THE MARKETS ALREADY TAKE THE CUT IN RATES FOR GUARANTEED. OK THE CAR IN USA. BUT NOT IN ITALY. BANKS IN BRAKING
World stock markets await the ECB's moves without apparent tension. Tokyo +0,16% on the highs of the year, recorded another positive session on the wave of the stability of the dollar which was in turn supported by the increase in yields on the T-bond to 2,593%. Chinese stock markets were heavy: Shanghai -0,56%, Hong Kong -0,94% on the anniversary of Tien An Men.
The US Stock Exchanges were weak, but not too much: S&P 500-0,07%, Dow Jones -0,13%, Nasdaq -0,04%. The US car market is positively surprising. The 11,4% increase in car sales stands out: for GM and Chrysler it was the best May for seven years now. Ford +3%. Meanwhile, the fever of factory orders suggests a strong recovery in growth (+3,8% GDP in the second quarter for Goldman Sachs). Today's key figure will be the private sector new jobs statistic. Waiting for the ECB summit.
The chorus of economists is almost unanimous: the reference rates of the euro area will drop from +0,25% to +0,1%. In addition, there will be a series of measures capable of countering low inflation. Pushing Mario Draghi and the other bankers in this direction is, among other things, the alarm over the fall in inflation. In fact, consumer prices in the euro area rose less than economists' expectations in May, the increase was 0,5%, slowing down from +0,7% in April, the economists' consensus predicted 0,6% %.
Against this disappointing backdrop, the European stock exchanges marked time yesterday. London fell by 0,4%, Paris -0,2%, Frankfurt -0,3%, Madrid -0,4%. In Milan, the Ftse Mib index lost 0,6%. The deflation alarm rings out on the eve of the ECB directorate. The BTP weakens and its yield rises by one basis point to 2,99%, the spread with the Bund widens to 158 basis points (+1 basis point).
OBAMA'S GREEN REVOLUTION PUSHES ENEL GREEN POWER
Enel Green Power it finished the session up 0,8%. Over the weekend, the United States Environmental Protection Agency (EPA) released the first guidelines of the White House agenda on the greenhouse effect. A new plan to reduce carbon dioxide emissions is established: -30% by 2030 starting from 2005 data.
The series of measures should lead to a strengthening of generation from renewable sources. Enel Green Power is well present in the United States where it achieves 15% of Ebitda. At Piazza Affari, Enel it closed down 0,6%. Eni rose by 0,2%, Saipem -0,3%.
Cir rose by 1,25% to 1,134 euros. The pool of creditor banks of Sorgenia has sent a new letter to the two main shareholders of the energy company. The conclusion of the negotiation by tomorrow is not excluded. Meanwhile, the Spanish Bestinver has increased its stake in the holding company of the De Benedetti group to 15%.
FIAT, SALES IN ITALY ARE FALLING AGAIN
Industrial stocks are weak. The unemployment rate in April remained close to the highs of the last 37 years, confirming the fragility of the economy. Then, in the evening, a negative note arrived from the world of four wheels.
In May, the Italian car market fell again and recorded -3,8% compared to last year, with 131.602 new registrations (in April the figure was up by 2,32%). This was communicated by the Ministry of Transport, specifying that in the first five months of the year the registrations of new cars increased by 3,15% to 628.719. As for the Fiat group, in May sales fell by 11% to 36.720 cars. In the first five months of the year, Fiat registered over 134 cars, 0,15% less than in 2013, for a share of 21,3%, down 0,7 percentage points.
Yesterday, Fiat shares lost 0,5%. The negative notes from the domestic market will, as usual, be offset by Chrysler's new records in the USA. Pirelli -1,4%. Finmeccanica -0,7% StM -1%.
BANKS
Day dedicated to achievements for the banks. Alone Monte dei Paschi closed up 0,5%. Unicredit -0,3% and Understanding -1,3%. Sharp declines among cooperative banks: Banca Popolare Milano -1,9%. The management board yesterday examined the dossiers in view of the request to the Bank of Italy to remove the add-ons that absorb a lot of capital. Ubi -1,4%.
The worst title was Popular Bank -3%: Nomura has lowered the rating to Neutral from Buy, the target price is 13,4 euros. Bank of America analysts moved in the opposite direction and resumed coverage with a Buy rating and a target price of 18,2 euros.
They also retreat Creval -1,77% and Popular of Sondrio -2,92% after Monday's rally (+6,6% and +5,3%) on the hypothesis of a "superpopular" in Valtellina. For Equita Sim, the two banks will address the issue of consolidation only after the results of the asset quality review.
GOLDMAN BEATS CAMPARI AND WDF
Profit taking up Mediaset -3,01%, worst stock in the FtseMib basket. The small Mondo TV instead positioned itself among the best stocks in the whole of Piazza Affari, with an increase of 6,10% after signing a contract with San Media, a company based in Moscow and active in the diffusion of digital content via the license that will allow San Media to broadcast around 340 half hours of animated programs from the Italian company's library via the Internet.
Goldman Sachs' ax has been raised on some blue chips: Campari it lost 1,8% after the US investment bank cut it to Sell from Neutral. Sharp decline also of World Duty Free -2,3%: Goldman Sachs removed the stock from its Conviction Buy List, while confirming the Buy recommendation and the target price of 13,2 euros.
Salt instead Buzzi Unicem +0,3%: Sanford Bernstein has raised the rating to Outperform from Market Perform, the target price is 8,21 euro. The leap of Molmed +4,7% to 0,68 euro was significant, driven by the news that the new data presented at Asco on a new molecule showed a significant increase in survival in patients affected by mesothelioma or sarcoma with an unfavorable prognosis.
