FLAT MARKETS WAITING FOR THE FED
ADVANCE CHEMISTRY, MPS MISSES
I markets pull the brakes waiting for the press conference of Janet Yellen following the first meeting of the FOMC under his leadership.
In Milan the Ftse Mib index it retreats by 0,29% to 20.976 points. London -0,49% and Paris -0,12% also fell.
Frankfurt and Madrid mark +0,37% thanks to some performances. BMW soars up 5% after announcing that in the first two months of 2014 car sales were record breaking. Deutsche Bank rises by 3% on rumors of divestment or downsizing of the investment banking area.
The Spanish girl Inditex, one of the world's clothing giants (see Zara), rose by 4% on the day of the presentation of 2013 data and indications on 2014: the company said it expects a growing trend in revenues during the year, with increases similar to those recorded in the second half of 2013.
The Micex index of the Moscow Stock Exchange loses 0,8% after gaining almost 8% in the last two sessions.
The spread between the BTP and the German Bund drops to 176 basis points, while the 3,35-year rate drops to 171%. The spread of Spain marks 3,30 basis points with the yield of the Bonos at XNUMX%
Il financing cost of Italy on the ten-year tranche it is destined to further decrease by about thirty basis points during this year, reducing the spread with the same maturity of the Bund to 2014 basis points at the end of 145. This is the forecast of Morgan Stanley's strategists.
I US price lists they moved little in a session without significant macroeconomic data and probably marked by communications arriving from Janet Yellen's press conference. In the afternoon Dow Jones +0,03%, S&P -0,08% and Nasdaq -0,06%.
Le Wall Street banks are preparing to collect $ 400 million in fees for the IPO of Alibaba. The Financial Times reports it citing some sources, according to which the Chinese giant could pay the banks 2% of the gross returns, or more than the 1,1% paid by Facebook. The banks that would be handling the listing and that would divide the sum are Credit Suisse, Morgan Stanley, Goldman Sachs, JPMorgan and Deutsche Bank.
In Milan, bank stocks remain in the spotlight. The capital increases announced by many Italian banks “They're going in the right direction. That was what they had asked for, it seems to me that they are going in the right direction ”. This was stated by the governor of the Bank of Italy, Ignazio Visco, at the end of the meeting of the executive committee of the ABI which he attended to update the bankers on the ECB exams.
The rise of is resized in the final Banca Popolare di Milano +0,37%. The managing director Giuseppe Castagna said he was optimistic about the outcome of the imminent 500 million euro capital increase. On the possibility that there is some unsubscribed (unsubscribed shares) for the operation which should start between April and May Castagna said "nothing can be excluded a priori, but I am confident".
Intesa also did well, up by about 1 after CEO Carlo Messina he said the bank does not need to clean up its balance sheet.
Ubi + 1,17%.
Pop Etruria it leapt by 6,4% after the president of Pop Vicenza, Gianni Zonin, said yesterday that he will make a binding offer for the Arezzo bank by the end of the month.
On the other hand, it retreats amid intense exchanges (about 11% of the capital) Montepaschi -2,03% after the sale of a substantial stake in the Foundation (approximately 15%). The Foundation itself has announced that it has not completed the sale of its shares in the bank and that it intends to continue talks to look for a stable investor. At the same time, it aims to partially subscribe the 3 billion capital increase and thus maintain a stake in the bank.
Among the utilities in evidence Hera + 1,1%.
This morning Goldman Sachs analysts confirmed the stock in the Conviction Buy List (list of favorite shares) and raised the target price to 2,40 euros from 2,30 euros.
Enel +0,4% it recovered all the losses of this morning (it had reached a low of 4,022 euros) and closed at 4,10 euros, one step away from the highs since July 2011 marked yesterday at 4,114 euros.
This morning Deutsche Bank raised the target price to 4,2 euros from 3,2 euros, the judgment remains Hold.
Snam -0,62% on the day of the presentation of the industrial plan to 2017. This morning the company and Cdp announced the start of the negotiation process for the purchase of 89% of the Tag gas pipeline which transports Russian gas from Tarvisio. The value of the transaction should be around 710 million euro. According to Equita Sim, the acquisition, which should be completed by the end of the year, would allow for a slight improvement in leverage and an increasing impact on EPS. Hence the confirmation of the hold rating (target price at 4,4 euros). For SIM experts, the high yield and regulatory stability make the stock a valid alternative to a bond investment.
Eni -0,17%. After last week's purchases, the share quota rose to 0,55% of the capital from last Wednesday's 0,52%. This was stated in a press release from the oil group detailing the purchases made between 10 and 14 March. In particular, Eni purchased 1,19 million shares for a value of 20,5 million euros with prices between 17,1466 euros and 17,4343 euros. Today, at around 16,35, the stock is trading at 17,58 euros, an increase of 0,17%.
Telecom Italy -1,07%. Today Telco formalized its list of candidates, mostly independent, for the renewal of the Telecom Italia board of directors in view of the shareholders' meeting on April 16 and, as expected, the current chairman of Eni was nominated for the presidency. Confirmed the current CEO, Patuano, as well as Tarak Ben Ammar and Jean Paul Fitoussi. Four women on the list including Baroness Denise Kingsmill (independent), a member of the House of Lords since 2006 who sits on the supervisory board of E.On.
They also go up Prysmian 0,28% and Finmeccanica +0,5%.
The worst stock in the basket was Pirelli -2,11%.
Also declining Gtech -1,81%.
