THERE IS A TAPERING AIR, THE BAGS ARE BREAKING. FIAT AND FINMECCANICA SHINE, TELECOM DOWN
Rumors of an upcoming tapering already at the end of the month are holding back Wall Street and eliminating the gains of the European Stock Exchanges which close around parity. In Milan, the Ftse Mib index rises by 0,11% but remains below 20 thousand at 19.995 points. Modest variations also for the other Stock Exchanges: London -0,01%, Paris +0,02%, Frankfurt +0,15%. Madrid -0,9%.
The overall index of the Stoxx 600 European Stock Exchanges is at its highest level in the last six years (January 2008). Wall Street slows down after the positive start: S&P500 -0,16%, Dow Jones 0,74%, Nasdaq rises by 0,11%. The Monetary Fund has revised upwards the estimate of growth of the global economy in 2014, bringing it to +3,7% from the previous forecast of +3,6% in October.
For Italy, on the other hand, the IMF corrected its growth estimate downwards, bringing it to +0,6% from +0,7%, the lowest among developed countries. The previous estimate was 0,8%. But the IMF raises its estimate for 2015 from 1% to 1,1%. The ten-year BTP yields 3,82%, three basis points more than yesterday. Spread at 208 (+3 basis points).
In Piazza Affari Finmeccanica shone +3,51%, promoted by Morgan Stanley to Overweight from Underweight. The managing director Alessandro Pansa confirmed today in Parliament the group disposal plan which provides for the exit from the transport sector with the sale of Ansaldo Breda and Ansaldo Sts +2,65%. Fiat rises by 1,77%. The deed for the purchase of 41% of Chrysler from Veba was signed today, allowing the Casa del Lingotto to acquire 100% of the American group.
The other industrial stocks were weak: Pirelli -0,79%, Prysmian -0,88%, StM -0,26%. Saipem loses 3,5%. Reverses the Telecom Italia route -3,95%. Among positive banks Unicredit +0,85%, Intesa +0,31%, Ubi Banca +1,85%. On the other hand, Banca Popolare di Milano fell -2,85% and Montepaschi -1,8%. Contrasted the Made in Italy. Luxottica climbs 2,21% after JP Morgan raised its target to 41 euros from 40 euros, confirmed Neutral.
Tod's on the rise +2,23%. On the other hand, Ferragamo -0,49% and Yoox -1,87% are down. Heavy fall of Moncler -6%: after the blackout period after the placement, the reports from the main brokers arrived today and nobody recommends buying the shares.
