The European stock exchanges are accelerating in anticipation of the night of the US elections. In Milan, the FtseMib advanced by 0,6%. The other price lists were positive: London +0,4%, Paris +0,6%, Frankfurt +0,5%.
The spread retreats to 350 (-10bps). During an interview with Spanish radio, Mariano Rajoy said that one of the main doubts about whether or not to request the bailout is whether the ECB's plans to purchase government bonds will have the effect of bringing down their yields. The comment was interpreted as a step by Madrid towards aid.
The dollar strengthens further against the euro to 1,2775. The common currency is at a two-month low. In addition to the electoral uncertainty, the fear for the Greek parliamentary vote on austerity measures expected for tomorrow weighs heavily.
The news of the morning comes from the auto sector.
Kidney stroke of Fiat, which absorbs part of the heavy losses of the last few days with a rise of 2,6%. Brake Volkswagen , down 3,7%, after the placement of a convertible issue for 2,5 billion, coupon 5,5% and mandatory conversion from 2015 into shares without voting rights (premium not exceeding 20%). The operation was greeted with some nervousness because it was intended, as stated in the company note, to strengthen the balance sheet in view of the generic "turbulence" arriving on the markets.
Volkswagen reached its all-time high on Friday at 165 euros per share, the increase is 34% since the beginning of the year
Also bmw, which also announced better-than-expected quarterly results, decreased by 0,8%. Thanks to sales in China, BMW recorded an Ebit of 2 billion euros in the July-September period, up 13,8% compared to the same period last year. Analysts estimated an Ebit at 1,72 million euros. The turnover was equal to 18,8 billion and the net profit was 1,08 billion. But chairman Norbert Reithofer stressed that the premium sector is beginning to feel the effects of weakness in Europe.
In Piazza Affari the positive movements are widespread among almost all the blue chips. Among these Tenaris, which falls by 2,2%, victim of the downgrade of Goldman Sachs which lowered the recommendation to sell from neutral. The broker warns that the market scenario is worsening: demand for seamless pipes is increasingly sluggish while production capacity in the premium segment is increasing, raw material costs are also rising.
Remaining among industrial stocks, Finmeccanica rises by 1%: according to Il Sole 24 Ore, Prime Minister Mario Monti is preparing to summon the CEO Giuseppe Orsi, who is being investigated by the judiciary for alleged episodes of corruption. StM earns 2%.
The banks are positive: Unicredit + 0,9% Understanding + 0,9% Banco Popular + 1,3% MontePaschi + 1,5%.
Enel +0,4% resists the impact of the rating cut to Baa2 from Baa1 with a negative outlook (judgment on future prospects) by Moody's.
Highlighted in the rest of the list Indesit +4,6% and Banking Generali + 2,7%. Prelios gains 5,3% in view of the end of the race among the suitors (the Caputi consortium is in the lead).
