Great news is ripening on the markets in anticipation of the latest press conference by Janet Yellen who tonight will confirm the third rate increase of 2017. The most welcome concerns Facebook: from now on, the social network giant will declare its revenues in the countries where made, moving to a “local sales structure”. The consequence is that revenues from advertising services will be taxed in the country where they are sold, "a very important change - the Ministry of Economy immediately commented - which goes in the right direction, i.e. to ensure that income is declared and taxed where they are produced".
It is likely that Facebook's decision pave the way for similar decisions by other big names on the Net. Various factors have probably contributed to favoring the turnaround: pressure from European countries, but also the prospect of a change in US tax rules according to the Trump reform, which aims at a sort of mega-tax shield for corporations that park profits outside the US (for Apple alone the cost of repatriation will be 47 billion dollars).
STOP THE DOLLAR RACE, WALL STREET STILL RECORDS
The second change will also have significant effects on US tax reform. Tonight in Alabama, Trump's candidate, the ultra-conservative Ray Moore, was defeated by Democrat Doug Jones who wins a seat in the Senate that has always been controlled by the Republicans. A burning defeat, given Trump's commitment to support the far-right judge, already accused of sexual harassment, but who in practice wipes out the majority (two votes) that Trump has in the Senate. Therefore, it becomes urgent to get the reform voted on within the year, before the senator from Alabama enters the field.
Trump's defeat halted the run of the dollar, traded this morning at 1,175 (from 1,174 at the close).
Il Bitcoin, regardless (for now) of the taxman, continues to break records: the quotations of electronic money reached a maximum of 17.428 dollars, the future for delivery in mid-January is on the verge of exceeding the 20.000 dollar barrier within the year, the technical analysts. polled by Reuters.
Finally, the wedding eve of the century: tomorrow, anticipates the Financial Times, the purchase of a large part of Rupert Murdoch's assets held by 21st Century Fox, including Sky, will be officially announced. It will be bought by Walt Disney who will pay 60 billion dollars (including debts). James Murdoch, the youngest son of the tycoon, will have a leading role in the giant waiting to replace Bob Iger (who, however, will lead the merger) at the top.
Last night Wall Street touched new all-time highs, with the Dow Jones (+0,5%) and the S&P500 (+0,1%). It was the banks, utilities and telephone companies that stood out. The Nasdaq fell by 0,2%, weighed down above all by chip makers. The SOX index closed down 1%.
All economists are expecting the announcement of the third rate hike of 2017. Three more hikes are expected for 2018, but without inflation showing signs of a revival. Consumer price data for November will be released today: the consensus expects a slight increase, entirely due to the increase in energy prices. In great evidence Goldman Sachs +3%. The yield on the 2,40-year T-bond rises to XNUMX%.
Also noteworthy is Boeing, +2,4% after the announcement of the 20% increase in the dividend and the launch of a buyback of 18 billion.
SEOUL, CRYPTOCURRENCIES IN THE SIGHT OF TAXES
Bitcoin, regardless (for now) of the taxman, continues to break records: the quotations of electronic money reached a maximum of 17.428 dollars, the future for delivery in mid-January is on the verge of exceeding the 20.000 dollar barrier within the year, assure the technical analysts. polled by Reuters.
But a first stop comes from Asia: South Korea, one of the countries most affected by the fever for electronic money, has said it wants to tax capital gains on cryptocurrencies.
In Asia, Japan's stocks deteriorated after a flat start, the Nikkei index is on track to close down 0,4%. Chinese equity markets are mixed. Hong Kong +0,3%. CSI300 index of Shanghai and Shenzhen stock exchanges: -0,2%. Seoul Stock Exchange is up 0,5%,
OIL BRAKING BELOW 64 DOLLARS
Brent oil is up 1% to $63,9 a barrel this morning, after closing down 2% yesterday. The American Petroleum Institute, a private body that provides forecasts and statistics on the oil industry, estimates a drop of about 7 million barrels of crude oil in US inventories for the current week. The official data is published in the afternoon. In Piazza Affari, oil prices recorded significant increases: Eni + 1,2% Saipem + 1,8% Tenaris+ 3%.
EUROPEAN EXCHANGES IN SWING, INFLATION RISES IN THE UK
In Europe, markets were also cautious ahead of yesterday's Federal Reserve meeting. Oil prices and the euro's U-turn, which returned to 1,1727 dollars (from 1,1769 yesterday evening) on the eve of the Fed tightening, helped to keep the lists afloat.
Fluctuating session for Piazza Affari, which in the end closed modestly up at 22.727 points, +0,16, lower than the other markets.
Paris finished the session up 0,75%. The French Athos (+3,5%) announced it has presented a 4,3 billion euro all-cash offer to acquire the Dutch digital security group Gemalto (+33%). The tech sector advances by 0,9%. At Piazza Affari stm + 0,7%.
Flat Frankfurt. Confidence in the German economy worsened more than expected in December, reflecting the uncertainty surrounding the policies of a government still far from being formed. This is what emerges from the Zew index which stood at 17,4 in December from 18,7 in November, worse than expected.
London does better (+0,3%). Producer prices shot up in November: +7,3% from +4,8% due to the increase in oil prices and the fall in the pound. Inflation has exceeded the 3,1% rate, the highest of 2012. Mark Carney will now have to explain why, contrary to what the law requires, he did not alert the government once he crossed the 2% threshold.
While waiting for central bank communications, the
Italian secondary in a session characterized by low liquidity. The Italy-Germany differential on the ten-year stretch returned to touch 140 basis points. The 1,707-year rate recovered to XNUMX%.
The Italian Treasury placed €4,75 billion in 12-month BOTs this morning, with a yield down to a new all-time low of -0,407% from the previous -0,395%. Germany also took action in the primary sector with the placement of 2,412 billion Schatz, with the average rate declining.
PEOPLE IN THE SIGHT OF EU SUPERVISION
Italian banks in the red (sector index - 0,3%) in Milan in contrast with the European sector (Stoxx +0,7%).
The pressure of the ECB Supervision on the former Popolari continues. Under fire Ubi (-3%), which the European Central Bank has asked to do more on non-performing loans and to present a new detailed road map by next March which includes "more challenging objectives" in the light of the effects generated by the recent acquisition of good banks. In the meantime, the supervisory board has approved the guidelines of the new governance which envisages a board of 15 members, two-thirds independent. Massive sales on too Bper (-3,49%) and Banco Bpm (-2,2%).
UNICREDIT, MORE DIVIDENDS, LESS NPL
Loses shots in the afternoon Unicredit (-1,02%) on the day of the Investor day. The group expects a further 4 billion euro drop in gross bad loans by 2019, an increase in payout (distributable profits in the form of dividends) to 30%, from 20%, with a Cet1 solidity ratio rising to 12,5 %. In positive ground it closes Understanding +1,04%. Mediolanum advances in asset management (+0,91%).
Azimuth (+0,8%) signed an agreement to acquire 100% of Henderson Maxwell, a Sydney-based company with AUD 170 million under management and a team of 12 people including 7 financial advisors. The company has initiated a further purchase of treasury shares up to 50 million euros.
Fineco (+1,3%) rises to its maximum at 8,62 euros. Since the beginning of January, the title has gained 62%, the best in the sector. Followed by: +28% Banca Generali, +16% Anima, +5% Banca Mediolanum and +1% Azimut.
THE BRAND INDEX HAS BEEN STARTED: FERRAGAMO IN RED
A new index dedicated to excellent Italian brands will kick off on Monday in Piazza Affari, on the initiative of FTSE Russell, which includes 22 listed companies and will be active from Monday 18 December. Among the selected shares, in addition to Moncler, there are other leading names in Italian luxury: Brunello Cucinelli, Salvatore Ferragamo, Tod's, Yoox Net-A-Porter.
The novelty favored purchases on ynap (+1,87%) and up Moncler (+1,65%) to 25,27 euros, just a breath away from the historical record (25,30). The security is starting to touch up the historical record set during the year at 25,30 euros. Conversely, at the bottom of the ranking is Salvatore Ferragamo -3,09%. Weighing on the stock is the cut by HSBC from Buy to Hold, for target 24 from 29 euros.
ATLANTIA IN THE TRENCH IN MADRID, TODAY SUMMIT ON TELECOM
The Spanish front is hotter and hotter for Atlantia (-1%), ready to challenge the hostility of the Spanish government (of two ministers in particular) against its purchase of Abertis. Meanwhile, the company is studying an alliance starting from Telepass with Fiat Chrysler (-0,9%). There are talks for a project that aims to integrate the chip into Jeep vehicles. In the background, electronic payments also for petrol, road tax and other services.
A new meeting between the CEO is scheduled for today Telecom Italy (-0,1%), Amos Genish, and the Minister of Economic Development Carlo Calenda. Bids for Persidera, the subsidiary of the television infrastructures that Telecom Italia intends to sell in line with the commitments undertaken by its main shareholder Vivendi to the EU Commission, must be presented by 15 January. Among the suitors are the F2i and Clessidra funds as well as Rai Way and another Italian financial investor. Mediobanca Securities reiterated the outperform recommendation and the target price at 1,3 euro.
Accelerates Mediaset (+1,5%) under the pressure of the forthcoming agreement between Walt Disney and Murdoch and the expectation of the conclusion of the negotiations with Vivendi.
Leonardo (+0,8%) announced new orders worth around 112 million euros overall for the AW139 intermediate twin-engine helicopter.
HIGHLIGHTS RETELIT AND FALCK RENEWABLES
Retelit it closed up 1,5% at 1,5510 euros. at 1,60 euros, it marked new highs since 2007. The telecommunications company has signed a commercial agreement with a leading Asian international telecommunications player for the sale, for 20 years, of 1,1 Tbps of submarine capacity on the AAE-cable 1, the fiber optic system that connects Europe to Asia, passing through Bari.
Falck Renewables +5,52%. The company active in renewable energy has revised upwards the objectives of the 2017-2021 plan. Now the Ebitda at the end of the plan is expected to be 208 million euros. The consolidated net profit (after minority interests) is indicated at 30 million. It foresees an increase in the dividend per share of 8,5% per annum by 2019. For 2017 it estimates an EBITDA of more than 147 million, an increase of 11% compared to the plan objective.
Ovs (+1,7%) closed the first nine months of 2017, as at 31 October, with revenues and Ebitda growing, thanks above all to the expansion of the store network.
