TOKYO FLY. WAITING FOR THE FED CUT
LIKE THE NEW MEDIOBANCA "SLIM"
Runs there Tokyo Stock Exchange a few hours after the probable start of the tapering. The index Nikkei close to a 1,5% rise, driven by stocks Telecom. The exploit is also explained by the outcome of “Invest in Japan”, or rather the meeting between Prime Minister Shinzo Abe and the major world investors which was held on Tuesday in the capital: Abenomics, supported by the prospect of the Olympics, was appreciated.
Goes down Hong Kong -0,3%. Thump of Prada -2,5% after the quarterly: the strong euro forces the fashion house to review its profits.
To ignite the arena of Wall Street he thought about it Microsoft +0,4% who announced a plan today buyback $40 billion and announced plans to raise the dividend by 22%.
The Dow Jones is up +0,23%, the S&P 500 +0,42% to 1704 (5 bps from the absolute record). The Nasdaq advanced 0,75%.
THE DAY OF THE TAPERING HAS COME. AND YELLEN REWARDS CONSENSUS
Barring surprises, the day has arrived for the cut in purchases on the market by the Federal Reserve, an event awaited and feared by both the markets and the central bank, also because, writes on The Wall Street Journal Jon Hilsenrath, the journalist closest to Ben Bernanke, “it won't be easy to explain to the markets that rates will in any case be destined to remain low for quite a while yet. Even after 2016 when, according to the data in the hands of the Fed, the situation of the economy will have returned to normal”. Or, as he claims Martin Wolf in the Financial Times , it will be necessary to insist on the weapon of money at an artificially low price “which is not in theory the best solution. But a bad recovery is better than no recovery at all.”
For this, he concludes, "the head of the Fed needs someone who understands and knows how to conduct this policy: Janet Yellen, naturally".
CONFIDENCE RISES IN GERMANY (AND ITALY)
Weak European Stock Exchanges: London -0,8% Paris -0,1% Frankfurt -0,1%.
On the European stock exchanges, all the Stoxx sector indices are down and the most significant losses concern the stocks of theauto (-1,3%) and the banks (-0,8%).
Investors preferred to stay aloof ahead of the Fed meeting despite the leap in German confidence. The index Call on expectations for the performance of the German economy, it flew in September to 49,6 points from 42 in August: the Zew index has not reached these levels since April 2010.
Closing slightly up for the Milan Stock Exchange: at the end of the session, the FtseMib index recorded a positive change of +0,1% The Italian Zew also grew to a new high since April 2010.
I government bonds they are more solid waiting for the Fed. The US 2,85-year bonds are trading at around 1% (-1,97 bp) while the 2-year German bund has risen to XNUMX% (+XNUMX bp).
On the government bond market Btp to 10 years it is trading at a yield of 4,40% with the spread falling to 243 (-8 basis points) with now only 1 point behind Spain. Today in the Senate there will be the vote of the junta for the elections and immunities on the forfeiture of Silvio Berlusconi as senator.
GENERALI TOWARDS THE EXIT FROM THE PIAZZETTA CUCCIA PACT
Positive Mediobanca which is positioned at the top of the list with an increase of +1,89% to 5,115 euros. Due to write-downs, the bank closed the year with a loss of 180 million which was however lower than expected at 200-250 million. "'In the presence of a loss result - explains the bank's note - in compliance with the recommendations of the Bank of Italy and despite the presence of robust capital ratios, no dividend distribution is envisaged' Last year a coupon of 0,05 euro was paid to the shareholders.
But the top management in Piazzetta Cuccia provided other indications, starting with the write-downs, 404,2 million in all, distributed as follows: 320 million come from the adjustment of the 11,6% held in Telco. The shares in Rcs (-38,5 million), Burgo (-44,8 million), Sintonia (-33,4 million), Sante' (-25 million) were also written down. Positive impact instead from the stakes in Gemina (23 million) and Pirelli (65,6 million).
The Piazzetta Cuccia institute confirms the objective of reducing the equity exposure, now equal to 4,1 billion (from 4,3 billion), by another 1,5 billion over the three-year period of the plan. The deleveraging process was also completed, with a 5% drop in risk-weighted assets. The capital structure is further strengthened with a Core Tier 1 at 11,7% from 11,5% in June 2012.
The shareholders' meeting of the Mediobanca syndicate agreement authorized the release of the stake held by Unipol and therefore it can be sold as requested by the Antitrust. It is the only cancellation received by the management of the pact which drops from 42 to 38% of the capital. And Generali, present with 2%? The request has not yet been received but Alberto Nagel, on a conference call, was explicit: “I advised them to go out. It's not the most consistent placement of capital."
This is what sources close to the pact reported at the end of today's meeting. To date – the sources specified – no other cancellation of the agreement has been received and no other large shareholder has expressed the will to exercise the right of pre-emption on the shareholding (3,8%) held by Unipol.
Contrasted by the rest of the banking sector: Banco Popolare +1,51%, Ubi Banca +1,37%, Bper +0,44%, Unicredit +0,38%, Mps +0,34%, Intesa -0,43%. Bpm -0,42%. Today the president Andrea Bonomi could in fact meet the general secretaries of the main credit unions.
CIR AND COFIDE GALLOP AFTER THE AWARD
At a gallop Cir +6,89% and Cofide +8,33% after the Court of Cassation rejected the appeal presented by Fininvest against the compensation of the Lodo Mondadori, which remains confirmed with a downward adjustment, equal to 15%, compared to the figure paid by the judges and equal to 564,2, 494 million: a total of 0,09 million. The Segrate-based house not directly involved as the amount will be paid by the parent company Fininvest, closed around parity (+1,062%) at XNUMX euros.
Among the best stocks of the Ftse Mib there is also Saipem +1,89%, which reached 16,75 euros. Great performance for Diasorin +1,82% to 32,4 euro thanks to Mediobanca's upgrade from neutral to outperform (target price at 36,4 euro from 28 euro). “We are upgrading on the assumption that the group's current inefficient capital structure will not last forever,” the analysts said.
Among the industrial titles of Piazza Affari Fiat closed with an increase of 0,2%, Pirelli lost 0,9%, Fiat Industrial unchanged.
Fimeccanica rose by 0,8% and the subsidiary Ansaldo Sts it gained 1,3%. StM -1,2%.
Closing down for Telecom Italy -0,9%. : "Either an agreement is reached between now and the end of the month with Telefonica as a natural interlocutor in Telco or the cancellation is sent and the dissolution takes place and at this point the shares can be sold all together to someone who has an interest or on the market" is all a “source inside Telco” told Reuters.
The deal telco can be canceled by 28 September. In recent days, sources close to the situation have reported an offer being studied by Telefonica, but also the interest of non-European subjects.
