise. Crucial days for the auction of TV rights on Serie A. But the race could be cleared for the emergence of numerous nodes Legal emerged with the tenders submitted by Mediaset, Sky Italy, Fox Sports and Eurosoport.