The Greek crisis seems to have reached a turning point. Meanwhile, the minutes of the last meeting of the Fed show that caution prevails on the board: the increase in interest rates will probably not even start in June. The Tokyo Stock Exchange (+0,5%) reacted to the possible further postponement of the US monetary policy turnaround with a new increase: the Nikkei index is at its highest level for 15 years. Indian Sensex also rose for the seventh consecutive day. Most of the price lists in the Pacific area were closed for the New Year holidays: China, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and South Korea.
The soft view that emerged from the minutes of the central bank allowed Wall Street to limit the damage after a session conditioned by the drop in crude oil (again below 51 dollars due to the increase in US inventories) and oil prices. The S&P index closed at -0,13%, after reporting a loss of 1,5% during the day. Dow Jones -0,1%, Nasdaq -0,14%. Exxon -2,2% also due to the fire that devastated a refinery near Los Angeles. The descent of the oil giant is also linked to Warren Buffett's exit from the capital.
ATHENS GOES BACK, PIAZZA AFFARI AND BTPs CELEBRATE
Decisive day for the Greece dossier. This morning the government in Athens will officially ask to extend the duration of EU loans, as requested by the Eurogroup, but will also ask for various concessions which are still met with strong hostility from the German side. Meanwhile, the European Central Bank has raised the limit on ELA emergency loans from 65 to 68,3 billion in favor of Greek banks. It is the latest sign of easing on the front of the Greek match, in view of today's presentation of the Athens plan. Meanwhile Angela Merkel warns: “We are in solidarity with countries in difficulty. But it's not a one-way street."
Markets have acknowledged that the feared breakout of the eurozone will not happen. Piazza Affari also yesterday led the increases in the eurozone. The FtseMib index rose by 1,85%. Paris also did well 0,9%, Frankfurt +0,5%. In Europe, the strongest increases concern the Banks (+1,7%), Media (+1,6%) and Auto (+1,5%) sectors. The Athens Stock Exchange closed up 1%. On the government bond market, the 5-year Greek government bond is trading at a yield of 14,46%, a marked improvement from yesterday's 15,29%. The 1,62-year BTP also improved, trading at 1,66% from XNUMX% yesterday.
ENI PROMOTED: THE OPERATING INCOME IS LIKED
Unlike Wall Street, it was a positive day for European oil companies (+1,4% the sector index). Eni (+3,4%) has passed the test of the accounts. The six-legged dog closed the fourth quarter of 2014 with an operating profit of 2,32 billion euros, higher than the 1,89 billion expected by the consensus of analysts. This is the main data on which the market thinks, which gives less importance to the adjusted net profit which settled at 464 million euro, lower than 597 million. Solid production, cash flow and dividend were also appreciated. Saipem is also advancing (+3,4%) thanks also to the boost from the results of the French competitor Technip. Tenaris +1,4%.
CREDIT AGRICOLE SWITCHES ON THE BANKS. PEOPLE IN FERMENT
The spark for the upside for banking sector stocks is triggered in Paris: Credit Agricole, after announcing better-than-expected results, jumps by 7,5%. SocGen +3,8% also rebounds. In Frankfurt Deutsche Bank +1,5%. Monte Paschi advances in Milan (+1,8%), promoted by Société Générale to Hold da Sell (target price at 0,55 euro). On 11 February, UBS reduced its stake in the capital of the Sienese bank to 2,371%, from the previous 2,410%.
Intesa (+1,6%), included yesterday in the Europe 1 list of Bofa Merrill Lynch, and Unicredit (+3%) are advancing. Expectations are growing for the possible mergers between cooperative banks. Strong earnings for Banca Pop. Milan +4,7%, Banco Popolare +3,8%, Pop.Emilia +3%. Banca Ifis rose by 2,6% to 16,36 euro, the highest since April 2014. At the next shareholders' meeting, the board of directors will propose a dividend on the 2014 financial year of 0,66 euro per share, a marked increase compared to 0,57. 2 euros paid last year. Banca Intermobiliare, on the other hand, lost more than 10% due to its exposure to Ciccolella which was declared bankrupt on XNUMX February.
MONDADORI LAUNCHES THE OFFER ON RCS BOOKS
Among the editorials, a leap of Rcs Mediagroup (+2,73%). Mondadori has submitted to Rcs MediaGroup a non-binding expression of interest relating to a possible acquisition of the entire investment in Rcs Libri, equal to 99,99% of the share capital. This was stated in a note released by the Segrate group at the request of Consob, adding that the event also concerns "the further complex of assets and activities that make up the RCS MediaGroup book sector". According to Reuters an agreement could be found between 120 and 150 million euros. In the 2013 financial statements, the latest available, RCS had the book value of the subsidiary Libri at €216 million; However, RCS Libri has 35 million in cash. Strong rise by Mediaset (+3,4%).
ASSETS INDUSTRY AND UTILITIES. SPOTLIGHT ON TELECOM TODAY
Fiat Chrysler rose by 1,3% in Milan. On Wall Street in the evening the share reached 14,7 dollars (+1,8%). StM +1%, Finmeccanica +0,7%, Cnh Industrial +2,8% were also positive.
Telecom Italia, after having reached the maximum for the year at 1,054 euros, closed down by 0,29% at 1,037 euros. Today the board of directors dedicated to the 2014 accounts and the three-year business plan will be held, which will be illustrated to the market tomorrow morning.
Enel rises by 1%. Among the utilities, Atlantia rose by 2%, A2A -1,1%: the company invited the holders of the "4,50% notes due 2016" bond to offer their securities in repurchase: the cash consideration up to a maximum to be defined, will be communicated on February 25th.
Exane Bnp Paribas has raised its rating on Terna - 0,40% (from underperform to neutral, the target price from 3,5 to 3,9) and Snam + 1,6% (from neutral to outperform (from 4,3 to 4,9 .XNUMX euros the target price).
Saras +4,3%, Brembo +3,3%, Fiera Milano +4,2% are advancing outside the main list. Maire Tecnimont gains 4,8%.
