BANKS SUPPORT PIAZZA AFFARI (-0,16%)
GERMAN CONFIDENCE FALLS, PARIS UNDER STRESS
Thanks to the banks, the FtseMib index -0,08 is holding up, falling slightly to 15.902. Frankfurt loses 0,9%, Paris falls by 2,1% and London retreats by 1,2%. Piazza Affari thus proves to be stronger than the negative factors of the morning: the decline in Germany's Zew index on business confidence, the lowest figure in the last 3 years; The slowdown in growth in China; the "warning" launched by Moody's on France's triple-A rating and results below IBM expectations.
On the government bond market, the German Bund strengthens (135,6) and inevitably the spread widens yield with our Btp rising to 378 basis points from 371 basis points at yesterday's close (against 333 for Spain). The spread between 10-year BTPs and Bunds thus rises to its highest level since last October 4th. The yield of the 10-year BTP is up, starting at 5,84 from 5,80% at yesterday's closing. Belgium is also targeted: the yield gap between Belgian and German 10-year government bonds has widened to 245.
The greater strength of Piazza Affari is due to the widespread rises of the banks: Unicredit rises by 1,9%, Intesa +1,4%, Banco Popolare +1,7%. The Popolare di Milano is still up +1,4%. Conversely, French banks marked sharp declines after Moody's launched a "warning" on France's triple-A rating. Bnp Paribas drops by 6,4%, Société Générale -6%, Crédit Agricole -3,8%.
Today a Unicredit board will be held on organizational issues: nascent service consortium, information on Mediobanca lists and more. For the business plan and the need for new capital, the news will arrive no earlier than November 14 with the results for the third quarter or perhaps later. The definitive amount of the recapitalization will be decided on the basis of the requests by the G20 which will be announced at the next summit on 3-4 November. The expectation is for a recapitalization of around 6,5 billion euros. Meanwhile, during the week, the bank will knock on the market through a covered bond issued by the subsidiary Bank of Austria which can boast a triple A rating.
FIAT STILL ON THE ROLLER COASTER
MEDIASET REJECTED BY CREDIT SUISSE
Fiat once again on a roller coaster. After losing up to 2,26% the Lingotto stock is up by 0,9%. The group recorded in September sales down in Europe by 7,8% compared to the same period of 2010 at 82.155 units, the market share fell to 6,5% (since the beginning of the year we are at 750 thousand units -12%). In Europe, the market recorded a 1,1% increase in September. JP Morgan intervened on the stock, confirming the underweight recommendation and lowering the target price to 4 euros from 6 euros. Barclays has instead raised the target price to 6 from 5 euros, confirming the equal weight recommendation. By the end of the year, Fiat will appoint the person responsible for relaunching Alfa Romeo in the USA. The goal is to bring the Alfa brand back to the USA in 2013, even if the models that will be launched on the American market have not yet been disclosed. In an interview with "Forbes" Sergio Marchionne revealed that he had rejected several versions of the Giulia. “The goal – he said – is to de-breathify the brand”. Fiat Industrial rises by 0,5%, Pirelli runs up by 2,8% ahead of Prysmian +1,4%. Buzz +1,4%.
Mediaset loses 1,2% after Credit Suisse lowered the target price to 2 euros from 3,6 euros. The recommendation is confirmed underperform (it will do worse than the reference market). Since the beginning of the year Mediaset has fallen on the Stock Exchange by 45%, against -15% of the European Stoxx index of the media sector. Goldman Sachs, on the other hand, confirmed the neutral recommendation and slightly adjusted the target price upwards, bringing it to 2,38 euros. Goldman is engaged together with Mediaset in the search for a solution for Endemol, of which they are both shareholders, by the end of the debt to hedges on October 31st.
GOOD MORNING, GOOD DEALS WITH THE ONLINE CASINO
AMPLIFON, GOOD NEWS FOR THE HEARING INDUSTRY
EDF has no intention of recognizing Edoson's Italian shareholders a 1,5 euro put on Edison (+0,27%). Rather, according to Corriere della Sera, the company is ready to take the risk of the auction. However, it is easy to foresee that, between now and 31 October, the positions of the parties can approach each other: an auction does not suit anyone.
Good news for Audika. The French company announced yesterday that it closed the quarter with revenues up 6,2% on 2010, driven by sales that grew organically by 4% in France, the same pace of business expansion that we expect Amplifon will report (+0,77 .XNUMX%), the Italian hearing multinational that has just "digested" the recent acquisition in Australia.
In September, Winga's market share in online casino games recorded the largest increase, rising from 1,28% in August to 4,19%. Winga is the division of Buongiorno (-0,20%). Overall, this type of game collected 275,3 million euros in Italy in September, with a very high payout, however, equal to 96,8%, which leaves concessionaires with very small margins for the moment.
