EXCHANGES CAUTIOUS WAITING FOR THE FED, THE ZEW RISES
MONCLER FEVER, FLAT TELECOM
Markets hold back pending outcome of committee meeting monetary policy of the Federal Reserve, called to decide on a new possible postponement of the tapering.
La Milan Stock Exchangeo it is down: the FtseMib index loses 0,32% to 18.163. Paris -1% also down, Frankfurt -0,34%, Paris -0,86% and London - 0,34%. Madrid -0,17%.
The index Zew German it soars in December to 62 points from 54,6 in November. The data, which registers business confidence, is well beyond the expectations that estimated it at 55 points and is the highest since April 2006. After the publication of the data, the single currency accelerated, rising to 1,3774, XNUMX dollars.
Conversely, the Zew index relating to expectations on the Italian economy fell again in December after last month's improvement. Confidence in the French economy is also worsening, while the figure for the euro area registers an increase of 8,1 points to 68,3.
Lo spread between XNUMX-year BTPs and their German counterparts it shows a slight widening to 223 points following the rise in rates recorded at the auction of Spanish Treasury bonds at 3 and 9 months. The yield of the ten-year BTP is equal to 4,06%. The Bonos/Bund differential also grew slightly, scoring 227 points for a rate of 4,10%
Benefits taken up Moncler which sells 5,61% to Piazza Affari. The title falls back after yesterday's boom when it scored a +46,7%. The price of 14,13 euros is still 39% higher than the placement price. Exchanges of 4 million shares were also strong. Operators' attention for Moncler is still strong. Yesterday on the first day of listing, the company had opened immediately with a leap of 44% and closed the day at +46,7% (14,97 euros per share). The issue at this point is to understand if the stock will be able to hold up on these prices given that it capitalizes almost 37 times the expected earnings for this year. The bet is that the company will be able to significantly increase the net result in the next few years. Kepler Cheuvrex, for example, expects a progressive increase to 140-145 million in 2015 and 160-165 million in 2016 compared to 84,7 million in 2012.
The rest of the luxury advances in no particular order: Yoox+2,7%, Ferragamo -0,11%, Cucinelli -0,3%.
Telco, holding company shareholder of Telecom +0,14% with 22,4%, it has "at the moment not taken any decision on the possible candidates to propose to the shareholders' meeting, in the event that, with the revocation of the board of directors, it is necessary to integrate the board". This is what Telco communicated, at the request of Consob, explaining that the decisions will be taken on Thursday in a special board of directors.
Between the banks: Unicredit +0,57%, Intesa -0,52%.
Slightly declining MontePaschi -0,06% while an operation is looming within the Foundations system to avoid leaving the institution's capital. The plan provides for the transfer of part of the MPS package to the Cariplo Foundation, Compagnia di San Paolo and Cariverona. The shares would be sold and exchanged, with a significant discount, in exchange for Intesa and Unicredit shares to be sold in turn to obtain the necessary funds to subscribe to the capital increase. The operation could involve around 0,6% of Intesa and/or 0,3% of Unicredit.
Opposite direction only for Where's Banca +1,34% in running for the acquisition of Popolare dell'Etruria.
Fondiaria Sai it rises by 0,09% after reaching the new highs for the year. The merger with Unipol will be effective shortly, which will give rise to a giant in the Italian insurance sector. Generali loses 1,02%.
Sale Fiat +0,92% , ignoring the negative data on registrations in Europe. The market share of the ingot fell to 5,7%.
Among the utilities, Enel it falls by 0,9% despite JP Morgan having raised its rating from underweight to neutral and its target price from 2,6 to 3,3 euros in light of the discount at which the stock trades compared to its competitors.
Eni it was down 0,78%, in line with the Stoxx index of European oil companies. Saipem -1,4% and Tenaris -0,25%
