STILL BAGS WAITING FOR BERNANKE
AMERICA TRIES APPLE AND JP DIMON
The markets suspend the race waiting for the governors. There American stock exchange, after a positive session on the momentum of records, closed slightly lower: the indices Dow Jones -0,12% S&P and Nasdaq both -0,07%.
Same script this morning in Asia. The index Nikkei it retreats by 0,04%, despite the drop in the yen, meanwhile gold prices are falling back to 1338 dollars. But the landslide of the day also affects silver, which fell to 20,84 dollars an ounce, to the levels of September 2010.
After four consecutive weeks of rising stock markets (SS&P +17% since the beginning of the year, Tokyo +45%) the markets fear a change of course. For investors, the topic of the next moves of the monetary authorities and in particular of the Fed and the Bank of Japan is thus becoming crucial.
Hence the growing expectation for central bank announcements, Fed in the lead. The main news for investors will be Fed Chairman Ben Bernanke's speech to the US Congress on Wednesday. Then, in the night between Thursday and Friday, the president of the Bank of Japan Haruhiko Kuroda will speak. The Boj summit began its monthly meeting today, preceded by statements by Finance Minister Amari: "The excessive devaluation of the yen - he said - can damage consumption".
It is easy to foresee a stalemate in the price lists awaiting indications.
YAHOO BUY TUMBLR AND CREATE A NEW GUCCO (AT 26)
Corporate America celebrates its processes. This evening Tim Cook, Apple's number one -0,6%, appears in Congress to answer charges of leading the largest tax evader in history.
"Apple has found the holy grail of tax evasion." As Democrat Carl Levin at the end of the work of the Congress commission that studied the Apple case. "Apple has set up foreign subsidiaries without a single employee - he said - which hold tens of billions of dollars but which do not respond to any tax legislation". Under this system, an Irish subsidiary has not paid a dollar of taxes on 30 billion since 2009; another paid only 1% of 22 billion in profits.
Meanwhile in Tampa, Florida JP Morgan shareholders they will have to vote on the proposal to split the positions of president and CEO, both occupied by Jamie Dimon. The Calpers fund has sided with the division of powers.
Yahoo! +0,23% closed acquisition of Tumblr for $1,1 billion. The company, a leader in blogging, has over 300 million subscribers, but has virtually no income. Melissa Mayer of Yahoo has the task of transforming the indisputable appeal of the king of blogs into profits. Founder David Karp, 26, pockets $800 million.
PIAZZA AFFARI ABSORBS THE COUPONS EFFECT
La Milan Stock Exchange it was the most brilliant of the Old Continent, even if at the end of the session the FtseMib index showed a drop of 0,5%. Net of dividends, the Milanese stock market closed sharply higher. In fact, we must consider the large number of shares that today detached the coupon with an overall effect on the index negative by 1,5%.
Sul government bond market the yield on the 10-year BTP fell to 3,89%, the spread contracted to 252 (-4 basis points). European stock markets rallied again today. London gained 0,4%, Paris +0,5%, Frankfurt +0,6%.
The best sector was that ofautomotive, which benefits from signs of improvement in the economy in the USA and Japan. The Stoxx index of the sector rose by 2,2% led by German manufacturers: BMW +3%, Volkswagen +3,2%, Daimler +2,6%. French manufacturers also did well: Peugeot gained 5,8%, Renault +1,3%.
QATAR TAKES EVERYTHING: FROM IMPREGILO
Continue in the meantime Qatar shopping. The emirate, after the purchase of 40% of Porta Nuova in Milan, electrified the shares of Impregilo +14% thanks to the new and important orders and the rebuilding of the minimum free float after the takeover bid.
But the European offensive in Qatar promises far more twists and turns. The emirate will be the main subscriber of the capital increase of the Emirate this week Russian bank Vtb ($1 billion out of a total offer of $3,2 billion) and will make massive investments in Deutsche Bank.
FEVER FOR CAMFIN, RESTORATION FLIES
Unlike Friday's session, Fiat +1,3% also participated in the car rally. Fiat Industrial rose by 1,6%, Pirelli +1,1%.
The race continues Camfin +2% at the center of the conflict between Marco Tronchetti Provera and the Malacalza family. In particular, the Cam 2012-17 bond convertible into Pirelli shares has gained more than 7% in the last seven sessions. The speculative aspect is instead linked to the revival of the hypotheses of a takeover bid on Camfin led by Clessidra, under the direction of Unicredit and Intesa. The bonds, maturing on October 26, 2017, are repayable either in cash or through Pirelli securities equal – on the basis of the initial conversion price – to 2,8% of the ordinary share capital of Pirelli. Recovery leap (+21,4%) after the release from seizure of the Santa Giulia areas.
In the Milanese price list, the banks: Unicredit rose by 2,9%, Intesa +2,1%, MontePaschi +1,8%, Banco Popolare +2,5%.
In managed savings Banca Generali stood out +1,6%, but Azimut +1,5% and Mediolanum +0,1% also rose.
Unipol it closed up by 1,7% and among the other insurance companies Fondiaria-Sai rose by 2% and Generali by 0,3%.
Among industrial companies, the rise of StM which gained 3,1% thanks to the new Jp Morgan report which sets a target price of 8,8 euros.
Prysmian rose by 2,5%: HSBC raised the target to 18,5 euros. Little moves Enel +0,07% and Eni +0,2%. Among the oil companies, Saipem rose by 1,3% driven by the news of a new order (apparently for around 500 million dollars) for the construction of a refinery in Turkey.
leap of Cleansing (+21,4%) after the release from seizure of the Santa Giulia areas.
