OIL AND FED SCARE THE MARKETS. FCA FALLS, TELECOM SAVINGS COLLAPSES
Stock markets heavy in the afternoon under the pressure of the new descent of crude oil: the price of the WTI barrel fell below 35 dollars for the first time since February 2009, after Brent crude had finished below 38 dollars on Friday for the first time since 2008 Meanwhile, tensions are growing in view of the Federal Reserve board which will start tomorrow afternoon. The dollar rises to 1,104.
It had no effect the intervention of Mario Draghi, in Bologna for the anniversary of Prometeia: "If we were to intensify the use of our tools to achieve our objective of price stability, we will do it" said the central banker. In the afternoon, the yield on the Italian 1,62-year bond rose to 106%, the Btp Bund spread is at XNUMX bp.
The Piazza Affari index lost 2,42%, to its lowest since August. Paris resets the morning's post-election gains and drops by 1,5%, Frankfurt -1,8%. In Europe, all sector indices are negative, the strongest losses concern the Raw Materials (-2,9%), Oil (-2%) and Automotive (-1,8%) sectors. At Piazza Affari Eni loses 2,5%, Tenaris -1,8% Saipem drops by 2%. Heavy fall also of Enel -2,5%
Even more thunderous is the descent of Fiat Chrysler: -5% after the news of the request for layoffs at the Maserati factory in Grugliasco, with the forecast of halving production in the first months of 2016. Meanwhile, on the day of the acceptance of Ferrari's quotation request at Piazza Affari from next 4 January, Sergio Marchionne revealed, in a meeting with F1 journalists, that theAlfa Romeo could return to racing in Formula One. “We're thinking about it, I think within a couple of years. It's incredible how the Alfa Romeo brand remains in people's hearts. Precisely for this reason we are thinking about his return ”. As "our competitor in racing, in Formula 1" he added as CEO of Ferrari.
Record collapse for Pininfarina -69% after the announcement that the company was sold to the Indian group Mahindra & Mahindra, which will launch a tender offer on the free float at 1,1 euro per share: on Friday the stock closed at 4,2 euro.
Contrasted trend for Telecom Italy on the eve of a shareholders' meeting that promises to be fiery: savings bonds fall -10,6%, in the face of the prospect of the conversion being rejected, given Vivendi's decision to abstain on the resolution. Even the ordinary -1% decrease, as I notice an effervescent morning, confirming the uncertainty of the match. Among the various question marks, the orientation of Xavier Niel stands out: the financier, who potentially holds 15,1% thanks to long positions, could convert 10% before the meeting.
Still in red Mount Paschi -4,15% and the Popular: Banco Popolare -1,17% Bper -2,11% and bpm -2,32% despite the positive opinion of Exane on the sector. It gets even worse Unicredit -3,11%: Exane reduced the target price to 5,7 euros from 6,1. Among the stocks with greater capitalization are saved only Where's Banca (+0,8%) on the rumors of a negotiation in the pipeline for the merger with Bpm and A2A (+1,8%) which enters the decisive week for the aggregation with Linea Group.
