THE BULL RUNS BACK THROUGHOUT EUROPE
FITCH DEGRADES BPM TO JUNK FOR GOVERNANCE
The warning of Carl Icahn (“I am very cautious on the Stock Exchange”) crossed the ocean with great rapidity. And today is expected to be a day of fire for Tesla, already a miracle freshman on the Nasdaq: the federal agency has opened an investigation after the fires caused by electric cars.
This morning, after the Wall Street crash, slowing down the squares of the Old Continent: London-0,56%, Paris-0,98% and Frankfurt -0,42% approx. Madrid is worse -1,02%.
In Milan the FtseMib index yields 0,56% to 18998.
The downward revision of the OECD forecasts on the global economy favors the descent.
For Italy, after the 1,9% decline, however, the Organization estimates an increase in GDP of 0,6% in 2014 and 1,4% for 2015. In the May Outlook, the OECD expected -1,8% this year and +0,4% next. The return to growth - indicates the OECD - will be favored by exports (+3,6% in 2014 and +4,9% in 2015), but domestic demand will also recover (+1,1% in 2015 after a flat 2014.
On the other hand, the German situation is improving. The Zew analyst and investor confidence index rose to 54,6 points in November from 52,8 in October, itself the highest level since April 2010. The German index relating to economic expectations in Italy it rose 5,5 points in November after falling in October. The 4,07-year BTP rate falls to XNUMX% after the Spanish auction which saw yields drop to an all-time low.
Among the banks, the drop of Banca Popolare di Milano stands out -1,67% after the downgrade by Fitch which brought the rating to "junk" level.
Banco Popolare holds +0,07%.
They bounce back after the hard start the big banks: Unicredit rises by 0,19%, Intesa +0,34%.
Bucking Mount Paschi -0,32%: according to the president Alessandro Profumo, the Sienese bank has the size to be able to remain independent, but anyone who wants to buy it is welcome and there wouldn't be a problem. However, Kepler's judgment is severe: the bank will lose 146 million euros in 2014, while in 2015 the expected net profit will be 106 million (and not 133) . Estimates that make the 2,5 billion recapitalization difficult. The road to recovery is still very difficult and there is a continuing risk of nationalisation.
Finmeccanica -1,55%, despite the confirmation that the subsidiary AgustaWestland has received an order for 12 AW189 helicopters from the Qatari company Gulf Helicopters.
Fiat -0,92%, in a European car market that recorded its second consecutive growth in October (+4,6% after +5,5% in September), the Fiat group suffered a 7,3 .XNUMX%.
Generali rises by 0,78% supported by the "buy" promotion of Deutsche Bank: Fondiaria Sai -1,81% after the highs of the year recorded yesterday.
Backtrack by Saipem -3,41% after yesterday's 4% jump.
Heavy morning for many blue chips: Eni -1,58%, Enel -0,77%, Telecom Italia -1,83%.
Mediaset -1,8%. Among the mid/small caps: Italcementi +0,5%, Exane raised the recommendation to Neutral from Underperform.
Indesit -3%, after negotiations with the unions failed during the night.
