THE HP SCANDAL (8,8 BILLION) HOLDS WALL STREET BACK
TARGET SHOOTING ON FIAT. BUT INDUSTRIAL IS OK
Contrasted session in the stock exchanges of the Old Continent, after the downgrade of Paris (which went almost unnoticed) and the slow start of the US stock exchange.
The Milan Stock Exchange cancels the reduction at the end of the session: the Ftse Mib index loses 0,1%. Frankfurt climbs 0,3%, Paris is on par and London loses 0,2%
On the government bond market, the Bund Btp spread narrows by 5 basis points to 348 points. The 13-year Bund loses for the second day in a row and drops to a XNUMX-day low.
Wall Street advances under the sign of caution: the S&P500 is almost unchanged, the Dow Jones -0,21% and the Nasdaq which falls by 0,09% despite the good data in October on building activity in the USA. Last month, 894 new home construction sites were started, with a growth of 3,6%. Economists had forecast, however, a decline of 3,7%.
Weighs more, however, the collapse of Hewlett Packard - 12,7% after announcing an $8,8 billion writedown related to its purchase of software company Autonomy over serious accounting irregularities.
It wakes up on the contrary Groupon +12%. Hedge fund Tiger Global has told the SEC that it owns 9,9%. The purchases were made by taking advantage of the stock's collapse to lows.
The US markets await the words of Ben Bernanke who will speak at the Economic Forum in New York at 18 pm Italian time.
In Europe, attention is focused on Brussels where, at 17, the Eurogroup convened to finalize the definitive aspects of the new aid package for Greece got underway. Before entering the meeting, the Finance Minister of Luxembourg, Jean Claude Juncker said that "there is a good chance of reaching a shared and definitive solution".
In Piazza Affari the case of the day is Fiat -5% after Ubs cut its rating a neutral da buy. Same script for Exor -3%.
Fiat Industrial , on the other hand, rose by 2,7% after the company made a new improved offer for the merger with the subsidiary CNH.
At the sectoral level, banks (Stoxx index -1,2%) and telephony companies (Stoxx index -0,8%) fell in Europe. On the rise were insurance companies (Stoxx index +0,6%) and technology companies (Stoxx index +0,7%).
Among the Italian banks Unicredit down 1%, Understanding -1,2% Banco Popular -1,6% Ubi -1,72% MontePaschi -1,1% Pop. Milano -2,5%.
Eni is up 0,3% while WTI-type oil reversed course and is down 0,7%
Telecom Italy drops by 1%.
Case stands out among the mid caps Camfin which increases by 5,6% pending news in the negotiations between Tronchetti Provera and new investors who want to enter the controlling holding company of Pirelli –0,1%.
