NO AGREEMENT ON GREECE: EURO DOWN
CAMFIN, EXCLUSIVE FOR FUNDS. THE SEA MEMBERS quarrel
Black smoke. Surprisingly, the Eurogroup postponed the decision on aid to Greece. We will only talk about it on November 26th. The postponement, which matured after 11 hours of discussion, is linked to the refusal of the creditors, led by Germany, to increase their commitment in support of Athens' recovery plan which requires another 32,6 billion. During the meeting there was a rift between the position of the Eurogroup and that of the Monetary Fund.
The first consequence of the unexpected postponement is the fall of the euro traded this morning to 1,2751 (from 1,281 yesterday).
Asian stock markets also slow down: Tokyo reduces the rise to 0,31% followed by Hong Kong +0,21%.
Wall Street unchanged in practice: S&P +0,07% Dow Jones -0,06% and Nasdaq +0,02%. .
Piazza Affari experienced a session marked by profits, with a recovery in the final: the FtseMib index, which had managed to lose 1 percent, closed with a drop of only 0,2%.
The London Stock Exchange closed up 0,1%, Paris and Frankfurt +0,6%.
ASIA
Japan's exports fall for the fifth month in a row. Tokyo is thus starting to face the month of the elections in a climate of recession. The drop is equal to 6,5%, two points more than analysts' forecasts. The collapse of transactions with China weighs heavily (-11,6%) but also the very strong slowdown in imports from the European Union, down by 20,6%. Trade with the USA is growing by 3%.
AMERICA
The capacity of the Central Bank to compensate for the limits of the policy "cannot be infinite". Word of Ben Bernanke who last night, in front of US economists meeting at the Marriott in Times Square, stressed that an agreement on the fiscal cliff "will remove an obstacle to growth", otherwise the economy will face a serious threat to recovery. In short, the Fed, which will meet on December 11-12, does not intend to substitute the action of politics.
The real estate market is restarting, as shown by the data on sales. higher than expectations. But HP "freezes" Wal Street's optimism in the bud.
Hewlett Packard fell 12,7%. The group that produces printers and computers has announced a maxi devaluation of 8,8 billion dollars linked to the purchase of the software company Autonomy due to serious accounting irregularities.
The announcement came during the presentation of a disappointing quarterly report and in the midst of HP's relaunch plan.
Intel -3,2%. The world's leading chip maker announced yesterday evening that CEO Paul Otellini will leave office in May 2013. The step is completely unexpected because Intel communicates the changes at the top well in advance: Otellini, 62, should have led the company for at least another three years.
Groupon +12% flies otherwise. Hedge fund Tiger Global told the SEC it owns 65 million shares, or about 9,9%, of the consumer daily bargains company. The purchases took place in the days following the presentation of the data for the quarter, taking advantage of the collapse of the stock to its lowest level in its history. The investment fund is also a shareholder of Facebook +0,5% and by LinkedIn + 0,4%.
EUROPA
Yesterday the auction on Spanish bonds was without problems: 12-month yields fell to 2,797% (from 2,823%), and 18-month yields rose to 3,034% (from 3,022%).
On the government bond market, the Bund Btp spread narrowed by as much as 12 basis points to 341. The ten-year Btp yield fell to 4,83%.
ITALY
In Piazza Affari the case of the day is Fiat, tumbled 4,9% after UBS cut its rating a neutral da buy.
It will be along the bridge for the year-end festivities of the workers of the Fiat plants in Italy. The holidays of the Christmas-Epiphany period will be associated with several days of layoffs, starting from the Mirafiori plant in Turin, where the Alfa Mito is built, which will make 17 days of layoffs in addition to the holidays.
Also down sharply Exor -3,8%. Agnelli's financial company was also downgraded from UBS to neutral da buy.
Fiat Industrial on the other hand, it rose by 2,3% after the company made a new improved offer for the merger with the subsidiary CNH.
Finmeccanica fell by 0,9%, StM -0,7%.
The major weakness of the Milan Stock Exchange compared to other European markets lies in the banking sector, which is particularly "heavy" on the Milanese stock exchange. In Europe, the Stoxx index for the sector fell by 0,4%, the only negative. Unicredit lost 0,9%, Understanding -1% Banco Popular -1,2% Ubi -1,7% MontePaschi -1,5% Pop .Milano -3%.
The Board of Mediobanca started work on the industrial plan In the meeting, which lasted about three hours, the topic relating to shareholdings was not touched but only the banking activity was discussed, considered the core business of the group, as reported by sources close to the board.
Telecom Italy it fell by 1,2%. "Wait for Thursday, the 6th, when the Telecom board is here," said Ben Ammar, Telecom adviser, responding to those who asked him for a comment on possible news on the company's future. Today, press rumors reported a proposal by F2i to join Telecom, later denied by the fund.
Among the mid caps Camfin closed up 8,3% pending news in the negotiations between Tronchetti Provera and new investors who want to enter the controlling holding company of Pirelli – 0,3%.
In the evening Mtp Sapa, Investindustrial and Clessidra communicated that they "want to continue the talks on an exclusive basis until 15 December 2012 so far undertaken aimed at assessing and verifying the existence of the conditions for launching an entrepreneurial and financial partnership project-
Marco Tronchetti Provera Sapa had previously notified the Malacalza family of the cancellation of the shareholder agreements. In response Malacalza Investimenti notes that "Marco Tronchetti Provera & C Sapa claims to interpret the 'implicit' will, negotiates alternative partnerships with third parties to the one with Malacalza Investimenti, but at the same time denies the exit due to the latter (i.e. the transfer of about 13% of Camfin)".
Singular turbulence at the take-off of the Sea Stock Exchange operation. The minority directors, expressions of the F2i fund, took pen and paper accusing the top management of not having communicated to the market sensitive data on the company's performance: the drop in traffic in the last two months at Linate and Malpensa, with specific reference to significant reductions in flights; the increase in collection times for receivables from SEA from airlines such as Meridiana, Blu Panorama and Wind Jet. The letter was forwarded for information to Consob. Also during the day, the Municipality of Milan, the reference shareholder of SEA itself, also took the field and invited F2i to respect the shareholders' agreements which oblige F2i to collaborate with the Municipality in the success of the listing.
