“It has been agreed that there is no currency war” declared the governor of the Bank of Italy Ignazio Visco at the end of the G20 meeting in Moscow. That is, the trial of Japan did not exist. If anything, a declaration that "Exchange rates must not have competitiveness as their objective" and aid to the economy.
Tokyo's "acquittal" was favored by the attitude of the USA, which in turn was accused of the policy of the weak dollar by the Brazilian Finance Minister Guido Mantega. Ben Bernanke's reply was dry: “With unemployment in the order of 8 per cent, we are far from our objectives. This is why the US is using its monetary instruments on its territory to obtain results on its territory".
In terms of currencies, the euro appreciates against the Swiss franc (1,2337), against the dollar it is worth 1,3340. Meanwhile, S&P confirmed Japan's AA- rating for emissions in the first test after Shinzo Abe's policy change. Gold is traded in Asia at 1.613,70 dollars an ounce: last week was the worst week since May 2012 for the yellow metal with a loss of around 3,5%. The quotation returned to the levels of August (in dollars) and to the levels of May (in euros) or 1.210 euros per ounce.
THE INDEXES
The outcome of the G20 had an immediate echo on the Tokyo Stock Exchange. The Nikkei index rose by 2%, driven by financial stocks and values more linked to exports. The Shanghai Stock Exchange marks time when it reopens after the holidays: the growth in New Year's sales was the most modest in the last four years. Hong Kong – 0,19%. Friday almost flat calm on Wall Street: Dow Jones +0,06%, S&P -0,10% and Nasdaq -0,21%
The FtseMib index of Milan fell by 0,3% in the last session of the week, Paris lost 0,2%, Frankfurt -0,4%, the decline in Madrid was 1%. London closed unchanged. On the government bond market, the 10-year BTP ended up with a yield of 4,36%, a spread of 271, down by 3 basis points. The auction quantities for the end of the month will be announced today.
TELECOM TO THE TV TEST. PANSA FREEZES ANSALDO
In the spotlight this morning Telecom Italia (-2,3% on Friday) and Finmeccanica (-4,1%). Today the Telecom Board will take note of the offer for La 7 by Diego Della Valle who has asked for time to examine the dossier. On the contrary, both Urbano Cairo and the Clessidra fund, i.e. the contenders who have already submitted offers, have made it known that their proposals will expire tomorrow evening. Della Valle's attention is concentrated only on a TV (La7 without MTV), the network infrastructures remain with the TLC company. The project also aims to involve the stars of the channel, such as the director of the news Enrico Mentana and Michele Santoro.
Another hot topic: the write-down of the goodwill of some Italian businesses for a value between 2 and 4 billion. Group goodwill totaled 26,8 billion after the 7,3 billion cut in goodwill in 2011. Thanks to the reserves, the adjustment should not affect the coupon amount. In recent days, S&P has placed Telecom Italia's rating under observation, the company has been placed on negative credit watch (BBB): according to rumors, this measure could make the issuance of the hybrid bond difficult or cause an increase in the cost of the new instrument .
Finally, tomorrow the Board of Telco, a holding company owned by Mediobanca (11,6%), Intesa Sanpaolo (11,6%) and Generali (30,7%) will decide whether to proceed with the adjustment of the value of the investment (impairment) in Telecom Italia today registered at 1,5 euro per share. Expectations are for an impairment that will bring Telecom Italia's carrying price towards 1,2 euros per share but a cut of up to 1 euro against a price of 0,61 euros is not excluded.
Siemens sent Finmeccanica a 1,3 billion offer for Ansaldo Energia on Saturday, ahead of the Koreans of Samsung and Doosan. But the group's new managing director, Alessandro Pansa, who has always been perplexed by the prospect of selling the company, has made it known that he intends to freeze the matter until the government takes office, which will emerge after the elections. The group specifies that, at the moment, the order from India for the 12 Agusta Westland helicopters has not been cancelled. However, the Ministry of Defense in New Delhi asked for clarifications to be provided within 7 days.
INSIDE BUSINESS PLACE
Spotlight on luxury stocks after last week's exploits. Salvatore Ferragamo rose by 1,6% to 20,60 euros after reaching 21,08 euros during the session, a new high since the day of the summer 2011 quotation. Tod's +1%, Cucinelli +1,7% , Poltrona Frau also did well, up 3,1%. European luxury companies were supported by quarterly communications from French PPR, the holding company that also controls Gucci, where it emerges that 2013 will be another year of growth. This is an important statement because 2012 saw an increase in revenues of 21% to 9,73 billion euros and in profits of 19%: the management confirmed that in 2020 the turnover will be 24 billion of Euro. Last Tuesday, another French luxury giant, Hermes, had presented 2012 data that exceeded the company's indications.
Always under pressure MontePaschi -2,5%. The interrogations of the Sienese prosecutor's office will resume on March 1 with the former general manager Antonio Vigni. Banks and insurance companies closed in negative territory on Friday. Unicredit fell by 1,1%, Intesa -0,7%, Banco Popolare -1,8%. Marked declines for Mediobanca -2,2% and MontePaschi -2,5%. Among the insurance companies, Generali fell by 1,8%, Unipol lost 3,4%.
