While waiting for the European QE, the Bull is preparing to celebrate the most awaited record, at least on a symbolic level. For the first time in almost fifteen years, the Nasdaq +0,9% exceeded 5.000 points, one step away from the record established at the height of the Internet bubble. Tech stock closed at 5.008,1. The last time it reached these peaks was on March 27, 2000 (5.048) while the historical intraday record (5.132,52 points) dates back to March 10, 2000. New historical records also for the Dow Jones, which appreciated by 0,85. 500%, and for the S&P 0,6 +XNUMX%.
EMPTY CASINOS (-48%) HOLD SHANGHAI BACK
However, the records of the US Stock Exchanges have not been followed up on the Asian markets. Tokyo falls by 0,3%, after another Abenomics fiasco. Real wages (-1,5% compared to a year ago) continue to fall, as has been the case for 19 months, to the detriment of the recovery in domestic consumption and inflation. Shanghai -1,1% and Hong Kong -0,1% are also down. Revenue from Macau casinos during the Chinese New Year fell by 48% compared to 2014: the fight against corruption led by Ji Xingping weighs more than the crisis. Australia's central bank dashed hopes of a rate cut.
EUROPE IS BREATHING AFTER EIGHT LIFT IN A ROW
After eight rises in the last nine sessions, the European stock exchanges took a breather. In Milan, the FtseMib index closed down by 0,1%. During the morning, the Piazza Affari benchmark had managed to gain 0,6%. The Paris Stock Exchange fell by 0,6%, Frankfurt unchanged, Madrid -0,1%. The decline in the Oil sector (Stoxx -1,4%) weighed on the weak closure of the European Stock Exchanges, influenced by the drop in Brent which lost 2,5% to 61 dollars a barrel. Conversely, US-type WTI oil rebounded 1,8% yesterday to $50,6 a barrel. Eni lost 0,9%, Tenaris 0,9%, Saipem bucked the trend and gained 0,9%.
SPREAD, ITALY HOOKS SPAIN. ATHENS IS STILL SCARY
The risk of new difficulties in Greece also weighs on the Eurozone. Spanish Economy Minister Luis de Guindos said single-currency countries were considering a third bailout package for Athens worth between 30 and 50 billion euros. "There is no alternative to solidarity," he added. But Jean Claude Juncker's denial came from Brussels: "No measure is being studied", assured the president of the Commission.
The sovereign debt market was stable after last week's stretch. The yield of the BTP is stationary at 1,34%, the spread is reduced to 98 points, in line with the Spanish government bond. At the end of the day, the euro was unchanged from Friday, at 1,118 against the dollar and 1,0,6 against the Swiss franc.
SALES RISE IN ITALY, FCA GETTING INTO THE SIXTH
The car market accelerates in February. And Fiat Chrysler, even before the sales results for the month, which were better than the average, put it into fourth gear, reaching a price of 14,10 euros, a new high since the year 2015. Several factors contributed to putting fuel in FCa's engine. First of all, the statements by Alfredo Altvalilla, chief operating officer of Fiat Emea (which stands for Europe, Africa and the Middle East) who confirmed that he expects a balanced budget for European activities as early as the end of XNUMX, one year ahead of schedule gear.
In the evening, then, the data of the Italian car market arrived. In February, 134.697 cars were registered, with a variation of +13,21% compared to February 2014. Since the beginning of the year, the increase is equal to 12,26%. FCA outperforms the competition for the second month in a row: +13,5%, the highest increase since March 2010 with growing volumes for all brands, starting with the Jeep boom (+290% with almost 2.500 registrations) .
TELECOM ITALIA: FRENCH ADVANCES AND ROMAN EXAMS
Telecom Italia rose by 1,3% to 1,08 euros. Initially, the stock had reached its highest level since April 2011 at €1,11. Above all, the advances of le avances di Orange pushed the share upwards, a prelude to negotiations that could lead to the birth of an Italian-French group formed by two former monopolists. "There is no exchange of views between Telecom and Orange", Telecom Italia specified last night. Vincent Bolloré meanwhile increased his stake in Vivendi from 5,15 to 8,15%, the group that should take over from Telefonica in the capital of the former Italian incumbent.
In the meantime, expectations are growing for the Council of Ministers which today should examine the strategic plan for broadband. The government has denied that a punitive decree is on the way, stating through one of the undersecretaries in charge of communications, that what the newspapers reported is inaccurate. If the new law imposed an end-of-life date for the copper network, Telecom Italia would have a very negative impact in terms of devaluation of the asset it owns.
COUPON MORE THAN DOUBLE FOR LUXOTTICA MEMBERS
Spotlights turned on this morning on Luxottica which yesterday approved the 2014 accounts and approved an upward dividend, equal to the amount of the entire adjusted net profit (687,4 million). The unit coupon will therefore be equal to 1,44 euro, more than double compared to 2013 (0,65 euro). In 2014, the group recorded a profit of 642 million (+18%). Consolidated turnover is 7.65 billion lire (+4,5% at current exchange rates, +6,1% at constant exchange rates). Cash generation was 802 million, an absolute record in the history of the eyewear multinational.
STM +3,2% CELEBRATES THE WEDDING AMONG THE COMPETITORS
StM closed up by 3,2% and reached the highest level since June 2011 at 8,20 euro. The leading European semiconductor manufacturer is influenced by the news of the emergence of a competitor: the Dutch NXP Semiconductors +17,3% has merged with the Texan rival Freescale Semiconductor +11,8% with an operation in paper and cash from 11,8 16,7 billion dollars (XNUMX billion including debt). Both companies work mainly with the automotive industry: according to a Bernstein analyst interviewed by Bloomberg, the new aggregate poses a threat above all to analog chip manufacturers, a market segment dominated today by Texas Instruments.
The banks have contributed to curbing the price list: the entire sector has fallen back without obvious reasons with the exception of Carige, up 10% after the news that the Malacalza family has agreed with the Foundation to purchase a 10,5% stake. 6,2% at 6,55 cents per share. The stock closed at 0,9 on Friday. The other titles in the sector were down. Monte Paschi drops by 1,2%, Intesa marks a drop of 0,3%, Unicredit -2,7%. The popular companies also fell: Pop.Emilia -0,9%, Pop.Milano -1,4%, Banco Popolare -XNUMX%.
MUTE DEBUT FOR OVS
Weak debut of Ovs. The stock recovered all the losses of the morning and ended its first trading session unchanged at 4,042 euros, with 22,5 million shares changed hands, equal to 9,9162% of the share capital. Piaggio unchanged at 2,84 after the positive judgments of analysts on the 2014 accounts. Equita Sim raised the target price of the stock to 3,1 euro from 2,9 euro confirming the hold rating, Citigroup from 2,55 to 3 euro (neutral confirmed), Kepler Cheuvreux from 3 to 3,3 euro (buy confirmed) and Mediobanca Securities from 2,4 to 2,6 euro, with neutral rating confirmed.
