The barrel of oil rolls on the price lists, falling to its lowest since February 2009 after the failure of the OPEC summit on Friday: the American WTI lost 5,8% to 37,65 dollars a barrel, Brent fell by 4,7 % to $40,97.
The effects on oil stocks are heavy. Eni closed yesterday down 2,4%, Saipem -2,3%. The stock has lost 15% since the beginning of 2015. Tenaris -2,2%. On Wall Street, Exxon lost 2,6%, Chevron -3,2%, Halliburton -3,1%, Conoco-Phillips -2,1%.
In consequence, the US markets are down: Dow Jones and S&P -0,7%, Nasdaq -0,8%. Down Tokyo (-1%), despite the upward revision of the GDP in the third quarter (to +0,8%). Technically at least, Japan's economy is not in a recession.
Heavy Hong Kong (-1,8%), down the Chinese Stock Exchanges. Beijing's imports fell for the 13th consecutive month: -8,7% compared to 12 months ago. The euro/dollar exchange rate settles at 1,0850.
TRADE PLACE IN BALANCE, THE BTP RISE UP
The European stock exchanges held up better. There was a feeling in the market that the negative reaction to last week's ECB announcements was too much. The +1,2% of the Frankfurt Dax stands out, which reacts after finishing last week with an overall loss close to 5%. Paris +0,8%.
The Milan Stock Exchange ends the day in balance. Flat opening in sight this morning: London +2 bps to 6.225, Paris -1 bp to 4.755, Frankfurt +4 bps to 10,890.
The BTPs are also recovering after the expansive tones used by Mario Draghi in his first post-meeting speech: the Qe, he said, can be increased further if necessary. The ten-year yield falls to 1,558%, the spread is at 98.
AUSTRIAN TENDER OFFER FOR KEURIG (+78%). YAHOO IN VERIZON'S SIGHTS
On the US corporate front, Verizon's expression of interest in the Internet activities of Yahoo!, officially up for sale, should be noted. But attention was focused on the takeover bid for coffee: 13,9 billion dollars for the purchase of Keurig Green Mountain, the Vermont company with not so prosperous accounts that produces coffee and coffee-making machines.
The stock jumped 73% to $89,59, approaching the offer price of $92 a share, which was 78% higher than Friday's closing price of $51,70.
The buyer is JAB Holding, the Luxembourg-based holding company which represents the interests of the extremely wealthy Austrian Reimann family, whose fortune is valued at 16 billion dollars, and which owns, among other things, the well-known luxury footwear brand Jimmy Choo and cosmetics company Coty fragrances.
TELECOM, MAJOR MANEUVERS AHEAD OF THE SHAREHOLDERS' MEETING
Another twist with the stock exchange closed on Telecom Italia highlighted in the session with a rise of 2,14%. JP Morgan announced it has a long 10% stake second only to Vivendi.
The quota is divided into an effective participation equal to 4,515% of the capital, a potential participation amounting to 2,461% of the capital and other long positions (3,158% of the capital). The potential stake is held by JP Morgan Securities and is linked to call option contracts, with physical settlement and possibility of exercise at different dates, until July 7, 2017.
This enriches the picture seven days after the appointment with the meeting called to examine the request of Vivendi, the first shareholder with 20% of the capital, who asks to expand the board of directors to make room for four new directors of his choice. In this regard, Stefano Vulpiani of ICBPI, after recalling the rumors about Orange's interest (so far denied), noted that "press hypotheses help to keep the speculative appeal high in view of the December 15 meeting with a rather uncertain for the ordinary part called to approve Vivendi's entry on the Board of Directors”.
Mediaset loses 1,8%.
FROM RECORDATI TO CAMPARI, LOVE FOR SHOPPING
There is an air of shopping among the Italian pocket multinationals. Recordati (+1,92%) according to rumors, would have mandated Rothschild to study some potential companies to buy in Central-Eastern Europe. Acquisition transactions that could have a value of around 200-300 million euros.
The president and CEO, Giovanni Recordati, declared in a recent interview that there are two acquisitions in the drawer in Europe and did not rule out that the family could be diluted below 50% in the context of a corporate operation with other European companies should it no longer be possible to grow independently. The two announced operations are not large but very targeted and the group's turnover should thus rise to 1,2 billion euros.
Campari too (+2,9%) seems ready to grow externally also thanks to the possible dilution of the major shareholder starting from 2017 (thanks to shares with increased voting rights). External line growth has contributed half of the group's revenue growth over the last 10 years (average enterprise value/ebitda multiple at around 12x). Assuming the use of cash only, the company can aim at acquisitions for a value of approximately 500-600 million euro.
Finally, there is an air of major moves in the tile sector, given the consistent increases by Panariagroup (+7,15%), among the best stocks for the third time in the last four sessions, and Ricchetti (+5,04%), among the best for the fifth time in the last six sessions on volumes 5-6 times above average.
MORGAN STANLEY PROMOTES FERRARI. FCA +1,7%
The industrial stocks are brilliant, starting with Fiat Chrysler (+1,7%). In a presentation to investors on Friday, management said it expected a positive industrial net financial position of 2 billion at the end of 2018, compared with a debt of 6,6-7,1 billion at the end of 2015. Auto production in Brazil fell 14,2% month on month in November, sales rose 1,6%.
Ferrari gained 2% to $49,60, moving away from the all-time low of $24 on November 44,65th. Morgan Stanley announced that it has started hedging the stock with an Overweight rating and a target price of $56, a price higher than the $52 IPO.
Finmeccanica also rose by 1,5%: rumors of Boeing's interest in its subsidiary Westland are circulating on the market. The electrics did little: Enel rose by 0,3%; on November 30th, the Norwegian central bank dropped to 1,770% of the electricity group's capital. A2A +0,1%, Terna +0,4%.
PASSION DAY FOR MPS AND CARIGE
Difficult day for Italian banking stocks that are paying for the aftermath and uncertainties generated by the crisis of the 4 technically bankrupt institutions (Banca Marche, Carife, CRChieti, B. Pop. Etruria), but then put back on track with the contribution of the Italian banking system.
Monte Paschi (-2,8%) marks the new historic low at 1,3410 euros. It had started up until it exceeded the threshold of 1,40 euros. Since the beginning of the year, the stock has lost almost 30%. Even B. Carige, down by 5%, reaches the lowest quotation in history at 1,3130 euros. The Bigs moved little: Unicredit and Intesa (+0,1%). Positive insurance: Generali +0,9%, UnipolSai +0,2%, Cattolica +0,5%. The asset management segment was also lively: Anima +1,6%, Azimut +2%.
LUXURY PRICES RISE
The recovery of luxury continues. Yoox (+0,22%) opened the week with the ninth increase in a row and a new historical record set at 36,78 euros, with a gain of more than 2%. However, the rally lost momentum towards the end and the stock closed at €35,69. Ferragamo (+2,8%), Moncler (+1,2%) and Luxottica (+1,8%) also rose.
