FINMECCANICA AND ANSALDO TRAIN MILAN
FOR ONCE THE INDUSTRY WEIGHTS MORE THAN THE SPREAD
Boom day in Piazza Affari for Finmeccanica (+16,89%) and for Ansaldo Sts (+16,89) on the wave of rumors of an upcoming agreement with General Electric, in line with the objectives that CEO Giuseppe Orsi has more times reiterated. Even earlier this week in an interview with Secolo XIX in which, taking stock of the first hundred days at the helm of the holding, Orsi outlined this strategy: “The state of the art is this: first step, establish how to save Breda; second step, check if he will be able to walk on his own legs or if he has to marry. In this eventuality, marry alone or together with Ansaldo Sts? We actually don't know yet. However, I observe that even if Breda and Sts were together it would not be enough, because larger dimensions are needed to be global players. We will therefore evaluate how to increase the critical mass, who can help us do it and in what way”. No doubts: General Electric is undoubtedly an ideal partner to "increase the critical mass".
That was enough for, alongside the flood of positions taken by the various unions, the Stock Exchange to react enthusiastically to the prospect of the first major industrial policy move under the skies of the financial crisis, in which only the level of spreads matters of the BTPs. All this after the parent company specified in a note that "further indications regarding its strategies in the transport sector" will be provided "at the conclusion of the analysis and of the actions undertaken with the aim of allowing a profitable trend of the activity and maximizing shareholder value”.
In less cryptic language the day before, Ansaldo had expressed himself as follows regarding Breda: “It seems clear to me that our option is to put Ansaldo Breda back in its place. An action also necessary for a possible sale. Moreover, I neither want to leave this problem as a legacy nor look for an industrial group, perhaps specially formed, to which to unleash it. I prefer to play and win the challenge of giving this company a perspective too”. Meanwhile, Orsi's challenge has given wings to the Bull in Piazza Affari, up 2,69% thanks to the driving force of the shares of the Italian hi-tech holding company.
BARROSO IS THE BEAR'S SHIELD
NOW IT'S THE TURN OF THE DUO MERKEL SARKOZY
Weak matches also the other European Stock Exchanges have reversed direction after the intervention of EU President Manuel Barroso, who announced that the EU Commission will soon present a project to introduce Eurobonds on the markets: for some types of issues it is not even necessary an intervention to amend the terms of the European Treaty. The positive trend was accentuated after the opening of Wall Street, driven by the news of the buyback of Dell for 5 billion dollars. The financial markets, however, are anxiously awaiting the virtual meeting between Angela Merkel, Nicolas Sarkozy and the Greek premier Georges Papandreou, probably decisive in avoiding the default of Athens. Paris scored a rise of 1,97 preceded by Frankfurt +2,63 and London +1,66%.
CONTINUE TO SUFFER UNICREDIT
SPRINT DAY FOR CARS AND STM
Very different trends in the banking sector (the DJ stoxx index for the sector grew by 0,42%): Société Générale dropped 7,26%, while the Royal bank of Scotland grew by 5,30% and Lloyds by 3,99%. Among the 'made in Italy' groups Intesa SanPaolo is up by 3,36%, Banco Popolare by 4,2%, Bpm reduces the increase to 0,3%, while Unicredit loses 1,63%. Below also Generali (-1,1%).
Apart from the Finmeccanica case, it was still the industry that dominated the scene. In particular, automotive stocks rose (EuroStoxx +4,2%), especially BMW (+5%) and Michelin (+4,5%). A significant portion of the automakers attending the Frankfurt Motor Show said their finances are much more solid than they were in 2008-2009. Volkswagen (+4%), Renault (+3%) but also Fiat (+7,31%), Pirelli (+6,31%) and Fiat Industrial (+4%) are on the rise.
Lastly, a leap forward for Stm (+ 11,6%). The stock of the leading European semiconductor manufacturer benefits from the confirmation of the buy recommendation by Rbs (Royal bank of Scotland) and moves in the wake of the Philadelphia Semiconductor Index: tonight the US index of chip companies gained 2% returning to the end-June levels. From a 12-month low hit in mid-August, the index has gained 12%.
