WALL STREET BETS ON THE DEAL AND FLY
DEPARTURE TORO FOR BUSINESS PLACE (AND THE TREASURE)
There is no agreement, but something, between Republicans and President Obama, begins to move. AND Wall Street heaves a sigh of relief: the Standard & Poor's index rises by 2,18%, the highest rise of 2013, as does the Dow Jones. The Nasdaq +2,23% is even better.
Instead, the index of fear, the vix, which loses 15 percentage points.
In reality, the road to agreement remains long. President Obama, late yesterday afternoon, rejected the proposal made by the Republican speaker John Boehmer for a truce until November 22nd. The White House's no can be explained by the fact that, according to the Republicans, the funds for the federal administration would not be released in the meantime. Boehmer's offer, however, remains the first crack in the right's wall of intransigence. And this convinced Wall Street to embrace Mario Draghi's "prophecy" - "'The world believes that an agreement will be reached" and "expects the problem to be solved" said the president of the European Central Bank, Mario Draghi, in his speech at the Economic club of New York.
New York's optimism has trickled down to Asian markets: Tokyo is up around 1,7%, Hong Kong +1,56%.
BTP, FORECASTS OK FOR A "HEAVY" AUCTION
It will be, according to the operators, a "heavy" auction also in consideration of the 5 billion 7-year BTPs just placed by the Treasury. But the happy market situation suggests an easy absorption of the 6 billion Ccteu, 3-year and 15-year BTPs at auction this morning.
The optimism is also justified by yesterday's counter-overtaking of the BTP/Bund spread compared to Spanish stocks. In particular, the three-year Treasury bill should, according to market expectations, settle at a rate of around 2,4%. In this context, operators are also expecting a reopening of thirty-year BTPs in November.
Il Btp yields 4,32% (+6 basis points), the spread with the Bund contracted by 10 basis points to 245 basis points. With today's recovery, the BTP catches up with the Spanish Bono, the ten-year Madrid yields 4,33%.
Europe rose yesterday even before the openings of the US Republicans. Stock markets celebrated the appointment of Janet Yellen to head of the Fed . London closed with an increase of 1,46%, Paris +2,21%, Frankfurt +1,99%. Madrid also rises +2,35%.
In Milan the Ftse Mib index closed trading with an increase of 1,54% to 18836 after having reached a maximum of 18.935 points.
CARIGE +12%, MALACALZA PICKS UP
The banking sector remains at the center of attention.
Mediobanca leads the race +3,02%, which yesterday launched a covered bond for 120 million. The big names are also in a hurry: Intesa + 2,128%, Unicredit + 2,34%. Federico Ghizzoni stated that his bank would have nothing against a possible increase of up to 8% of Vincent Bollorè in the capital of Piazzetta Cuccia.
In negative territory, however, Ubi -0,13% and Bpm -0,14% still engaged in discussions on the new statute.
Mps -1,74% . Yesterday the CEO of the Sienese bank, Fabrizio Viola, stated that although the path of the shareholders' option for the 2,5 billion capital increase has not yet been decided, it is the one to be preferred. Also yesterday, the third hearing of the process concerning the restructuring of the Alexandria derivative began at the Siena courthouse in which the defense of the former top management of the bank requested the nullity of the process and its transfer to the court of Rome. Requests have been declined.
Of note is the surge in Banca Carige which gained 12,05% to 0,586 euros in the wake of rumors according to which Vittorio Malacalza might be interested in investing in the institute. Volumes were very strong with nearly 18,4 million shares traded versus the 30-day average of 2,4 million
FONSAI JUMPS THE HORSE OBSTACLE
Positive Fonsai +3,15% to 1,866 euro with Banca Akros which raised the target price on the stock from 1,7 euro to 2 euro, confirming the recommendation add. After having sold an initial 1,12% stake in Mediobanca in recent days, the company sold the remaining 2,68% stake as part of the Antitrust agreements for the integration with Unipol.
Meanwhile, from the merger document of Unipol with Premafin, Fonsai and Milano Assicurazioni unedited and curious details emerge. In particular, it emerges that the tax authorities could ask for more than 30 million euros for the non-deductibility of the fees paid to Jonella, Giulia and Paolo Ligresti, as well as the managers Fausto Marchionni, Massimo Pini and Antonio Talarico, and for the non-deductibility of the sponsorship of the company 'Laita' srl which managed Jonella Ligresti's stable of horses.
MEDIASET AND TELECOM IN FLIGHT
Once again the queen of the day was Mediaset, which reached a high for the day at 3,558 euros and then closed the session with a +5,03% at 3,468 euros. The generalized recovery of the publishing sector, a cyclical sector on which we tend to focus in view of a future economic recovery, favored the rally. But also the opinion of analysts: HSBC increased the target price of the share from 1,5 euro to 2,6 euro, confirming the underweight recommendation.
Always on the shields Telecom Italy +2,67% to 0,673 euros which denied having open negotiations for the sale of Tim Brasil. The intervention of the Post Office in support of Alitalia can offer CEO Massimo Sarmi the decisive push for the investiture as Franco Bernabé's successor.
WITH THE SMALL CHIPS BULL IN THE FORE
The group is on the rise Astaldi +6,6% to 6,78 euros which was selected as the contractor for the construction of civil works relating to the Muskrat Falls hydroelectric plant in Canada, worth approximately 711 million euros.
Piquadro +10,68% . The preliminary turnover for the first half of the Italian leather goods company increased to 29,9 million thanks to the boost deriving from both sales channels, Dos (+17,4%) and Wholesale (+5,5%). Sales rose in all geographical areas: +4,8% in Italy, +27,7% in Europe, +6,7% in non-European countries.
Lauro61 exceeds 90% of Camfin on the eve of the last day of accession to the takeover bid. To date, according to a note, shares equal to 83,870% of the shares involved in the offer and 30,633% of the issuer's share capital have been contributed in acceptance of the offer. With the 60.99% already held by Lauro (Tronchetti Provera, Clessidra, Intesa Sanpaolo, Unicredit), the holding comes to own 91,618% of Camfin. This is net of the 2.49% stake held by Massimo Moratti on which there is a put and call agreement with Marco Tronchetti Provera & CSpA which has undertaken to purchase by 31 December 2013 bringing them to Lauro through New Shareholdings.
