The totonomine goes crazy. Yesterday evening on Wall Street the S&P index had an upward jolt, closing the session in positive ground after yet another indiscretion about the future president of the Fed: according to Politico, the authoritative voice of Washington that counts, the favorite would now be Jerome Powell , the most "dove" among the possible successors of Janet Yellen. It is difficult to establish how reliable these gossips are, probably spread by Donald Trump's staff. No less confused is the match around the confirmation or exit of Ignazio Visco from the Bank of Italy, after the "coup" brought about by the Democratic Party. Meanwhile, Piazza Affari is doing worse than Madrid, one step away from the X hour on the Catalan Secession. Against this backdrop, this morning Consob will give the go-ahead for Monte Paschi to return to the Stock Exchange: but there isn't much to celebrate.
TOKYO, 13 RAISES IN A ROW. KOREA FULL UP ON CANNABIS
The Asian price lists are much less agitated. Tokyo closes its doors before Sunday's elections (Shinzo Abe's clear affirmation extending the positive streak of the index is almost taken for granted Nikkei (+1,5% during the week): 13 sessions with a plus sign, the likes of which hasn't happened since 1988. In the event of a new increase on Monday, the 14th in a row, the record that has stood since 1961 would be broken.
The other markets in the Asian area were positive. Stock market up Hong Kong: Hang Seng index +0,9%. The CSI300 index of the Shanghai and Shenzen stock markets decreased: -0,3%.
A Sidney record flight Mgc Pharmaceuticals, a major producer of cannabis up by 80% after the Korean CBD, cosmetics, pledged to withdraw 15.000 kilos a month of goods. The drug will be used for skin creams.
The markets celebrate the news arriving from Washington: with a very narrow majority (51 to 49) Congress has approved the increase of 1,5 trillion to the federal debt ceiling. Thus a major obstacle to Trump's tax reform falls.
Il dollar it weakened on the euro to 1,185 from 1,178 the day before
APPLE -2,4%: THE NEW IPHONE IS NOT FOR SALE
Final in balance for the US markets: the Dow Jones index had come to lose over 100 points at the start of the session, at the end of the negotiations it scored a gain of 5 points, equal to +0,02%, to 23.163 points . Same momentum, same closure for the S&P50. The Nasdaq -0,3% was in the red, weighed on by the collapse of Apple -2,4%: negative signals on the sales of new iPhones are filtering.
A -1,08% announced a $1 billion investment in Lyft, the anti-Uber
Oil prices are stabilizing after the highs of the last three weeks reached on Thursday. Brent closed down 1,6% at 57,2 dollars a barrel.
STILL IN DECREASE SAIPEM WHICH POINTS TO THE ARCTIC
Weak oil companies in Milan: Eni -0,4% Tenaris -1% Saipem -2%. The company has signed an agreement with the Russian Novatek. The two companies will create the Feed (Front end engineering and design) for the Arctic LNG 2 (liquefied natural gas) project. Potentially, the deal could bring contracts worth $2-3 billion to the Arctic area. Rosneft has announced that in December it will start drilling in the Black Sea together with Eni and Saipem.
The skid of FCA caused Pizza Affari to fall behind Madrid, hit by an institutional crisis for now with no outlets. The other price lists of the Old Continent are also weak.
MADRID TOMORROW SUSPENDS AUTONOMY
- Milano he closed the day with a drop of 0,99%, in any case above the barrier of 22 points (22.133). From a technical point of view, the index fluctuates in the corridor between 22.000-22.800 points. According to experts, the movement could herald a new extension by the end of the year.
- He also suffers Madrid, but less than Milan: the index drops by 0,74%.
- They retreat Frankfurt, -0,41%; Paris -0,29%; London -0,26%.
- There is no EU mediation on the Catalan crisis. This was said yesterday evening by EU President Donald Task at the conference at the conclusion of the first part of the EU Summit. 'I don't expect a debate on this, the situation is not on our agenda, of course there are emotions, opinions and assessments among us on this issue, but formally speaking, there is no room for EU intervention'. The Spanish government announced this morning that the procedure to activate the article of the constitution which allows the suspension of Catalonia's autonomy will be launched on Saturday
- L'euro it is confirmed to be recovering, to a week high against the dollar at 1,1842, despite today's developments in the Catalan crisis which still seems far from a possible solution.
- Analyst forecasts are raining a week from directorate of the ECB. Mirabaud predicts that the central bank will indicate a reduction to 40 billion (from the current 60 billion) for six months of the amounts of bonds purchased each month. Ubs and Barclays estimate longer times (up to 12 months) to gain time
BONOS ARE NOT AFRAID OF SECESSION
The Italian secondary closed higher in a session characterized by Spanish political tensions, which however did not prevent a good performance in the Madrid auctions, and by the announcement of the new BTP Italy. All this, in a context of waiting for the ECB meeting next week and important French deadlines that will put some liquidity back into circulation.
Spread Italy-Spain it settled at 40 basis points, from a close yesterday at 43 basis points.
The Treasury announced the launch of the new Btp Italia, the second of 2017, with a 6-year maturity like the issue last April. The offer, in two phases, will be held between 13 and 16 November.
Positive trend of Spanish auctions on the most delicate day. Madrid has placed 4,54 billion euros in an auction on four government bonds, with yields on the XNUMX-year increase compared to the previous auction, in line with the forecasts of the Spanish Treasury.
Next Wednesday there will be repayments by France for a total amount of 48 billion euros, of which 32,8 billion on a ten-year maturing and 15 billion coupons.
FCA DOWN WITHOUT BRAKES: THE ACCOUNTS ON TUESDAY
In the middle of the day, the swooping fall of Fiat Chrysler -5,98% with a surge in volumes. It's not easy to spot one precise cause of the crash. Among the possible explanations: 1) the cut in the production of Alfa Romeo and Maserati models as a result of the new rules for imports into China; 2) a slight reduction (-4%) of the 2017 EBIT estimates by Goldman Sachs; 3) achievements so as not to be caught off guard by the quarterly accounts which will be published on Tuesday. The disappointment for the lack of (and hoped for) news also weighs; the spin-off of Maserati and Alfa Romeo slips; Magneti Marelli will be part of the plan by 2022. The possible Chinese paper has vanished. Ferrari -1,3%. The EuroStoxx automotive index loses 1,7%.
St Microelectronics -1% and Leonardo -2%.
In luxury Moncler -1,7% Ferragamo -1,8% Ynap -0,1%.
GOOD NEWS FROM ATLANTIA, ITALGAS AND TELECOM
However, there is no shortage of rising blue chips:
- Positive Atlantia +0,6% ready to revise upwards the offer price for Abertis -0,32% after the counter-offer announced by Hochtief. The CEO of the ACS subsidiary expects the acquisition process to continue until next year. Caixa, main shareholder of Abertis, supports the Italian takeover bid
- You have Telecom Italy +0,13%, in contrast with the market, after the meeting between the CEO Amos Genish and the Minister of Economic Development, Carlo Calenda, who spoke of a new positive climate with the company. However, the share is at the low end of the wide range recorded in 2017 at around 75 cents. The market thinks about the spin-off and sale of the network, the only issue that has managed to galvanize the stock in recent months.
- The utilities starting from defend the positions Italgas +0,6%, which after the defeat in the tender for the assets of Gas Natural announced the purchase of the Veneto group Enerco in the morning. Equita Sim, confirmed the hold recommendation and the target price of 5,1 euros, expecting a positive third quarter.
JPMORGAN LAUNCHES UNIPOL. ROME FLIES INTO THE STOCK EXCHANGE
Among the financial well Unipol +1,9% after Jp Morgan started hedging recommending its purchase (with a target price of €5) and emphasizing that concerns about Unipol Banca's non-performing loans are excessive. Analysts think the group offers a unique opportunity to close the discount against UnipolSai +1,39%. On the latter, the business house has started hedging with a neutral rating and a target price of 2,27 euros.
Banks lose 1,3% against -0,8% of the European Stoxx for the sector. It stands out in the negative B for Bank with a decrease of more than 3%. Unicredit e Understanding decrease by about 1%.
Still worth noting leap of Rome +5,5% in second place in the Champions League group after the unexpected draw in London with Chelsea. Accomplishments on Lazio -2,67% after the strong rises of the last two sessions. In sharp decline Juventus -3,18%.
