The European stock exchanges celebrated, in advance, the settlement of the Greek dossier. The other markets have already concentrated, however, on another highlight of the week: the hearings of Fed chairman Janet Yellen, tonight in the Senate, tomorrow in the House of Representatives in Washington. While awaiting indications on the state of health of the US economy (and data on the Chinese economy, arriving tomorrow morning), the price lists are advancing.
Tokyo +0,52% updates the record of the last 15 years this morning. Even the Nasdaq +0,1% closed the ninth positive session in a row. Slightly down the Dow Jones -0,13% and the S&P 500 -0,1%. Worse-than-expected housing market data weighed: home sales down 4,9% in January. In contrast Apple (+2,7%), to a new high at 133 dollars. To push the Apple contributes the announcement of the construction of two data centers in Europe (1,7 billion) which will put the company in compliance with the forthcoming new EU privacy regulations. No less important is the next entry into the Dow 30 basket.
Oil down: WTI light crude dropped 1,36 dollars to 49,45 a barrel due to the increase in US inventories. The euro also weakened, falling against the dollar to 1,135 from 1,138.
RECORD BAG, THE SPREAD SLIDES TO 112
The European markets have dismissed the Greece dossier in advance, even if the presentation of the reform plan by Athens has been postponed to this morning. The list, discussed late into the evening, will also include structural reforms to fight tax evasion, corruption and smuggling. Piazza Affari celebrated the fifth consecutive day on the rise: the FtseMib index gained 0,56% to 21.964 after surpassing the wall of 22 points in the morning. The stock exchanges of Paris and Frankfurt rose by 0,5%. The German Dax index thus achieved a new absolute record. Madrid +0,7%. London almost unchanged (-0,04%).
Great optimism on the Eurozone government bond front, on the eve of the new Tltro loan that the ECB will launch on Thursday and, above all, the approaching QE. The yield of the 10-year BTP has thus fallen to the new historic low of 1,48% (from 1,57% on Friday), the spread is at 112. In this context, the auctions start this morning, with the Ctz and the Btp and end of the month. The Treasury announced yesterday evening the amount (from 6,75 to 8,75 billion) of the offer of Ccteu, 5 and 10-year Btp scheduled for Thursday.
ANSALDO STS, TODAY THE SALE. FERRARI PUSHES FCA
On the industry front, the leap by Finmeccanica stands out, rising by 6,2% on the eve of the board of directors which today should ratify the sale to Hitachi of the two companies in the Transport Hub, namely Ansaldo Breda and Ansaldo Sts (yesterday -0,1%) .
Fiat Chrysler rose by 2,3%, to 13,75 euros, reaching new highs since 2000. This is the eleventh increase in a row which brings the performance since January 40st to +15%. The rally was favored by the launch of the beauty contest of investment banks in view of the Ferrari IPO: more than 7 banks are competing for the placement of the Maranello company on the Stock Exchange. The valuation should fluctuate between 8 and XNUMX billion.
Leading the blue chips was A2A (+6,24%). The Municipalities of Milan and Brescia, which control the company with equal shares, concluded the announced sale of 5% on the market, thus reducing their joint shareholding to 50% plus two shares. From the beginning of the year to last Friday, A2A's performance was flat (+14% gain on the FtseMib index). At these prices, the coupon yield is 4,5% against the average 3,2% for the utility sector. On April 10, the company will present the new business plan. Enel +0,3%.
MPS WILL NEVER STOP: +49% FROM FEBRUARY 12TH
Amidst record trading (yesterday 8,4% of the share capital changed hands) the rise of Monte Paschi (+4,2%) does not stop. The stock rally began on 12 February coinciding with the news of the Treasury's entry into the capital from next July. The stock has since gained 49%. Meanwhile, both Axa and the Foundation have guaranteed the pro-rata participation in the capital increase for 3 billion. Entente advances (+0,4%). Chief executive officer Carlo Messina said that in 2015 the institute will ask for 10 billion in the context of Ttro loans. UniCredit +0,1%. Contrasting performance for the other banks: Ubi rose by 2,9%, Banco Popolare (-1,9%), PopMilano (-1,4%) and Pop.Emilia (-2,4%) fell.
WDF TO DUFRY. EQUITA PROMOTES ATLANTIA
A glorious day also for Wdf (+1,6%, at 9,8150 euros) after reaching a maximum of 10,17 euros during the session. According to Bloomberg, the company could be bought by the Swiss Dufry: the negotiations are said to be at an advanced stage. There would also be other interested parties including the private equity fund KKR and the French Lagardere. Autogrill also rose sharply +2,4%. Atlantia also did very well in the Benetton team (+1,13%). Equita Sim raised the target price on the stock from 23 to 25,3 euro to take into account the lower average cost of capital (from 5,4% to 4,9%).
TENARIS BLACK INDEX MESH. TODAY THE SARAS ACCOUNTS
The decline in crude oil does not stop Eni +0,43% but affects the rest of the Oil & Gas sector. In the red Saipem (-2,04%). The braking of Tenaris continues (-2,6%), worst blue chip of the day. UBS reiterated the Neutral recommendation, cutting the target price to 12,80 euros from the previous 13,45 euros. Meanwhile, the number of drilling rigs in operation in the United States continues to decline. In the last week, 48 rigs were closed bringing the total to 1.310.
Saras reverses course (-3,23%) on the eve of the financial statements that will be approved today. Profit taking weighs heavily after the strong increases (+40% since the beginning of the year) but also a slight drop in refining margins, in any case in largely positive territory.
FLY CENTRAL MILK TURIN
Among the other titles worth noting is the boom of the Centrale del Latte Torino (+9%). The company, listed in the Star segment of Borsa Italiana, has prepared an industrial integration project with the Centrale del Latte of Florence, Pistoia and Livorno.
Meanwhile, the relaunch of Geox continues +3,77%.
