On the sixth day, after a long streak of gains, Taurus decided it was time to take a well-deserved anticipation of the upcoming holidays. Also in Asia, as has already happened in Asia and on Wall Street, they are heading for a flat closure, despite the historical novelties, starting with the green light to the impeachment of Donald Trump for abuse of power and obstruction of Congress , approved by the House with 230 votes in favor and 197 against.
He took FCA/PSA also kick off, the world's fourth largest car group, entrusted to Carlos Tavares, a frugal manager who moves to second class, eats and drinks little (but bought a vineyard in the Porto valley) and has worn the same watch for a lifetime. Markets welcomed its arrival with engines idling, waiting for Christmas and the Lunar New Year holidays in China to celebrate a year full of earnings: +29% in the Stock Exchange, the best result since 1998.
Tokyo is slightly down (Nikkei -0,2%) just a few hours after the central bank's decision to confirm the monetary policy guidelines, including interest rates at -0,1%. The decision was made by the board with a majority of seven to two.
SEOUL CUTS ESTIMATIONS FOR 2020
Almost all the other equity markets in Asia were down slightly. CSI 300 of Shanghai and Shenzen -0,3%, Hang Seng of Hong Kong -0,5%, BSE Sensex of Mumbai -0,2%. The Seoul Kospi also fell (-0,2%) after the Finance Ministry cut its 2020 growth estimates for the economy of South Korea, the fourth in Asia, to +2,4%, from the previous +2,6% from six months ago.
THUD OF FEDEX. A PACT BETWEEN THE GREATS ON THE SMART HOME
Wall Street also saw little movement: Dow Jones -0,01%, S&P 500-0,04%. NASDAQ +0,05%. Fed Ex fell sharply (-10%) after trimming earnings estimates for fiscal 2020 due to heavy spending, slowing global trade and following the breakup with Amazon. Jeff Bezos' company, Google and Apple have decided to collaborate with each other to produce smart home devices so as not to compete.
Flat calm also for gold and oil.
STOP THE STERLING: THE QUEEN'S SPEECH TODAY
The currency market was little moved, even the pound seems to want to stabilize, after the sharp decline on Tuesday. Today, during her speech to Parliament, Queen Elizabeth will set out the priorities of the government led by Boris Johnson: Brexit and health care in the spotlight.
The euro-dollar, down 0,3% yesterday despite signs of a reawakening of the German economy, appreciated slightly this morning to 1,112 against the dollar.
There is excitement on the bond front: today, after five years, the Swedish central bank will renounce negative rates. On the markets, yields rise and the curves become steeper, also because the central banks have signaled their willingness to tolerate a possible rise in inflation.
Sales on the German Bund are growing, the yield trading at -0,24%, +5 basis points.
THE ECB REVIEWS THE RULES OF MONETARY POLICY
Bloomberg reports that the European Central Bank would be willing to review the theoretical framework of monetary policy, an architecture inherited from the Bundesbank. The growth of the money supply, which has always been one of the pillars of the conduct of the European Central Bank, is no longer considered topical: the requests to abandon it and replace it with other instruments, considered more appropriate to the times, are increasing: the new pillars could be the issuance of credit and the impact of monetary policy on financial stability.
FLAT PLACE, SPREAD AT 148
Piazza Affari was also flat: -0,1 at 23.628 points. Paris moved little (-0,15%); colorless Madrid (+0,04%). London -0,24%. The worst is Frankfurt despite some positive signs for the German manufacturing industry, with the Ifo index, which measures business confidence, rising to 96,3 points in December from 95,1 in the previous month and well above expectations (95,5 ,XNUMX).
Volvo (+3,5%) rises in Stockholm after the Japanese Isuzu agreed to buy Volvo's UD Trucks business as part of an alliance with the Swedish company to develop technologies for electric and self-driving mobility.
There is ferment on bonds, where yields are rising and the curves are steeper, also because the central banks have signaled their willingness to tolerate a possible rise in inflation: the consumer price index in the euro area in November was decreased 0,3% MoM while rose 1,0% YoY,
Sales on the German Bund are growing, the yield trading at -0,24%, +5 basis points. Btp down in the afternoon: the 1,23-year rate settled at 1,17% from 148% at yesterday's final. The spread on the 23-year yield of Italy and Germany has risen to 6,5 points. In the December 6 auction, the Treasury will offer 2 billion XNUMX-month BOTs and XNUMX billion Ctz.
PEUGEOT AND EXOR ARRIVE, FIAT CHRYSLER STOPPED
Peugeot (+1,36%) beats Fiat Chrysler (+0,04%) on the day of the great agreement which gives life to the world's fourth largest car group in terms of volumes and third in terms of turnover (170 billion). Once fully operational, annual synergies are estimated at around 3,7 billion euros, without plant closures. “The synergies are expected to generate positive net cash flow as early as year one.”
Yesterday's most significant news concerns Comau. FCA states in a statement that "it will continue to work on the separation of the stake held in Comau, which will be carried out as soon as possible after the completion of the transaction, for the benefit of the shareholders of the new group". In the announcement announcement of the operation, the sale of Comau was envisaged before the merger to the benefit of the FCA shareholders only. Exor advances by 0,77%.
Pirelli slows down (-0,8%) after the below-expected sales data from Michelin. Prismian -1%.
BENE UNICREDIT AND ITALIAN POSTAL
Stable banks. Unicredit (+0,44%) and Intesa (+0,13%) are among the best. Banco Bpm in moderate decline (-0,34%). Digital payments company Nexi sold, down 2,13%. Poste Italiane did well (+1,28%).
Sales in the technology sector, penalized throughout Europe: Stm drops 1,64%.
Among the minors, Mondo TV (+10,9%) is the best on the list: the main shareholder Giuliana Bertozzi has increased her stake to over 20% and does not rule out continuing with the purchases in the next six months.
