Favorable start to the week for Wall Street: the Dow Jones index rose by 0,66% after updating the all-time intraday highs of 17.089, while the S&P 500 index rose by 0,45% and the Nasdaq by 0,56. XNUMX%.
The push was given by Citigroup (+3,5%), with a profit of 1,24 dollars per share (against 1,05 dollars expected) in the quarter. Thanks to the agreement reached with the Department of Justice, the bank closes the civil litigation for subprime mortgages.
Thus began the week of the Corporate America show: the accounts of 66 big caps are expected, including the main banks, Google, Yahoo, Intel as well as General Electric. The macro agenda is also busy: retail sales, Empire manufacturing index, import prices, inventories.
Consistent increases for European stock exchanges: London rose by 0,8%, Paris +0,7%, Frankfurt +1,2%. The Portuguese central bank has imposed a rapid change of management of the Banco do Espirito Santo and has ensured the solidity of the institution. But Banco Espirito Santo posted another sharp loss of 7,5% on the Lisbon Stock Exchange yesterday, adding to last week's 36% drop. The holding company that controls the bank has sold 5%.
Having started well, then turned negative, the Milan Stock Exchange recovered in the afternoon and the FtseMib index gained 0,4%. Oil is little moved (Brent at 106,9 dollars a barrel). Net drop of gold to 1.306 dollars an ounce (-2,4%).
YELLEN/ DRAGONS
Expectations are rising for today's hearing of Janet Yellen in the Senate, the first outing after the publication of the minutes of the Fed which show the intention to end the tapering by October. Meanwhile, before the European Parliament, Mario Draghi underlined that "in the current situation, a strong exchange rate of the euro is a risk for the sustainability of the economic recovery". The banker confirmed that the ECB "will maintain a high degree of monetary policy accommodation" and that it will keep rates "at their current level for an extended period of time", remaining "ready to act if necessary to address further risks over a period of of low inflation too prolonged”.
BANKS
Contrasted performance for the banking sector. In evidence Unicredit (+2,3%) after the Austrian Immofinanz made it known that it was interested in the 16,8% held by Unicredit in CA Immobilien, another Austrian real estate. The deadline for offers for Uccmb, the credit management bank of the leading group in the management of non-performing loans, has been set for today.
Intesa rose by 1,8%, Banca Popolare dell'Emilia Romagna +3,2%, Banca Popolare di Milano +2,2%. From the communications to Consob on the significant shareholdings it emerges that Generali holds 2,266% of the capital of the Lombard bank. Closures down on the other hand for MontePaschi -2,6%, Banco Popolare -3,5% and Ubi Banca -1,6%.
Generali did not move after the news of the sale of the subsidiary Banca della Svizzera Italiana (BSI) to the Brazilian financial group Btg Pactual at the price of 1,24 billion euros.
TELECOM ITALY
Btg Pactual effect also on Telecom Italia (+0,9%) closing at 0,873 euro, after going up to 0,8830 euro and down to 0,858 euro. The Brazilian newspaper Folha de S.Paulo wrote that Telefonica is in talks for the sale of its stake in Telecom Italia to fulfill the requests of the Brazilian Authority. Telefonica is said to be negotiating with some investment funds in addition to BTG Pactual. Among the buyers of part or all of the share there would also be Fintech and Sawiris.
PETROLEUM
Eni gained 2,1%, 0,9%, Saipem -0,9%. Tenaris reversed trend in the afternoon to close down 1,9% at 16,77 euros. In the morning it had gone up to 17,39 euros after the news of the duties on imports of Korean products into the US. Fidentiis has decided to take profit by cutting the judgment to Hold from Buy and keeping the target price unchanged in the range of 17,5-18,5 euros. Many brokers, on the other hand, expressed themselves with greater optimism.
Raymond James expects the stock to appreciate by 15% over the next 12 months following the news that emerged over the weekend. Equita reiterated the Buy, with the target price raised to 19,6 euros from the previous 18,4 euros, while Mediobanca confirmed the outperform and the target of 19,6 euros.
Over the weekend, the US Commerce Department lifted tariffs on imports from South Korea, the measure affects special pipes used in the oil industry.
Enel +0,1%. A2A -1,3%. Snam controlled Italgas as part of an investigation into the awarding by the company itself of supply contracts to companies considered close to organized crime.
FINMECCANICA
Investors like the reorganization at Finmeccanica and the stock closed at 7,25 euros (+0,62%) after updating the high for the year to 7,425 euros. Ansaldo Sts (+1,67%) was driven by rumors of a potential sale and by the positive judgments of analysts, while the fifth and final tranche of the free capital increase was completed today, which brought the share capital to 100 million euros (200 million ordinary shares with a nominal value of 0,50 euros each).
Among medium-small capitalization companies, Pierrel +6,6%.
