RAGING BULL, APPLE FLIES BEYOND 100 DOLLARS
WITHDRAWAL EXPIRES FIAT, TELECOM RAISES ITS HEAD
Clear stable. The Stock market weather it does not signal clouds arriving from Asia or the United States, supported by comforting macro data. The geopolitical clouds, while threatening on the horizon, do not promise freezes or sudden sell-offs. This morning the Asian stock markets are all on the rise: Tokyo advances by 0,21%, Hong Kong +0,67% sets new records, the highest since 2008.
The push for the price lists comes from Wall Street: Dow Jones +9,48%, S&P +0,50% at 1981 bps, again one step away from the goal of 2000 points. The Nasdaq is up 0,43%. Last night Apple Lossless Audio CODEC (ALAC), broke the ceiling of 100 dollars which is equivalent to a price of 700 dollars of the "old" Apple before the split. The leap forward of the US Stock Exchanges was favored by the inflation data (+0,1% in July, +1,6% on an annual basis), lower than expected, another signal that argues against an imminent increase in rates. In the evening, the publication of the minutes of the last Fed meeting will provide new indications on the attitude of the Fed, in anticipation of Janet Yellen's speech in Jackson Hole next Friday.
Positive day also for the European Stock Exchanges, thanks to the easing of tensions in Ukraine. The Paris Stock Exchange rises by 0,5%, along with London. Frankfurt +0,9% is the best. Madrid +0,32%. Milan recovers +0,02% in the final after a session in negative territory. Expectations are getting stronger for the "unconventional measures" of the ECB to which Mario Draghi he might mention in his speech Friday in Jackson Hole. The yield of BTPs is at 2,60%, lo Btp/Bund spread at 159 points.
IERI (Yesterday) the Spanish Treasury placed bonds for 992 million euro over 6 months at a rate of 0,08%, down sharply from the previous 0,146% and another 3,55 billion over 12 months at a rate of 0,16%, down from 0,294%. The spread between Bonos and the Bund is stable at 131 points with a rate of 2,31%. During the session the euro updated the new low of the last 11 months (September 13, 2013) against the dollar at 1,33149. In parallel, gold slips below 1.300 dollars an ounce (1295,95).
FIAT: ONLY 6 EUROS FOR CREDIT SUISSE
The deadline for exercising the withdrawal expires today at the price of 7,727 euros. And so yesterday the Fiat stock it was at the center of strong downward pressure, closing at -2,91% at a level of 7,175 euros. However, it was above all that favored the decline the Crédit Suisse report which yesterday started hedging the stock with an underperform rating and a target price of 6 euros. “”Despite Marchionne's successes over the last 10 years – we read – we see few opportunities to surprise us positively on the group's strategy”. “.Maybe – continues the report. The only surprise that could have a positive impact on the Fiat stock could be the partial IPO of Ferrari. But we see little interest from executives and investors in this deal."
On the contrary, "the five-year plan up to 2018 appears too optimistic and there is a potential decrease in the estimates for 2014 following a weak first half". The level of debt (9,7 billion euros) is "unsustainable" in perspective, therefore "the listing on the US stock exchange could be "the first step towards a capital increase".
ENEL, TREASURY SALES IN THE AUTUMN
Also the utilities contributed yesterday to the downside that distinguished Piazza Affari for a large part of the session.: Snam -0,8%, Terna -1,2%. But sales were especially interested Enel - 1,1% to 3,88 euros after touching a low of 3,816 during the day. The sales are triggered by the possibility that the Treasury will proceed with the placement of 5% of the company by the autumn to compensate for the postponement of the stock exchange listing of 40% of Poste Italiane.
5% of Eni would also be put up for sale, but the energy stock suffered much less (-0,2%).
PATUANO ALMOST READY FOR THE BIG DUEL FOR GVT
Telecom Italia rears its head +1,4% at 0,8215 euro, after going as high as 0,838 euro in the morning. The challenge with Telefonica to win is about to get underway control of Gvt, the Brazilian subsidiary of Vivendi. 27 August the board of directors of the Italian company he will give the go-ahead for the proposal to be delivered to the board of the French group chaired by Vincent Bolloré who will have to decide on Telefonica's offer the following day. After rumors of a relaunch by Telecom with a 7 billion euro offer, higher than the 6,7 billion made by Madrid, the Spanish group said it was ready to offer Vivendi a partnership to share, produce and make purchases of content jointly on TV, in a business of high strategic value for both Vivendi and Telefonica.
Telecom Italia's plan, on the other hand, is divided into three distinct phases. Firstly, the subsidiary Tim Brasil would be recapitalised by Telecom Italia; subsequently, the integration between GVT and Tim Brasil would be carried out with the controlling share of Telecom Italia which should fall from 67% to 50% and finally Vivendi would enter with a share between 15 and 20% in the capital of Telecom Italia, becoming the reference partner. Positive day for Mediaset too +3,9%, back to the levels of the beginning of August.
IN THE MANAGED AZIMUT SUPERSTAR
Featured prominently in the financial sector the big names in asset management. Azimuth, on the third consecutive day of increases, rose by 2,5% to 18,28 euros. Equally brilliant was the performance of Mediolanum +3,2%. Positive too Banca Generali +1,45% and FinecoBank +0,88%.
Azimut trades on the Stock Exchange at 15,4 times the profits forecast for 2014, against 12,2 times for Mediolanum and 14,4 times for Banca Generali. Since the beginning of the year, Azimut has lost 5% on the Stock Exchange, while the European Stoxx index for the financial services sector shows +1%. Ever since the beginning of the year, Mediolanum loses 14% and Banca Generali 11%. Among the banks, Mediobanca stood out +1,2%. Monte Paschi rose by 0,9%, Intesa +0,2%, Unicredit +0,6%.
FLY SOGEFI AFTER THE CONTRACT WITH PORSCHE
The brilliant moment of Ansaldo Sts, up 1,7% on historical highs pending the formalization of offers from parties interested in buying it. The parent company Finmeccanica closes in parity.
StM positive +1,4%, Pirelli +1,2% and Prysmian +0,4% also up. However, the day's Oscar goes to Sogefi +15,26% which signed an agreement with Porsche for the supply of its oil filtration systems to the German company, which will be mounted on high-end models. This contract is the first signed with Porsche and will start in the coming months. Rumors are being heard again an imminent departure of Andrea Guerra from the top management of Luxottica -0,42%. After his successes at the helm of the Del Vecchio multinational, the manager seems ready to take the big step towards a US multinational (but there are those who see him in politics) - Brunello Cucinelli exploits luxury in luxury +3,8%, Tod's + 1%, Yoox drops -1,6%.
