No caution: the markets have launched the year-end sprint. Americans' confidence, which has jumped to its highest since 2001, has moved the pace. But also the rise in oil prices, just a few days after the producers' cuts came into effect, and the boom in raw zinc in the lead, on the wave of expectations of the investments promised by Donald Trump. In short, there are the premises for a farewell to 2016 under the sign of Taurus on all price lists: the euphoria of Wall Street corresponds to the rise of Japan and Europe, favored by the increase in the dollar, while the Emerging commodity appreciation.
There will be time to evaluate the side effects of so much euphoria (the strong growth of debts, in primis). But there is one exception: the Italian banks, grappling with the confused if not chaotic start of the precautionary nationalization of Monte Paschi. But don't worry: the shopping of French buyers will take care of giving the Bull a hand: yesterday it was the turn of Parmalat, object of the totalitarian takeover bid by Lactalis.
AMAZON: DELIVERED ONE MILLION PACKAGES FOR CHRISTMAS
Meteo Borsa reports a lively start on all markets. Asian stock markets are advancing under the impetus of the dollar: analysts are betting that the yen (traded at 117,6) will soon break the 120 level downwards. Sydney is up (+1%) thanks to raw materials. Little move Shanghai.
The march of Wall Street continues. Yesterday, during the session, the Nasdaq (+0,54%) touched a new all-time record at 5,512,36. The Dow Jones Industrial (+0,1%) came close to reaching the top of 20 points, scoring a maximum of 19.980. The S&P 24 index was also positive (+500%).
First of all, the data on consumer confidence pushed the lists, the highest since August 2001, on the wave of the good performance of the job market and the trend of the stock market. The Case-Shiller index, which signals the trend of the real estate market, also grew.
Amazon highlighted (+1,4%): the e-commerce giant yesterday exceeded the ceiling of one million deliveries in the Christmas campaign. Among the blue chips, the giants of the Tech sector stand out, such as Apple and Microsoft, up 1%.
Tesla gained 2,9% after announcing it will produce solar cells and modules at a new joint venture plant with Japan's Panasonic.
LIVE OIL: CUTS TAKE PLACE ON MONDAY
Waiting eve this morning for the oil markets after yesterday's leap: the WTI (+1,7%) crossed the threshold of 54 dollars, one step away from the maximum for the year of 54,51. Since mid-November, prices have risen by 25%. Brent is also doing well at around 56 dollars. Operators await the start of production cuts (1,8 million barrels per day) which will start next Monday. In the meantime, trading has dropped by a good 30%.
Oil-related stocks advanced: ConocoPhillips +1%, Halliburton +0,8%. In Milan Eni closes unchanged. The company signed new concession agreements for two offshore blocks in Egypt. Saipem +1,6%, Tenaris +1,1%.
EUROPE RISES BY 5% FROM OCTOBER
The European stock markets are about to close a very positive quarter: the Stoxx Europe 600 index has advanced by 5,1% since October (but is still down by 1,5% compared to the beginning of the year). In Milan, the Ftse Mib ended trading with a rise of 0,2% to 19.390 points, with very limited volumes. Throughout Europe, the festive climate prevails with reduced exchanges. The stock exchanges of Paris, Frankfurt and Madrid recorded three mini-rises of 0,1%. London square closed. In the lead in the quarter is the Athens Stock Exchange: +13% since the beginning of October, driven by the banks. Bank of Piraeus, +7,8% yesterday, has increased by 56% since the beginning of October.
THE FIRST AUCTION OF 2017 HAS BEEN STARTED. A DECLINE FOR BOTS IS SEEKING
Closing down but not on the lows for the BTPs, with spreads on the Bund widening, in a market that discounted the approaching Treasury auctions starting today. The spread between 165-year BTPs and Bunds widened during the session to 12 basis points, the highest since 1,81 December. The rate on ten-year BTPs fluctuated during the day between 1,87%, reached shortly after the opening, and a peak of XNUMX% at the end of the morning.
Probable a drop towards historic lows of the yield of the six-monthly Treasury bill in auction this morning for the first placement with settlement on 2017. The offer is for 6,5 billion euros out of 6,4 due. At the end of the session, on the gray market of Mts, the 6-month bond traded at -0,305%, below the -0,199% of the previous auction at the end of November and close to the all-time low of -0,295% recorded in the placement at the end of October. The auction session will continue tomorrow with the medium-long term (always with the regulation on 2017): the offer, up to a maximum of 6,75 billion, is on the 5 and 10-year BTP benchmarks as well as on the February 2024 CCTEU.
At the end of the session, the Italy-Spain spread also widened by a handful of points, remaining in any case below 50 basis points, below the highs at the end of November.
MPS STILL SUSPENDED, THUD OF BPM-POPOLARE
The banking front is still hot, after the ECB's decision to raise the request for a capital increase for Montepaschi from 5 to 8,8 billion. The Monte Paschi stock is suspended and will remain so for a long time to come, pending the definition of all the details of the State's entry into the capital. The ECB has identified a capital shortfall linked to last July's stress test which now needs to be filled with a precautionary recapitalization by the Treasury after converting the subordinated securities issued by the Sienese bank into shares.
However, the Mef communicated that the 20 billion fund that the Treasury has available to cover the capital and liquidity needs of the banks in difficulty under observation is largely sufficient, also considering the need to increase the intervention on the Siena institute: "The perimeter of the fund - reads the note from the ministry - has been designed in a largely sufficient way to meet all the intervention needs that may emerge from the situations currently under observation by the institutions".
In addition to Mps, the public parachute could be extended to Popolare Vicenza, Veneto Banca, Carige and also to the four bridge banks born from the resolution of Banca Marche, Banca Etruria, CariChieti and CariFerrara. Among the other banks, Unicredit fell by 0,4%, Intesa -0,35%, Ubi -0,5%. Sharp decline of Banco Popolare (-3,7%) and Pop.Milano (-3,9%) after the downgrading of the rating ordered by Fitch.
PARMALAT JUMPS ABOVE THE PRICE OF THE TENDER OFFER
Fly Parmalat, which closed up by 10,12% at 2,83 euros, beyond the price of theTakeover bid announced yesterday morning by Lactalis (2,8 euros), with the aim of withdrawing the group from Piazza Affari. The operation, in the event of total participation, will involve an outlay of over 804 million. on the takeover bid, however, the Citibank case could weigh heavily for events dating back to the collapse of the Italian group, unless an agreement has been reached in the meantime. Furthermore, Azione Parmalat, the association that brings together some small shareholders, says it is "perplexed by the price offered with respect to the good performance of the company thanks also to the acquisition of Lag". In short, the takeover bid should put something more on the plate. But Lactalis is not known for generosity.
Positive session for Telecom Italia (+1,4%): the stock is always at the center of rumors about the possible entry into the capital of CDP to play a counterweight role to Vivendi. Mediaset marks an increase of 2,7% on the wave of the cancellation of the fine of 51 million already imposed by the Antitrust. In mid-January, the company will present the new business plan.
FIAT CHRYSLER CANCELS REDUCTIONS FOR THE YEAR
Fiat Chrysler earns (+1,1%): thanks to a rally of +67% since the beginning of October, the stock has managed to eliminate the loss since the beginning of the year and the balance on today's price is +2%. Brembo (+1,2%) and StM (+0,8%) were also highlighted.
Among small companies, Dada closed sharply (+17%) after announcing that its subsidiary Register.it signed a medium-long term loan agreement with a pool of banks coordinated by Banca Imi, Intesa Sanpaolo, Unicredit and Monte dei Paschi di Siena for a total amount of 22 million euros.
Tiscali rises by 3,1% after the announcement of the agreement with Engineering to which it has outsourced IT services. Falck Renewables rises by 4,1%.
