US employment rises, the Stock Exchanges regain their good mood. In December, employment in the US private sector grew by 241 units, against the 227 expected. Meanwhile, the minutes of the last Fed meeting reveal a vision of cautious optimism: low inflation is not an obstacle to raising interest rates, but the tightening will not come before April.
On the wave of these signals, Tokyo achieved a robust rise of 1,7%, followed by the other Asian stock exchanges. In New York, the Dow Jones index gained 1,22%, the S&P 500 around 1% and the Nasdaq 1,26%.
The decline in American oil reserves has favored a timid rebound in crude oil: the WTI has advanced by 72 cents to 48,65 dollars a barrel. US crude oil exports hit a record high since 1920 in November.
BUSINESS SQUARE IN RED. ATHENS STILL DOWN
Despite the rebound, however, market tensions remain high. The delicate situation in Europe is conditioning the mood of the markets, grappling with the Greek crisis and in shock from the attack on Charlie Hebdo in Paris.
Yesterday, for the first time since 2009, the Eurozone consumer price index fell below zero, to -0,2%. For the "hawks", judging by the reactions, nothing has changed: Jeroem Djissembloem, Dutch president of the Eurogroup, pointed out that inflation, adjusted for oil, is slightly recovering (from .7 to 0,8%) .
On the contrary, the financial markets take for granted the forthcoming launch by the ECB of the program for the purchase of government bonds of European countries. Hence the almost general rebound of European lists.
In the meantime, the euro continues to lose ground: 1,1819, just a whisker from the 2006 lows of 1,1802.
Milan is the exception. Betrayed by the final slowdown of the banks, Piazza Affari missed the appointment with the rebound after two negative sessions. The FtseMib index closed once again lower: -0,11%.
The other European Stock Exchanges instead closed trading in positive territory: Frankfurt up by 0,51%, London by 0,84% and Madrid by 0,21%. Paris also rose (+0,72%), despite the emotion for the massacre.
However, tension remains high in Greece in view of the elections on 25 January. The Athens Stock Exchange lost 1,46%.
GERMAN STOCKS BELOW ZERO. THE TREASURE OFFERS 8 BILLION BOTS
The yield on 10-year government bonds rose to 10,27% (from 9,74% yesterday), the highest since September 2013. The deflation effect is getting stronger on the front of European government bonds. Yesterday Ireland, already one of the big sufferers of the Eurozone, placed the 0,867-year bond at a rate of XNUMX%.
Germany yesterday placed 4,084 billion Schatz over two years at a negative rate of -0,11%. The Bund yield hit a new all-time low at 0,442%, closing at 0,47%. The 1,91-year BTP instead rose to 1,86%, from the previous 144%. The spread with the Bund is at 3 (+8 basis points). On Monday the Treasury will offer 12 billion 9,3-month BOTs (against XNUMX billion maturing.
BRAZIL PUSHES FCA, FINMECCANICA FLIES INTO SPACE
FCA's march continues (+0,88%), supported by a shower of positive reports from analysts: after the overweight of Morgan Stanley (target from 13 to 14 euros), yesterday it was the turn of Equita (11,4 euro, buy rating), Banca Imi (12 euro), Akros and Ibcpi (both 111,5 euro). The group's results in Brazil favored the increase, where FCA maintains its market leadership with a 21% share, well above GM and Volkswagen, which hold 17%.
Positive day also for other industrial values. Stm (+2%) recovers the losses of the beginning of the year. The drop in the euro against the dollar benefits the group of chips: for each percentage point of appreciation of the dollar against the euro, the company's EBIT benefits by about 8 million dollars per quarter.
Finmeccanica also stood out (+1,56%) in the wake of the news that Thales Alenia Space was chosen by the French Space Agency for the construction of the SWOT oceanographic satellite.
WEAK BANKS EXCEPT FOR CARIGE. BERLUSCONI APPLIES TO MEDIOLANUM
Weak banks in Europe, even more so in Italy. The Stoxx of the European sector falls by 0,25%, the Italian one drops by more than 1%. Bper (-2,25%) is awarded the unsought-after worst banking title, closely followed by Ubi (-2,08%). The losses of Unicredit (-0,9%), Monte Paschi (-0,1%), Banco Popolare (-0,3%), Pop.Milano (-0,5%) and Intesa (-1,2, 2,7%). Instead, Carige's rise continued (+XNUMX%), supported by the speculative appeal of a possible entry of Andrea Bonomi into the capital.
The Mediolanum board meeting will be held today (-1,06%): on the agenda is the establishment of the trust in which to confer the share exceeding 9,9% as requested by the Bank of Italy. . An appointment that comes twenty-four hours after the surprise decision of Silvio Berlusconi, the holding's first shareholder, to challenge the provision issued by Palazzo Koch in the autumn.
UBS PUNISHES TERNA, ENI IN RECOVERY
Ups and downs day for oil stocks. Eni closes up 0,5%, Saipem ends up down 2,4%. Among utilities, Enel closed slightly lower (-0,17%) despite being included in UBS's list of preferred stocks with a buy recommendation and a target price of 5 euros. The same broker instead placed Terna (-0,44%) in the list of least preferred stocks (rating sell, target price at 3,4 euro). The judgment of Credit Suisse is also severe: underperform (target price lowered from 3,5 to 3 euros).
Snam stable (+0,05%): for Credit Suisse the opinion is neutral, target price revised from 4,3 to 4 euros.
DEUTSCHE BANK PROMOTES LUXURY. SUPERSTAR LUXOPTICAL
The day was dominated by Deutsche Bank's report on luxury stocks. Luxottica shines (+2% to 45,82 euros): Deutsche Bank has decided to raise the target price to 48 euros from the previous 44 euros, confirming the Hold opinion. The world's leading eyewear stock benefits greatly from the strength of the dollar.
The broker also raised the target of Salvatore Ferragamo (+2,68%) and Brunello Cucinelli (+2,40%) from 19 to 20 euros (hold). The buy also remains for Safilo (+1,06%) (target 16,5 euros) and Yoox (target price 25 euros), yesterday down sharply: -5,2%, together with the entire online sales sector after the collapse of Boohoo.com (-40%) in London after the profit warning. On the other hand, the Tod's target was cut (from 82 to 80 euros).
ZUCCHI: BUFFON ASKS FOR EXTRA TIME
Zucchi (-1,71%), finally, announced that the majority shareholder Gianluigi Buffon had not paid the 31 million euros relating to the residual part of the capital increase subscribed in December 5 by the deadline of 2013 December. However, the Juventus and national team goalkeeper "reaffirmed his commitment to make the payment by 31 January 2015" but asked to be able to agree on a method of payment "even in several installments, with different methods and times (...) keeping in any case account of the financial needs” of the company.
