Grexit was averted. Chinese stock markets are heading towards normality. The Iranian nuclear deal could be announced today. In short, the hottest dossiers seem to be under control. The markets take note of this, without particular euphoria: the Greek game can still reserve many surprises and the Eurozone still comes out bruised by the duel in Brussels. Attention has already turned to Janet Yellen's hearings in the Chambers: the prospect of a rise in US rates has pushed the dollar upwards.
Meanwhile, strong growth for the Nikkei index in Tokyo (+1,6%). Sydney did well (+1,6%). Setback in Hong Kong (-0,5%), after three days of increases. The Chinese Stock Exchanges were more stable: Shanghai -0,9%, Shenzhen +3,5%. Trading activity is returning to normal.
WALL STREET STARTS AGAIN, WAITING FOR YELLEN
On Wall Street, the Dow Jones index advanced by 1,22%, the S&P 500 by around 1,1%. Better the Nasdaq (+1,48%). On the eve of the quarterly campaign, analysts expect a significant drop in the turnover (-3,9% on average) of listed companies. The Chinese Tsinghua, according to the Wall Street Journal, presented a 23 billion dollar offer for Micron Technology, but the US company has denied.
Oil is significantly down: Brent at 58,03 dollars a barrel. The news that Saudi Arabia increased production to 10,6 million barrels per day in June, a new all-time record, weighs more than the imminent Iranian agreement.
The euro weakened to 1,102 from 1,116 at the close.
SHY RISE IN MILAN. QATAR SHOPPING IN SPAIN
The Greek political unknown weighs on the European Stock Exchanges. Alexis Tsipras, in view of tomorrow's halter vote, is facing the insurrection of his party, where the choice to say no to the agreement seems to prevail, which will in any case pass thanks to the votes of the opposition. In summary, the picture remains too uncertain and confused to justify any enthusiasm on the part of the markets.
Meanwhile, the ECB has decided not to increase the ELA funds destined for Greek banks. The institutes will also remain closed today and tomorrow. In this context, yesterday in Milan the Ftse Mib index limited the increase to 1%, to 23.167 points. Paris gained 2%, Frankfurt 1,5%. Madrid +1,7%. Qatar has announced the purchase for one billion euros of 10% of Corte Inglès, the first Spanish retail chain.
The yield on the ten-year BTP is at 2,09%, down 3 basis points from Friday evening, after hitting a high of 2,20%. The medium/long-term bond auctions did well, closing with a slight drop in yields compared to the end of June.
FLY FERRAGAMO: CHINA IS LESS SCARY
In the midst of so much shyness, the star of luxury shines: Ferragamo was the best blue chip yesterday with an increase of 4,1% to 26,41 euros after having reached a maximum of 26,53 euros. Goldman Sachs analysts raised the target price on the stock to 35,1 euros from the previous 35 euros, confirming the Buy judgment. Credit Suisse also raised both its target and recommendation.
For the Swiss bank, the security can run up to 28 euros, the previous target was 26 euros, also promoted the rating to Ouperform from Neutral. The stock reacted after the sales linked to the strong exposure to the Chinese market, which accounts for 36,6% of revenues. Tod's (+3%) and Moncler (+2,5%) also performed well.
THE POPULAR RAISE THEIR HEADS
Credit securities are making a good recovery, on the wave of the improvement in BTP prices. Stocks of the Popolari rebounded: Banco Popolare +2,4%, Banca Popolare dell'Emilia Romagna +1,4%, Banca Popolare di Milano +2,9%. Big Unicredit (+1,7%) and Intesa (+1,9%) also did well. The exception is Monte Paschi (-1,45%). Mediolanum stands out in asset management (+3,3%).
TELECOM REVIEWS THE PRICES OF SEPTEMBER 2009
A weak game, with a low at 1,1820 euros, Telecom Italia ended up 1,3%, reaching price levels during the session it had not seen since September 2009, at 1,2210 euros. The news that the negotiations for an agreement on content with Netflix and Mediaset are in the final stage, but even more the evolution of the corporate structures, helped the stock.
JP Morgan has announced that it has dropped to 4.637% from the previous 6,997% by announcing that it intends to avail itself of the disclosure exemption provided for by the Regolmaneot for shareholdings below 5%. It could be a preparatory move for a new leap forward by Vivendi, now at 15%.
The CEO of the transalpine group, Arnaud De Puyfontaine has not ruled out that the advertising and communication giant could further increase its share beyond 20%, as reported by some market rumors. "At the moment we're fine like this, but you must never say never," said the French manager.
Terna, Greece is back in the news
Terna stable at 4,21 euros after a 10% rebound in the last four sessions. The market is looking at the tender for the privatization of 66% of Admie, the country's electricity transmission manager. Already in 2014, a short list of suitors had been formed which also included Terna. At the time it was assumed that Terna would participate in the purchase with a partner, in order to reduce its investment to around 300-350 million euro.
JP MORGAN SIZE STM
Good FCA (+1,7%) waiting for the file for the Ferrari IPO. Eni +0,1%, Enel +1,1%. Saipem +2,5%. Stm decreased (-0,55%) after JP Morgan reduced the rating to underweight from neutral and the target price to 6,5 euros from 7 euros.
