The hint of a rise in the Milan Stock Exchange fades away, which at the end of the session shows a substantially even FtseMib index (+0,03%) at 15866. The other European Stock Exchanges show more marked drops: London -0,35%, Paris -0,65%, Frankfurt -0,79%. The electoral result in favor of Mariano Rajoy does not give momentum to the Madrid Stock Exchange -0,89%. The momentum of Piazza Affari, up 1% in the middle of the session, was held back by the news arriving from the US quarterly reports.
Wall Street sluggish: Dow Jones -0,29%, S&P -0,2%, Nasdaq flat. In the absence of macroeconomic indicators on the agenda, investors' attention is focused on corporate results. During the day, 11 companies listed in the S&P500 will communicate the data.
In particular, Caterpillar has lowered its estimates for the whole of 2012: revenue is now expected at 66 billion dollars from the previous indication of 68-70 billion. Earnings per share are now estimated at $9 to $9,25, up from a previous estimate of $9,60. Fiat Industrial salt by 1,28%.
Meanwhile Fiat rose by 0,95% after positive indications on auto sales in Brazil in the first half of October. Goldman Sachs to keep the Lingotto company on the conviction buy list, i.e. the list of securities to be purchased.
However, Goldman analysts reduced the target price on Fiat to 7,7 euros from 8,5 euros. From 2013 the group will have to record 1 billion dollars of liabilities on Chrysler pension funds.
Good news from China where requests for the Jeep are doubled. Fiat said it was in very close talks with its partner Guangzhou Automobile Group to bring Jeep production to China. To date, the Fiat and Guangzhou plant in Changsha has a capacity of 140 cars but the goal is to bring it to 500.
In the USA General Motors +0,6% has made an informal offer to the Korea Development Bank to acquire 17% stake in its Korean division of the automaker. The expectation for the developments of the alliance with Peugeot is growing: news is in sight for Thursday.
Pirelli is unchanged: Goldman Sachs has lowered the target price to 10,8 euros from 11,1 euros. Neutral judgment confirmed. Prysmian drops 1,7% after the profit warning of the French competitor Nexans, falling on the Paris Stock Exchange by 7%.
Spotlight on tonight's quarterly Texas Instruments, which precedes that of by 24 hours stm +1,3% (+15% in October) which will inaugurate the Italian quarterly season.
The spread continues to fall: on the government bond market, the 10-year BTP is traded at 4,72% with the spread falling to 310, 6 basis points less than on Friday. The euro is up slightly against the dollar to 1,305 from 1,302 at last night's close.
In Europe, the biggest gains during the session came from banks (industry Stoxx +0,9%) and insurance companies (+0,8%) after falling on Friday. Unicredit marked an increase of 1,67%, Understanding + 0,23%. Banco Popular + 1% Ubi + 1,67% Popular Milan +2,78%. Well too Mount Paschi +3,3%. In Milan Generali 0,33% salt, Unipol earn 1,7%, Fondiaria Leaves +1,9%. The decline continues Mediaset -0,8%. Rcs + 2%.
Bp announced the agreement for the sale of 50% of the Russian joint venture Tnk-Bp a Rosneft in the framework of an agreement that will allow it to reach 18,5% of the Russian public group and collect 12,3 billion dollars. With this operation, Rosneft takes over the entirety of Tnk-BP in a transaction which values the company overall at 61 billion dollars and which should make it the first listed oil producer in the world. The two sides have an exclusive 90 days to reach a final agreement.
