THE CHINESE ARE COMING, THE MARKET PLACE IS INFLAMMATORY. EFFECT "3" ON TELECOM AND ITS SHAREHOLDERS
For once, Piazza Affari's course is not marked by a macro novelty arriving from Washington, Tokyo or Brussels. The mini rally has domestic roots, i.e. the prospect that Telecom Italia, + 3,8% at 0,59 euro, could end up in the orbit of the Hong Kong giant Hutchison Whampoa which, in addition to conferring 3 Italia as part of the of integration, would be ready to buy shares of the Italian group to reach a share of up to 29,9%. The dossier will be discussed tomorrow by the Telecom Board of Directors. Meanwhile, a Telefonica spokesman reiterated that the investment in Telco "is of an industrial and non-financial nature and of a long term".
In the meantime, the Italian partners are silent, and the now resigned government is also silent, by force of circumstances. And the political forces have other things to think about… On the contrary, the Stock Exchange makes its approval felt. Together with the shares of Telecom Italia, the shares of the main Italian shareholders of Telco, the holding company that owns 22,4% of the former incumbent, soar: Generali + 1,4% Mediobanca +5% and Understanding + 3,6%.
TOKYO AT HIGHEST SINCE 2008, BERNANKE PUSHES PURCHASES
Step by step, the Tokyo Stock Exchange reaps new records: the Nikkei index this morning rises by 0,8% and returns to the levels of August 2008. The Chinese indices are also on the rise, starting with Hong Kong. However, Chinese exports are slowing down: in March they grew by only 10%, confirming the slowdown in Beijing's economy.
The cure works, but the patient is not yet cured. Ben Bernanke's judgment emerges from the minutes of the last Fed meeting: the end of quantitative easing is not at hand. This is also why Wall Street continued its upward run. The comforting data on inflation arriving from China and the prospect of a positive quarterly campaign help, as the debut of Alcoa. At the end of the session: Dow Jones +0,41%, S&P +0,35%, Nasdaq +0,48%.
Positive day for the Milan Stock Exchange which closed yesterday's session with the FtseMib index up by 1,2%, the best stock exchange in Europe. The other indices moved little: London +0,5%, Paris +0,1%, Frankfurt -0,3%.
BOT AUCTION AT THE START: 8 BILLION OFFERED
The auction of 3- and 12-month Bots for a total amount of 8 billion will start this morning. In the meantime, the Treasury is warming up its engines in view of the new BtpI which will be launched on Monday 15 April.
On the government bond market yesterday was a session without thrills. The BTP progressively eliminated the meager gains of the morning and closed practically unchanged at a yield of 4,34% with a spread of 308, unchanged compared to the previous day. Good rise for the euro which rose against the dollar to 1,309, from 1,300 at the previous close. Gold also moved higher posting a 1% gain to $1.589 an ounce.
FIAT ADVANCES, VOLKSWAGEN SLIDES
Throughout Europe, and in particular in Milan, it was a positive day for banks: Unicredit + 1,8% Ubi + 1,2% Pop.Milano+2,5%. in Frankfurt Deutsche Banks rose 3%, in London Barclays +3,1%. The good funding data pushed asset management stocks: Azimuth + 5,7% Mediolanum +2,6%. Utilities were positive: in particular, the increase of A2A + 2,9% Enel + 1,2% Enel Green Power +1,8%. Down Atlantia -1%. He earned theEni +1,5% with stable oil prices: Brent at 104,9 dollars a barrel.
Among industrial stocks, Fiat it rose by 1,6% on the day of the meeting. The desire to close the Chrysler operation within 2014 has been reaffirmed: a capital increase will not be necessary, there will be some sales (I see the 2,8% of Fiat Industrial), But Ferrari won't touch it: the Germans are warned. Meanwhile yesterday Volkswagen fell 2,9% after announcing a 10% drop in sales in Germany in the first quarter.
Pirelli fell by 2,3%. Finmeccanica + 1,3% StM +0,5%. leap of Mediaset, up 5,5%. All the luxury stocks went down: Luxottica -2,2% Ferragamo unchanged, Tod’s -0,9%. She moved against the trend Moleskine, up 3,6%.
