Among the eccentricities of a roaring market, the sudden resurrection of Eastman Kodak deserves a mention, already a leading company in photography, then condemned to apparently irreversible decline. But the stock yesterday jumped 39% to $4,3 after hitting a high of $5,5. The key to the mystery lies in the announcement of the launch of KODAKCoin, the cryptocurrency that will be part of KODAKOne, an image management platform for photographers using blockchain technology.
This too serves to give a measure of the euphoria which, thanks to excellent economic data at all latitudes, is investing the markets which, since the beginning of 2018, have increased the value of the stock exchange, globally, by 2.100 billion dollars, slightly less than the Italian GDP.
YEN BRAKES TOKYO, CHINESE STOCKS ADVANCE
This morning, in fact, Tokyo (-0,1%) allowed itself a break after yesterday hitting its record level since 1991. But the Stock Exchange absorbed the first adjustment to Quantitative Easing without any shocks. The Bank of Japan has announced that purchases of long-term bonds will be reduced. The yen appreciates against the dollar for the second consecutive day: exchange rate at 112,3. The South Korean Stock Exchange is down by 0,3%, that of Australia by 0,5%, that of India is at parity. Taipei loses 0,7%.
The Chinese price lists have taken care of supporting the bull race. The Hang Seng index of the Hong Kong stock market rises, reaching the maximum of the last ten years: +0,7%. The CSI300 index of the Shanghai and Shenzhen stock exchanges gains 0,4%.
Positive data on inflation in China released tonight. Consumer prices rose by 1,8% year on year in December, slightly accelerating compared to the November figure, but less than the estimated +1,9%. The inflationary thrust, for an economy with such strong growth rates, remains very low: the central bank's target is 3%.
RAIN OF RECORDS IN THE USA. FLY BOEING
However, the engine of the increase remains the American markets: Nasdaq (+0,09%) and S&P (+0,13%) have achieved the sixth consecutive absolute record. The Dow Jones (+0,41%) after the imperceptible drop on the eve, has started to rise again.
Wall Street thus confirms itself as the first ally of President Donald Trump, who has already taken revenge on former collaborator Stephen Bannon, author of the revelations contained in the book "Fire & Fury": Bannon was fired from Breitbart, the right-wing reference site USA. Trump himself has announced his participation in the next meeting in Davos: the show is guaranteed.
Meanwhile, awaiting the first bank accounts expected for the weekend, the blue-chip group was pulled by Boeing (+2,7%), the most effervescent stock of the Trump era.
On the bond market, there was an adjustment in the 2,55-year Treasury Bill, the yield of which went up to 58%, the highest since March of last year. The yield curve has become slightly steeper, the spread between the yield of the two-year and the ten-year has widened to XNUMX basis points.
RECOVER THE DOLLAR, THE OIL RUNS
The recovery of the dollar against the euro continues, traded at 1,1945.
Oil continues to point higher. This morning Brent traded on Asian markets at 69,2 dollars a barrel, the highest in the last three years: yesterday evening it closed at 68,8 dollars a barrel (+1,5%). The American Petroleum Institute estimates that US oil inventories fell by 11 million barrels last week.
At Piazza Affari Eni -0,4%, Saipem -0,5%. Tenaris +0,3% also on the wave of the Equita report which refers to the survey on steel imports in the United States. The US Department of Commerce should publish the results of the investigation by January 15th. The condemnation of the Korean producers could favor the sales of the group that produces in the USA.
EMPLOYMENT PUSHES PIAZZA AFFARI BEYOND 23 THOUSAND POINTS
Another excellent day for the markets of the Old Continent under the impetus of various factors: positive macro data, favorable indications from Asian stock markets and the launch of Wall Street. Last but not least, the strengthening of the dollar and the yen.
In Piazza Affari, the rally allowed the Ftse Mib (+0,7%) to cross the threshold of 23 thousand points (23.004) on the highs of the last two months, expanding the gain from the beginning of the year to 5% (1.400 points more only three sessions). On a technical level, the index has come close to the resistance area in the range 22.860/23.134 (the top of 2017). Graphic artists do not exclude, after a phase of consolidation, an extension towards the highs of 2015 (in the 24 thousand area).
The other European stock exchanges also did well: Frankfurt +0,13%, Paris +0,67% and London +0,45%. Curiously, the tepid market was the German one, despite the signs of further acceleration of the economy. Industrial production in Germany jumped 3,4% month-on-month. “There can be no doubts – reads a note from Unicredit – on the fact that the recovery will continue unhindered at the beginning of 2018 or even accelerate further”, pending the publication of the 2017 GDP expected for Thursday.
The Spanish government will raise its GDP growth forecast for this year to over 2,5% from the current 2,3%. This was stated by Economy Minister Luis de Guindos.
Meanwhile, positive signals continue to arrive from the Italian labor market. In November, the number of employed persons grew by 65.000 units and the number of people with employment thus rose to 23,183 million, the highest level in the Istat historical series, which began in 1977.
THE TREASURE ANNOUNCES A 20-YEAR TITLE. BOT AUCTION TODAY
According to a UBS study, the positive economic phase and the ECB's monthly purchases will continue to contain the volatility of the BTPs: the risk premium on the Bund will not rise much compared to current levels as the elections approach.
The Italian secondary weakened in the afternoon following the announcement at 16pm of the offer of a new twenty-year syndicated BTP. The Ministry of the Economy has commissioned a consortium of banks to manage the placement of a new security, the BTP on 1 September 2038. After the Treasury note, the spread with the Bund rose up to 159 basis points. The placement will be managed by Banca Imi, Barclays, Ing, JP Morgan and Rbs.
Today will be the turn of the 12-month Bot auction (7,5 billion against 7,7 maturing). On the MTS gray market, the stock traded last night at a rate in the -0,415% area, to be compared with yet another low in the series of -0,407% seen in the mid-December auction. Tomorrow the Treasury will limit itself to reopening the three- and seven-year benchmarks for an amount between 5 and 6 billion euros. Also noteworthy today is the appointment with the new ten-year anniversary, an auction that aims to place 5 billion of the new February 2028 benchmark which detaches a coupon of 0,50%.
SCUDERIA AGNELLI TO THE STARS. FCA SUPER, WATCH OUT FOR EXOR
Cars, finance but also ships and fashion. It was a day for Piazza Affari dominated by historical records.
Fiat Chrysler never stops: the share (+1,99% to 18,47 euros) has set its new all-time high, while analysts continue to update their targets and assessments. A report by Morgan Stanley, which cites CEO Sergio Marchionne's statements months ago on the spin-off of the Jeep brand, indicates a price of 30 euros in the bull case, even if the target is set at 16 euros. Yesterday it was Barclays' turn which raised its target price from 18 to 21 euros, confirming the overweight recommendation. In general, the share continues to be driven by expectations for Marchionne's intervention at the Detroit Motor Show next week, scheduled for Monday, and on the other hand by possible extraordinary operations on the Ferrari model: Magneti Marelli, Comau and the Jeep itself, the real goose that lays the golden eggs of the bunch.
No less interesting is the parent company Exor (+2,08% to 58,85 euros) which, underlines the manager of Ifigest Andrea Scauri, records "a discount on the Nav of around 30%, higher than the average 25%" pending possible asset sales by Cnh Industrial +0,42% and an increase in the premiums of the subsidiary PartnerRe.
Ferrari is also on positive ground (+1,2%).
FINECO LEADS THE CHARGE OF MANAGEMENT
Historic record also for Finecobank (+4%) on the wave of data from net inflows for 2017 equal to 5.958 million euros, an increase of 18% compared to 2016. Kepler Cheuvreux raised the target price of the stock to 10 from 8,8 euros.
Azimut (+2%) was also highlighted in assets under management, which in 2017 achieved record inflows of 6,8 billion euro thanks also to the consolidation of some acquisitions (Monaco and Australia). Even better, always on the wave of record results, Banca Generali (+2,9%).
Positive day also for Italian banks: The sector index marks +0,99%, against +0,58% of the European Stoxx.
Moody's revised Unicredit's outlook upwards +0,6% to 'positive' from 'stable' reflecting growing confidence that the bank can meet its 2019 targets. Mediobanca raised its price target on Intesa Sanpaolo +0,8 .3% to 2,82 euros from 2 euros, confirming the Neutral rating. The popular ones are good too. Bper Banca +1%, Banco Bpm +XNUMX%.
FINCANTIERI, CERVED, CUCINELLI AT THE TOP
The list of historical records doesn't end there. Fincantieri +3,88% to 1,473 (maximum at 1,514), driven by the orders received from the subsidiary Varde. Cerved +2,2%, new record at 11,45 euros on the wave of the agreement on the management of non-performing loans from the Bari cooperative.
Brunello Cucinelli +1,23% to the new high of 28,90 euros. In 2017, the cashmere group recorded net revenues of 503,6 million (+10,4% at current exchange rates) with a positive increase in Italy (+11,2%) and in the main international markets (in Greater China +36,2, XNUMX%). Fedone srl, a family finance company, lost 6% of 57% already controlled with a bookrunner procedure managed by Mediobanca.
STM ACCELERATES AWAITING LAS VEGAS
Good performance by Stm (+1,86%), the next protagonist at CES, the consumer electronics show in Las Vegas. The company confirmed its guidance for the fourth quarter of 2017 as regards revenues, expected to grow by +10% on a quarterly basis, and communicated the publication date of the results which will be January 25th.
Salvatore Ferragamo slips instead (-1,87%). UBS cut its assessment from neutral to sell, with the target price revised downwards from 22 to 19 euros. Analysts cited fears that 2018 could disappoint recovery hopes, lowering their forecasts for 2018 EBITDA to 240 million euros, 10% lower than the consensus.
Astaldi's new backlash off the main list: +13,3%, which adds up to the +5,5% recorded on the previous day.
