AMERICA
When the market slows down, the Apple stock takes care of it. The rule was repeated yesterday: Apple +4%. Waiting for the final rush before the November 6 vote, Wall Street is dedicated to quarterly reports. After the closure came the data from Yahoo! and of Texas Instruments. Of the 118 companies in the S&P500 index that have communicated their third quarter results in the last 12 days, 82 closed the reference period above analysts' expectations, while 33 disappointed.
Of note, among the final balances approved yesterday, are the accounts of Caterpillar +1%, which closed the third quarter above expectations, the EPS (earnings per share) was equal to 2,54 dollars per share, against estimates for 2,22 dollars. However, the group has lowered its estimates for the whole of 2012.
EUROPA
After lower-than-expected earnings Microsoft e General Electric, currently down 2% and 2,5% respectively, today the construction equipment giant, Caterpillar, announced good profits for the third quarter, but revised down guidance on full-year 2012 results. Caterpillar stock was unchanged mid-session.
The disappointment for the numbers of US corporations (the decline of Microsoft -2,5% and General Electric -2% continues) affected all the European stock exchanges: London fell by 0,2%, Paris -0,6% and Frankfurt -0,5%.
The election result did not give impetus to the Madrid Stock Exchange either, which closed down by 0,5%. In Spain the political situation has become more stable after yesterday's vote which saw Prime Minister Mariano Rajoy's EPP win abundantly in "his" Galicia. However, the success of the separatists in the Basque Country was obvious.
ITALY
Piazza Affari, which closed the session with the FtseMib index unchanged, after having registered a 1% increase in the middle of the day. The markets mark time, the Btp Italia does not. Yesterday, at its debut, the record-breaking title (18 billion bookings) was traded for around 280 million, against the 15-20 million of previous issues. The price also rose above the nominal to 100,66.
For the rest, the 10-year BTP ends the day with a yield of 4,75% with the spread falling to 314, three basis points less than on Friday. The success of the placement of the Btp Italia, beyond all expectations, has reduced the financing needs of the Treasury. However, Economy Minister Vittorio Grilli is curbing enthusiasm: it is premature to comment on a possible cancellation of the December auction.
Grilli himself took the field yesterday on the disposal plan which, in his words2, "I hope is movable and real estate". Grilli, speaking at the entrepreneurs' meeting in Verona, specified that the sale of Eni, Enel, Finmeccanica "is not in our plans right now: we must have a multi-year program of hundreds of billions". "With Finmeccanica - he added by way of example - we would cash in just 700 million, a little more with Enel" The main road passes through collaboration with the territory: "The State alone will run out of petrol in two years".
In Piazza Affari, back from a 2% drop on Friday, it was the banks that drove the price list. Unicredit closed up 1,6%, Understanding + 0,2%. Banco Popular advanced by 1%, Ubi + 1,7% Pop.Milano +2,7%. Sharp rise of MontePaschi +3,3%. Insurance has also risen: Generali + 0,3% Unipol gained 0,5%, Fondiaria Leaves -0,1%.
Among the industrialists, Fiat rose 0,9% after positive indications on auto sales in Brazil in the first half of October. Pirelli -0,1%: Goldman Sachs lowered the target price to 10,8 euros from 11,1 euros. Neutral judgment confirmed. Fiat Industrial it finished up 1,2% unaffected by Caterpillar's announcements. Prysmian it fell by 1% after the profit warning of the French competitor Nexans, which fell on the Paris Stock Exchange by 6,5%. Finmeccanica is down 1%.
