After the new records set yesterday evening on Wall Street, the positive momentum of the markets continues this morning in Europe. TO Milano, also thanks to the boost of the quarterly accounts of Stm and those of FCA, the Ftse Mib index is up by 0,90%, exceeding 19.700. Lower increases for the other price lists: Frankfurt e Madrid + 0,5% Paris + 0,3%. London salt of 0,2%.
The 30 billion dollar deal with which Johnson & Johnson's I bought Actelion (+ 20%).
Increased appetite for risk accelerates bond sales. The yield on the 0,48-year Bund rises to +12%, the highest in 10 months. The yield on the 2,16-year BTP reaches 64%. The fear of new elections widens the Italy/Spain spread by 2012 basis points, a level like this not seen since 2,8. The market rewards the growth of Madrid's GDP (+XNUMX%).
The scissors BTP/Bund crossed the threshold of 180 bps. The Treasury placed 2,5 billion euros in two-year zero coupon bonds at auction this morning CTZ (zero coupon certificates) offering a negative rate of -0,071%, a clear decrease compared to the previous issue (+0,283%) thus reversing the positive trend underway on short-term government bonds.
Petroleum up with Brent at 55,3 dollars a barrel (+0,4%).
In Piazza Affari it shines stmicroelectronics (+7,3%): the leading European chipmaker announced this morning its results for the fourth quarter of 2016, which closed with net revenues up 3,5% on the previous quarter and up 11,5% over the same period of 2015. The gross margin stood at 37,5%, higher than management forecasts.
The market also rewards the quarterly report of Fiat Chrysler (+4,4%). The fourth quarter closed with revenues of 29,7 billion euros, in line with the 29,3 billion estimated by analysts.
Ebit stood at 1,55 billion, not far from the 1,56 billion estimated by experts. Net profit amounted to 530 million euro, below the 649 expected. On the debt front, the net financial position is negative by 4,4 billion, better than the -4,9 billion estimated by the consensus. The indications for 2017 are good, the company expects to reduce the debt below 2,5 billion euros with an Ebit above 7 billion. The group has announced that it will pay the approximately 40.000 U.S. employees who are union members of the UAW an average of $5.000 in profit sharing. Company to Invest $2,5 Billion in 3 Plants to Expand Jeep and Ram Brands, Create 1.700 New Jobs Exor +0,9%.
Vola Ferrari (+6%): Mediobanca raised its target price to 69,9 dollars from 62,2 dollars, confirming the Outperform rating.
In the financial sector, pending the Consob hearing of Unicredit (+ 1%), Generali (+1,3%) receives Deutsche Bank promotions, raises to Hold from Sell, Rbc raises to Outperform from Sector Perform with a target price of 17,2 euros from 12 euros. positive Mediobanca (+0,6%). Salt too Understanding (+1,3%) despite HSBC cutting the Hold da Buy rating and reducing the target price to 2,44 euros from 2,76 euros.
In luxury he stumbles Tod’s (-0,5%), which closed the quarter with revenues down and lower than analysts' expectations. Yoox (-0,6%) is unable to react after yesterday's -5%.
