The dollar strengthens, below 1,09 against the euro, US lists are holding back. And Asia is lagging behind. Tokyo -0,1%, Shanghai -0,7%, but Hong Kong is advancing (+0,5%). Weak Wall Street despite signs of a recovery in inflation and brilliant data coming from new home sales: the Dow Jones index fell by 0,58%, the S&P 500 by 0,61% and the Nasdaq by 0,32%. falling just below 5 thousand, to 4994,73 despite the exploits of Google +2% supported by the arrival of the new financial director from Morgan Stanley.
Warren Buffett once again thought of reviving the market. The wise man from Omaha, in fact, joins the Brazilian giant 3 G Capital (led by former tennis ace Paulo Lemann) in the bid for control of Ktaft, worth 40 billion dollars. If the offer is successful, the prey will join Heinz, the ketchup giant acquired by the group for 23,2 billion dollars. Thus the world's second largest food group will be born, behind Nestlè. Kraft stock soared 20% post-stock.
THE EUROPEAN INDUSTRY STARTS AGAIN. AND GREECE IS LESS SCARY
Mario Draghi had anticipated it: the European recovery is gaining momentum. And yesterday the confirmation came from the data on the trend of industry: in March, the composite PMI index of the euro area rose to 54,1 from 53,3 in the previous month, exceeding expectations. As usual, the locomotive of Germany was pulling the convoy, with the same index recording the 23rd consecutive monthly rise to 55,3. Piazza Affari benefits most of all. The Ftse Mib index closed up by 1,2%, during the session it was pushed up to 23.381 points, a value it had last seen in April 2010. Followed by Frankfurt +1% and Paris + 0,8%. Madrid advances by 1,1%. Down London – 0,26%.
Optimism also reigns on the Greek front, after the meeting between Alexis Tsipras and Angela Merkel. An injection of 5 billion is on the way, it seems, for the accounts of Athens, by now on its last legs. Meanwhile, the Eurozone's bailout fund (EFSF) will today evaluate the possibility of returning Greece 1,2 billion in funds for the recapitalization of the banking sector, a shot in the arm for the Greek government which could run out of money by 20 April. The Athens Stock Exchange, on its third consecutive day of gains, closed with a gain of 3,7%.
THE NEW BTP ITALIA TAKES OFF. DURATION 8 YEARS
The government bond market is showing signs of fatigue after the exploits of the past few weeks. But the debt extension strategy is taking off. Spain placed a new 15-year index-linked bond (amount of 3,5 billion). Meanwhile, the Treasury is launching the new Btp Italia which will be offered from Monday 13 to Thursday 16 April. This time the duration will be 8 years, against the 6 of the previous issue. What will be offered will be the eighth BTP Italia, an instrument introduced in 2012 which has so far allowed the Treasury to raise over 84 billion euros.
The guaranteed minimum annual real rate for this new issue will be communicated to the public on 10 April. The two-phase placement method adopted in the last two issues has been confirmed: the first phase from Monday 13 to Wednesday 15 April (three days which can be reduced to two in the event of early closure) reserved for individual savers and similar; the second, on the morning of the 16th only, reserved for institutions. On Friday 27th the Treasury will offer 7 billion 6-month BOTs (7,7 billion maturing securities).
BANKS, GREEN LIGHT TO POPULAR SPAS
Yesterday evening, Sento definitively approved the banking decree, including the reform of the popular banks, in the text already approved by the Chamber. With 155 yes and 92 no, the Senate Chamber approved the question of confidence posed by the government on the decree law. In evidence, among the Popular, Bpm + 2,13% and Ubi + 1,34%. Bper also rises +0,75%. Only Banco Popolare falls -0,28%.
AABAR PLACES UNICREDIT BOND FOR 2 BILLION
Thus ended a very favorable day for the sector in a positive way. The Stoxx European Banking Index advanced 2%. In Paris SocGen +3%, BnpParibas +2%.
Intesa + 3,7%, on the highest since October 2008. The shareholders' meeting of Ente Carifirenze will meet next Monday which will start the process of selling 10,25% of Carifirenze and will allow Intesa to reach 100% of the Florentine bank.
UniCredit +1,5%. The Abu Dhabi fund, the bank's leading shareholder with 5%, announced that it has placed two convertibles, one with a 5-year and the other with a 7-year term, for a total amount of 2 billion euros, equivalent to a 4% stake . The strong demand from institutional investors therefore led the sovereign fund to decide to increase the size of the 2 bonds from 750 million to 1 billion.
Fireworks also on Monte Paschi +5,4%. In evidence, among the Popular, Bpm + 2,13% and Ubi + 1,34%. Bper also rises +0,75%. Only Banco Popolare falls -0,28%.
In assets under management, Anima Holding +3,2% retouches historical highs. The start of the year continues with strong momentum for mutual investment funds which, in February, recorded total net inflows of 20,02 billion, more than doubled compared to 9,11 billion in January.
TLC, TELEPHONE SELLS O2 FOR 14 BILLION
The reorganization of the European telecommunications sector continues. Hutchison Whampoa, the Hong Kong giant controlled by Li Ka Shing, finalized yesterday evening the purchase of the mobile operator O2 from the Spanish Telefonica. The transaction took place on the basis of 10,25 billion pounds, equal to approximately 14 billion euros. With this purchase, Hutchison's UK market share, already present in the UK market with Three, rises to 31 million subscribers. The group also controls the Italian company "3" which now seems one step away from controlling Wind. Telecom Italia building.
MEDIASET, THE DIVIDEND IS BACK AFTER 3 YEARS
Leap of Mediaset (+3,3%) awaiting the results of the board dedicated to the 2014 results. The company of the Biscione returns to the dividend after three years. The group closed last year with a net profit growing to 23,7 million (from 8,9 million) on stable net revenues at 3,414 billion. The BoD will propose to the shareholders the distribution of a total dividend of 22,7 million, equal to 0,02 euro per share. the TV group has in fact decided to distribute almost all (96%) of the profits to the shareholders: of the 23,7 million profit.
In Italy, gross advertising revenues fell by 3,8% to 1,982 billion. As regards the current year, Mediaset reports that "the dynamics of the advertising market at the beginning of 2015 confirm the progressive improvement compared to the previous quarters". But the general context currently makes the trend of the advertising market "difficult to predict" and for this reason the group is unable to "reliably" estimate the consolidated economic results.
FCA STARTS AGAIN, PIRELLI STILL ABOVE THE BID PRICE
Pirelli is down slightly -0,26%, which in any case remains above the 15 euro price of the offer envisaged in the reorganization launched between Camfin and ChemChina. After Monday's setback, Fiat Chrysler starts up again +1,8%. The car market in Europe is expected to be positive in March, thanks to the demand for rental-related vehicles. This was anticipated by the chief operating officer of the EMEA area Alfredo Altavilla.
"The market is still growing even in March - he said - especially on the basis of the rental demand". "We then need to see in the second half of the year - he added - how strong this rental demand will be, but for now the month of March doesn't seem too bad". In February, car registrations in Italy showed an increase of 13,2%; the EU+EFTA area recorded an increase of 7%.
Among industrialists, Cnh Industrial +2,5% and Finmeccanica +1,2% did well. Weak StM -0,3%.
DRUMS AMONG THE STARS, ITALCEMENTI BOOMS
The Star Conference of Borsa Italiana kicked off yesterday: 205 investors present from 125 houses (62% foreign). Among the presentations, that of Tip stands out + 1,2% at 3,6140 euros which yesterday marked an all-time high at 3,67 euros. The stock has gained 40% since the beginning of the year. Gianni Tamburi has said he expects the IPO of Eatly, of which he controls 20%, by 2017.
Italcementi boom +3,1%, in the wake of the reactions to the wedding between Holcim and Lafarge. The entire European sector of cement producers ended up under the scrutiny of Deutsche Bank today, which raised its targets somewhat for all companies in the sector. For Italcementi, the leading Italian producer, the German bank sets a new target price of 6,8 euros, which is lower than the current stock market price. Nonetheless, the title goes up. Since the beginning of the year, Italcementi has already gained 49% on the Stock Exchange, reaching a capitalization of 2,57 billion euro.
The Italmobiliare group ended 2014 with a loss of 50,1 million, reduced by more than a third from the loss of 154,2 million in 2013. A dividend of 0,25 euro will be proposed to the shareholders' meeting (0,15 euro in 2013 ) for ordinary shares and €0,39 for savings shares (€0,255191 a year earlier).
Tonica Rcs +3,2% while anticipations and differences continue within the shareholder structure on the renewal of the Board. Urbano Cairo has expressed himself critically on the choice of Maurizio Costa as the new president. For the new board of independents, the appointment of Gerardo Braggiotti (Banca Leonardo) together with Tom Mockridge (Virgin Media) seems certain.
