"The shoots" of the recovery are still "very, very green", he warns from Riga Mario Draghi. The confirmation comes from the data of European industrial production in July, -1,5%. The data slows down the run of the ten-year German Bund, which has fallen below 2% . British Gilts are also slowing, jumping on Tuesday to 3,05% (the highest since 2011).
The yields on Italian bonds are still rising. Yesterday Italy placed a new three-year BTP at a rate of 2,72% (against 2,33%), a result that cannot be despised, given the political and market tensions, but still at the highest since October 2012, given that the warning from the ECB and the IMF on the public. On the secondary market, the yield on 10-year BTPs rose by 2 basis points to 4,54%, the disadvantage compared to the Spanish Bono remained at 6 basis points. The spread on the Bund recovered to 258 bp.
However, the demand which remains robust is comforting (6 billion against an offer of 4 billion). And yesterday morning Goldman Sachs advised clients to sell Spanish bonds which have gained almost 8 per cent since the beginning of the year. hundred and bet again on the Italian ones (still at +3%). An interesting figure just a few days before the most awaited event: the meeting of the monetary committee of the Fed on 17-18 September.
GOLD SLIDES TO 1323, ONLY MADRID IS BULL
Investors are increasingly convinced that, once the unknown Damascus has been removed (gold collapsed, yesterday at 1328 dollars an ounce -2,5%, this morning in Asia at 1323 dollars), the Fed is ready to kick off to the expected tapering, ie to reduce the monthly purchase plan by 10-15 billion dollars, while Ben Bernanke will provide definitive reassurances on maintaining the reference rate.
Gods setback Asian lists, pending the decisions of the US Central Bank . Tokyo is starting to close with a drop of 0,75%, Hong Kong also in the red -0,37%. Shanghai falls by 1,6%.
In red Wall Street, already awaiting the Fonc meeting: Dow Jones -0,17%, Standard & Poor's 500 -0,17% (up after seven sessions), Nasdaq -0,05%. The T bond is one step up from 3%, on the day of the subscription of the megabond of Verizon, 46 billion dollars (more than the issue of the Fed). But the US stock market is already looking beyond tapering, confirming the vitality of the recovery.
The chain Hilton, controlled by Blackstone, has filed the plan for the flotation (1,25 billion dollars. The company is saddled with 14,3 billion debts (6,8 times net income), but Blackstone aims to capitalize on the recovery of interest in the real estate market.
The most awaited news concerns the Twitter IPO, the messaging giant born only seven years ago, obviously made known via a 140-character tweet at 11 last night (2 in the afternoon in San Francisco): CEO Dick Costello announced that he had already submitted the request a month ago of placement without, however, anticipating the balance sheet data. The law, in fact, allows companies with turnover of less than a billion dollars to disclose their financial data only when the public solicitation is begun.
Meanwhile Carl Icahn, the prince of raiders, runs to the aid of Apple -0,3% after the disappointment of the launch of the new iPhones. The financier spoke on a television broadcast to affirm that he had taken advantage of yesterday's fall in the stock (-5,4%) to strengthen his position. Icahn had sent a tweet on August 13 in which he said he had entered the capital of Apple, the stock reacted to the news with an increase of 5%.
After the negative figure in July on European industrial production (-1,5%) they are slowing down the Stock Exchanges of the Old Continent. London, Paris and Frankfurt close just below par. Only Madrid (+0,6%) shows a gain. Milan, back from a leap of 5% in five sessions, scored -0,23%, weighed down by the banks in turn burdened by the increase in yields on government bonds.
THE EU TAX FEARS THE MANAGED
The fall in the prices of Sato bonds weighs on the banks. Down by about 1% Unicredit, Banco Popolare, Ubi, Mps, Intesa Sanpaolo. The exception was Bpm +0,7%, again driven by expectations for a change in governance starting from the end of October. Asset management stocks also fell sharply, Azimut -2% and Mediolanum -0,36%, after the news, reported by the Financial Times, according to which the European Union has launched checks on the tax regimes of countries such as Luxembourg, the Netherlands and Ireland, where the Italian listed companies are active.
CONSOB CHANGES THE CAMFIN PRICE +8%
La Consob will increase the price of the takeover bid on Camfin which closed yesterday with an increase of 8,02% to 0,869 euro, a quotation above the value of the tender offer (0,8 euro per share). The Commission communicated to Lauro Sessantuno (the vehicle formed by Tronchetti Provera, Clessidra, Unicredit and Intesa which launched the takeover bid on Camfin's ordinary shares of the opening of the proceeding to increase the price of the takeover bid whose expiry , initially scheduled for tomorrow, has been moved to September 27. The vehicle now has 5 days available to deliver its counter-arguments to Consob and the Commission will subsequently decide, providing the reasons, what the new price to pay will be, a figure that it will have to be in line with the higher one that emerged from the purchase of Pirelli shares by Malacalza Investimenti.
RICHEMONT HOLDS BACK ON LUXURY, GOLDMAN RELAUNCHES STM
The best blue chip was stm, +5,87%, driven by Goldman Sachs, which increased the target price from 8,5 euros to 9,5 euros, compared to yesterday's closing at 6,47 euros. JP Morgan analysts, who confirmed the overweight rating and the target price of 8,8 euros on the stock, explained that it is probable that St will continue to be the main supplier for the new iPhone 5S and iPhone 5C, fears that yesterday they had penalized the title.
Also good Finmeccanica (+2,60%), which benefited from Kepler Cheuvreux's upgrade from veteran to hold, pending disposals.
Above parity Telecom Italy (+0,33%) awaiting developments on possible changes to the shareholding structure, while TI Media jumped by 7,77% after the finalization of the agreement for the sale of the 51% stake in MTV for 13,4 million euro to Viacom, which thus rises to 100%.
Fiat+0,2%. The company has decided to reopen the bond maturing in 2019, the amount of which has already been placed on the market is 850 million.
Richemont it loses 2,3% on the Zurich Stock Exchange and contributes to weakening the entire luxury sector: revenues in the first 5 months of its fiscal balance have missed consensus estimates due to the weakness of sales in China. In Milan, Tod's (-1,8%), Luxottica (-0,3%), Ferragamo (-1,4%) and Yoox (-0,7%) fell. Brunello Cucinelli -2,4%, Safilo -1,6%
Impregile it it scored +0,77% on the day in which the shareholders gave the go-ahead for the merger with Salini, an operation that will be completed by the end of the year.
Rcs it closed at -0,47% after press rumors according to which the building in via Solferino, the historic headquarters of Corriere della Sera, will also be part of the negotiations for the sale of the properties to the US Blackstone fund. The direction of CorSera, the two editorial offices, the graphics and the polygraphs will remain in the current headquarters, in Brera in Milan, with a lease contract for a period of 15-20 years. The decisive vote of the employees of the Spanish subsidiary is expected today on the cost containment plan launched by Unidad Editorial. If savings cannot be agreed, the company could reduce headcount by 300. L'Espresso +3,3%.
Safe bag, a company active in baggage protection services at airports, debuted on Aim Italia with a slight gain of 0,09%.
