Rumors of a Maserati and Alfa spin-off rekindle FCA's engines, which closes as queen of the stock market, up 5,75%, at 12.13 euros per share, a new all-time high. The Italian-American company is also galloping on the Nyse, where it earns about 6%, but fails to give wings to Piazza Affari, which stops down by 0,5%, 21.620 points, weighed down by the banks, which are in turn penalized by the recovery of the spread, while the euro strengthens against the dollar (+0,34%, 1,18). Profit taking currently prevails on Wall Street after a weak open. The other European lists are also in red: the worst place is Madrid -0,73%, followed by Frankfurt -0,45%, Paris -0,32%. Flat London +0,01%.
Oil accelerates, especially after the weekly data on US inventories, in line with expectations. Brent +1,08%, 52,43 dollars a barrel. Gold is well matched, +0,25%, 1287,93 dollars an ounce.
On the other hand, the Italian paper remains under pressure on the secondary, awaiting the intervention of Mario Draghi, in the next few days in Jackson Hole. No shock came from today's words in Lindau, where the president of the ECB confined himself to defending the effectiveness of the monetary policies implemented so far. But Germany is lurking and the governor of the Bundesbank, Jens Weidmann, is back on the attack, arguing that an orderly and swift abandonment of the asset purchase program by the European Central Bank is appropriate. The yield on the Italian 2,11-year bond rose to 173.30%, the spread with the German Bund to 1,64 basis points (+XNUMX%).
Returning to the dominant theme of the day, namely the new Fiat rally, it is worth noting what was reported by Bloomberg, namely that after Ferrari, FCA could also spin off Maserati and Alfa Romeo. as well as the components. Lingotto is reportedly discussing the plan and a decision could come in early 2018. Among the objectives, that of increasing the value of the group and FCA would focus on mass market cars, making it more attractive for a possible combination with a competitor. According to analysts, Bloomberg adds, FCA's luxury car assets could be worth around 7 billion euros, while the value of Magneti Marelli and other components is estimated at up to 5 billion. “Talks are progressing, with several options being evaluated, including separation from one or more component divisions (beyond Magneti Marelli there are also Comau and Teksid).” The project would also be aimed at freeing up value for the Agnelli family and other shareholders, as the company continues to underperform its rivals. Even the New Yotk Times today deals with FCA, to say that the appearance on the scene of Great Wall Motor as a potential partner of Jeep highlights "Fiat Chrysler's gaze towards China to improve its fortunes".
Driven by Fiat, on the Ftse Mib, Exor +1,43% and Brembo +1,41% are well bought. Positive session for Luxottica +0,7% and Leonardo +0,63.
At the bottom of the basket are many bankers, despite a Goldman Sachs report promoting the work done in the sector. The worst stocks of the day are Banco Bpm -2,47%, Finecobank -2,07%; Ubi -2,05%, Unicredit -1,82. Sales also on Mediaset -1,71% and Ynap -2,2%.
