The latest record in chronological order was achieved by the Hong Kong Stock Exchange: the Hang Seng index exceeded the ceiling of 30 points, a wall that had stood for ten years. Taiwan is doing even better, at its highest level since 90, supported by purchases from Apple's suppliers (+2% yesterday). The primates follow the poker of the US markets by a few hours: both the main indices (Dow, S&P and Nasdaq) and the Russell 2000, the SME list, closed at new highs. The favorable situation also involves emerging markets: the Morgan Stanley Capital Index Emerging Markets is at its highest level in the last six years.
BREXIT DEAL NEAR
The German political crisis does not prevent Europe from participating in the rally. Indeed, it is precisely the German car industry that is pulling Frankfurt to the top of the price lists of the Old Continent. And, if the scoop from the Financial Times is confirmed, the Brexit agreement between Brussels and London is now one step away, willing to settle the accounts with a payment of 40 billion.
In this context, even the latest ailments of Italian banks are less scary. In short, the stock exchanges are about to celebrate Thanksgiving (Wall Street and Tokyo will be closed tomorrow) in an excellent mood. Friday will begin the shopping assault in America. But that's not all: Chow Tai Fook, the most important Chinese jeweler, announces double-digit growth in sales both in Hong Kong and in the rest of the country.
TECH MAKES ASIA FLY, RECORD POKER IN NEW YORK
Meteo Borsa can only report good weather almost everywhere. The markets where the presence of technology companies is strongest is galloping in Asia, including Seoul (Kospi index +0,6%).
The Japanese stock market is starting to close higher, despite the yen revaluing against the dollar, a trend that penalizes exports: Nikkei +0,5%. The CSI 300 index of the Shanghai and Shenzhen stock markets rose by 0,4%.
TODAY MINUTES FED, FCC CLEARS NET NEUTRALITY
Wall Street is at an all-time high: Dow Jones +0,69% to 23.590,83 points, S&P 500 +0,65% to 2.599,83 points after 2.600 points during the session. Nasdaq +1,1%, to 6862,48.
Goldman Sachs has raised its estimates on corporate profits for the two-year period 2018/19 in light of the forthcoming tax reform, the improvement in the economic situation and a softer trend in interest rates than already expected.
The minutes of the November Fed meeting will be released today, one of the last meetings led by Janet Yellen, who confirmed her exit from the bank in February.
After the decision to veto the Att-Time Warner merger, another controversial decision by an authority is looming: the Fcc announced its intention to dismantle "net neutrality" as early as December, thus allowing providers (Comcast, Verizon , the same Att) to decide what contents and at what price they will be able to reach other users. Google and Facebook lose out, however yesterday they rose sharply like the other tech stocks.
STOCKS DOWN, OIL RISES
Brent oil traded this morning on Asian markets at 62,9 dollars a barrel, up 0,7% from +0,5% yesterday. Highest in the last two years for WTI crude oil, at 57,7 dollars a barrel (+1,7%). Preliminary data on US oil inventories said crude inventories are expected to decline by 6,4 million barrels. The official data is released this afternoon.
The oil workers in Piazza Affari tonic: Eni + 0,8% Saipem + 3,12% Tenaris + 3,31%.
TODAY THE EU REPORT CARD ON THE MANEUVER. MILAN +0,6%
A positive day also for European stock markets after a weak start to the session due to concerns on the German political front. The exception is Madrid (-0,48%).
Today the European Commission makes known its views on the budgets of the countries of the Union. The flash estimate on consumer confidence is also expected.
In Milan, the Ftse Mib index rose by 0,62% to 22.326 points. Closing above 22.300 points, according to the technical analysis, can mean the resumption of the uptrend with a short-term target between 22.800 and 23.139 points.
The Frankfurt Dax (+0,83%) was the best index yesterday, demonstrating that the risk of early elections is not capable of upsetting the underlying picture of the German stock exchange. according to Geoffrey Yu, an analyst at UBS Wealth Management, investors don't seem "intentioned to play on political events in the short term".
Paris gained 0,48%. London is also on the rise: +0,30%.
Closing up for Italian bonds, which moved in positive territory throughout the session, also supported by the announcement of today's government bond buyback operation by the Treasury. The Btp/Bund spread touched a minimum of 141 points in the morning and then closed at 142 (from 145).
THE BTP SLIDES TO 1,75%. TODAY THE BUY BACK OF THE TREASURE
The ten-year rate fell to 1,75%, to end the session in the 1,77% area from 1,81% at yesterday's close. The Treasury's last cash repurchase transaction was in December 2014, with the amount of securities withdrawn amounting to €4,036 billion. After markets are closed, the Treasury will communicate the details of the offer for the auction on Monday 27 November, which should include Ctz and inflation-linked bonds from the Eurozone.
According to Intesa, the offer should be limited to 2 billion Ctz. Intesa also expects that 28 billion six-monthly bots will be offered on 5,5 November, compared to the 6 billion maturing. For the medium-long term, the forecasts are for the issuance of 2 billion Btp over 5 years, 2 billion Btp over 10 years and 1,5 billion Ccteu. The latter should be the last medium/long-term auction to be settled for 2017.
MEMBERS ARRIVING FOR CARIGE. A PARTNER ALSO FOR CREVAL
Among banks on average flat (-0,11% the European index), Carige leaps 53,26% after the 37,5% plunge filed yesterday ahead of thehyper-dilutive capital increase starting today following the Consob green light. Algebris, Credito Fondiario and some hedge funds will participate in the operation.
It also rips Creval with an increase of 15,35%. Rumors on Cerberus Capital Management's interest in the bank contribute to supporting the stock today.
MPS, THE TEAM OF THE NEW BOARD ARRIVES
On the swing Mount Paschi (-4,62%), down sharply after a positive start. The presentation of the lists for the new Board of Directors is scheduled today in view of the meeting on 18 December. The presentation of the lists is expected for tomorrow. For the majority vote, which will be presented by the Treasury, the confirmation of the outgoing president, Alessandro Falciai, seems to emerge.
The presence of the director general of the Treasury Vincenzo La Via and the confirmation of CEO Marco Morelli are expected. A minority list will be presented by Generali, Rocca Salimbeni's second shareholder with a share close to 4%. Leone could go three seats on the board unless a list of funds is also presented.
Ubi -2,5%. Mediobanca leaves 1,6% on the ground
THE ENEL COUPON SHAKES SPARKS
Highlight of the day was Is in the (+2,6%). L'investor day london it has not lived up to expectations. Equita Sim writes that "positive indications have arrived from the plan which presents targets in line with our anticipations but decidedly higher than the consensus".
Above all, the indications on the dividend are positive, it should be at least 0,28 euro for next year, to be paid in 2019. The objectives for 2018 and 2019 are the same as the old plan, the changes are all in the last year. In 2020 Ebitda should reach 18,2 billion, from 17,2 billion in 2019.
THE CAR STARTS AGAIN, LEONARDO TAKES OFF
The Stoxx European automotive index is up 1,4%. At Piazza Affari
Fiat Chrysler +1,3%: the company could strengthen its industrial and commercial collaboration with the Guangzhou Automobile Group. Pirelli + 2% Ferrari + 1,3% Brembo + 2%.
Well in the industry too Leonardo (+ 2,4%). stm it gained 1,7%, in line with the +1,4% of the Stoxx European technology index and the ETF Spdr Msci Europe Technology. The Philadelphia Semiconductor index climbs 1% and reaches new all-time highs.
GEOX RISES UP, TXT SALES
Among the mid/small caps, several stocks are up by more than two percentage points. Astaldi +11%: Fitch downgraded Astaldi's rating to B from B+, with a negative outlook. Geox + 10% Txt e-Solutions + 7% GPI + 6% Italyonline+5%. Few titles in red: sapphire -3% Trevi -2%.
