And the day of the ECB came, the first of the big central banks to take the field against the risk of recession that scares the global economy. The Fed and Bank of Japan summits, which will meet on October 30, will follow shortly. In reality, few expect the ECB to adopt expansionary measures already today. Mario Draghi, however, could send clear signals regarding the increase in purchases of central bank securities.
The markets, in the meantime, mark time. Weak Asia. Shanghai sails around parity and Shenzhen rebounds (+2%) after Wednesday's heavy losses (-3,1% and -5,9% respectively). Hong Kong is also weak (-0,8%). The mixed closure of Wall Street weighs on Asian stock markets: Dow Jones down 0,28%, the S&P 500 index down 0,58% and the Nasdaq down 0,84%.
THE DISTRIBUTION OF FERRARI "BEFORE THE BEFANA". MARCHIONNE PRAISES GM (+4%)
It was Ferrari's great day at its debut on the US Stock Exchange. The Maranello stock closed up 5,8% at 55 dollars after having reached a high of 60.95 dollars (+15%) at the start amid exceptional trading: in the first two hours of trading, almost 17 million shares changed hands that is, a quantity slightly lower than the quantity covered by the IPO.
Sergio Marchionne has revealed that Ferrari's spin-off from FCA will take place in January: "We hope to give the shareholders a gift for the Epiphany". Despite the announcement, in Piazza Affari the Fiat Chrysler share fell throughout the afternoon to 13,48 euros, perhaps as a result of profit taking (sell on news). The stock boasts a gain of 41% since the beginning of 2015 against the modest +3,5% achieved by the Eurostoxx Automotive. Marchionne reiterated is that "within 24 months" the process of consolidating the auto sector will begin and "Fca will certainly be part of it".
The CEO complimented General Motors (+4%). The company closed the third quarter with better-than-expected earnings (+37%) driven by demand for trucks in North America. Yesterday the agreement with LG was announced for the new electric car that will challenge Google, Apple and Tesla in a drop of 1%, after losing more than 6% on Tuesday following an article in Consumer Report which gives an account of the user complaints.
VALEANT COLLAPSES (-19,1%): SALES DATA FALSE
The day on Wall Street was also marked by the collapse of the pharmaceutical giant Valeant, which fell by 19,1% after the publication of a report by Citron Research in which it is claimed that the group conducts operations at the limit of legality. In essence, Valeant would use a distribution channel (Philidor) to increase sales of its drugs and prevent patients and insurers from switching to cheaper drugs.
In addition, Citron added that Valeant routes its drugs to Philidor (who then stores them) and marks this move as a sale, even though the drugs have in fact passed from the main group to one of its subsidiaries.
After the stock exchange American Express loses 3,6% after the publication of the accounts: the high dollar has caused a high profits.
In Europe, only Piazza Affari (-0,4%) closed the day in negative territory. Paris rose by 0,4%, Frankfurt +0,8%, Madrid +0,6%. Flat clasp for the London Stock Exchange. On positive ground are the technological sectors (Euro Stoxx of the sector +1,7%), the Automotive sector (+1,2%) and the Constructions (+1,3%). Banks are down (-0,7%).
Waiting day for the government bond market. Waiting for Draghi's words, the spread between the BTP and the Bund stood at 104 basis points. The 1,63-year rate goes to 1,67% from XNUMX% at the previous close.
FINAL RUSH FOR THE POST. TOWARDS A PRICE BETWEEN 6,5 AND 7 EUROS
The name of George Soros also appears among the international investors who have booked the shares of the Italian Post Office together with various Asian and Middle Eastern sovereign funds and Blackrock, Fidelity, Pioneer, Union Investment and Norges Bank. The demand for securities grew at a good pace yesterday once the placers (IMI, Citigroup, Bank of America, Mediobanca, Unicredit) indicated a more restricted price range, between 6,5 and 7 euros, compared to the official one ( 6-7,5 euros).
It is probable that the IPO, which will close today at 13 pm, will record demand equal to four times the offer of 30 million shares (to which any greenshoe must be added). With the indication of the price on which orders are now concentrated (453-6,5 euros), the Treasury would collect between 7 and 3,2 billion euros in the event of the placement of the entire 3,5% of the capital of Poste Italiane.
MANAGED TO THE RESCUE. SOUL RETURNS TO AUGUST PRICES
Bank shares thwarted in Piazza Affari. Intesa falls by 1,2%, Unicredit rises by 1%, MontePaschi unchanged. UBI is on the rise (+0,2%). Blackrock rose to 5,022% of the capital, from the previous 4,95%, last October 13, following the transformation of the popular institute into a joint stock company. Mediolanum managed well (+1,5%). The rise of Anima Holding continues (+4%) to levels it has not seen since last August 20th at 8,87 euro. The stock has gone up in six of the last seven sessions.
STM SHINES, INDUSTRIALS POSITIVE
StM stands out (+2,2%) on a lively day for tech stocks. SanDisk, the maker of data storage hardware and software, was bought by Western Digital. The stock rose 3,1% to $77,56. The other manufacturing stocks also did well: Finmeccanica +0,6%, Cnh Industrial +1,7%, Prysmian +1,7%. In line with the European construction sector, Buzzi gained 2,1%.
OIL, THE DESCENT OF SARAS DOES NOT STOP
A day of ups and downs for oil stocks, with the exception of Tenaris (-3,2%), which has remained steadily oriented downwards since the morning. Eni, up 1% in the middle of the session, closed in parity, Saipem +0,8%. The decline of Saras continued (-6,9%).
Among utilities, Enel fell by 0,8% after Citigroup cut its target price to 3,7 euros and confirmed its Sell rating. A2A loses 2,1%, Enel Green Power advances by 0,9%.
LUXURY IN SUFFERING, SOS FINCANTIERI
Telecom Italia loses 1,3%. Tiscali +3% after the news that the company could be part of the Rai platform for paid internet offers.
The suffering of the Luxury sector continues: Ferragamo -2,3%, Moncler -0,9%, Yoox -1,2%.
Beni Stabili lost 3,61% on rumors of the exit of CEO Aldo Mazzocco.
Finally, the free fall of Fincantieri continues (-5,38%) which since 15 October, when talks began of a forthcoming substantial capital increase, has lost around 27%.
