The markets prepare for a merry Christmas. In the US, the agreement on tax cliff by December 31st seems unlikely, but neither Obama nor the Republicans want war: the speaker John Boehmer has proposed a "plan B", a compromise solution (plus taxes for incomes of up to one million dollars, a year to decide on spending cuts). Markets appreciate availability.
Wall Street closes higher as follows: the Dow Jones rises by 0,87%, S&P +1,15%, Nasdaq +1,26%. The same music in Asia: the Nikkei index +1,62% quickly exceeds 10.000 bp, Hong Kong rises by 0,7%.
Festive atmosphere even in old, depressed Europe. The German Stock Exchange +0,7% returns to January 2008 levels. London gained 0,5%, Paris +0,4%. In Italy the spread returns to 303, where it was before the Monti government crisis. The yield on BTPs fell to 4,44% and the differential with the German Bund was reduced by as much as 14 basis points. Meanwhile, the FtseMib index rose by 0,9%: only Madrid did better.
ASIA
The sharp drop in the yen, which fell to 11,63 against the dollar, is driving up the Japanese stocks more linked to exports: Canon rises by 4,5%, Toyota +2,2%.
But attention is focused on South Korea, where the markets are closed today on the occasion of the elections: the daughter of former dictator Park Geun Hye is slightly ahead of her challenger, the former dissident Moon: 48% against 47,5 %. In Seoul as in Tokyo, the formulas for relaunching the economy were at the center of the electoral campaign. In her last rally, Ms. Park invited Hiunday and Kia to copy the Audi and BMW showrooms in Gangnam, an upscale suburb of the capital.
AMERICA
Better results than expected for Oracle. The expenditure forecast for the software market in the first half of 2013 also rises. After the Stock Exchange, Oracle shares mark an increase of 1,6%.
During the afternoon, in addition to the confirmation of the negotiations on the fiscal cliff, there were indications of the good momentum of the real estate market. The builders' confidence index elaborated by an association of companies in the sector in collaboration with Wells Fargo rose in December to 47 from 45 in November, the figure is in line with economists' forecasts but is still significant because with this forward the index has reached the levels of 6 years ago, before the subprime crisis. The reaction of the financials was immediate: Morgan Stanley + 3,2% Bank of America + 3,3%.
Among the companies, hints of reaction from Apple Lossless Audio CODEC (ALAC), +2,9%. Bank of America says the stock's correction phase, a decline accompanied by spreading fears about competitors' counter-moves, should be over. Last week, Apple fell 4,4%, 25% from a September high. Yesterday the iPhone company reported a defeat in the ongoing legal war against its competitors, an American judge said no to its request to block the sale of some Samsung mobile phones.
Wal Mart is unchanged despite the New York Times investigation into the Mexican subsidiary of the world's leading large-scale retail group: to obtain opening permits in locations with high commercial value, the company paid bribes. The investigation launched by the Mexico City authorities following these revelations on the work of Wal Mart de Mexico concluded at the end of last month: no irregularities emerged.
EUROPA
Positive notes from the periphery of the eurozone. The Spanish government has placed 1,58 billion bonds at auction three-month government bonds with a yield of 1,195%, down from the previous 1,254%. Good demand equal to 2,6 times the supply. A further 1,95 billion six-month bonds were sold with a yield of 1,609% from the previous 1,669% with a demand equal to 2,9 times the offer.
Also celebrate the Greek XNUMX-year spread after S&P decided to upgrade its rating from “selective default” to B-. The differential drops to 1.120 basis points, the lowest since August 2011.
ITALY
In Piazza Affari it was the banks that marked the pace of the rise. Mount Paschi it advanced by 3%, which adds to yesterday's +6%. Up tooUnicredit+ 3,2% Understanding + 1,8% Ubi+ 4,2% Banco Popolare +4,2%. Among the insurance Generali rose by 1%, Unipol+ 2,1%Fondiaria-Leaves + 2,3%.
The initial results on private equity funds and alternative funds do not have a significant impact on Generali's corporate assets. The analysis requested by number one Mario Greco from the Internal Control Committee and further checks will be carried out by the Erede studio.
Enel gained 1,1%, Telecom Italy fell by 0,5%. Little move Eni , an increase of 0,1%, while Saipem it fell by 1,6%. Oil is up with Brent trading at 108,8 dollars a barrel (+1%).
Finmeccanica gained 2,7%: the conclusion of the long process for the sale of 14% of Avio and 55% of Ansaldo Energia is approaching.
Fiat it rose by 1,7%: it was indicated by the American broker Bernstein as a "best pick" in the European auto scene for next year.
Astaldi earned 3,3%. Indesit it finished down by 2,2% despite rumors about incentives for the household appliances sector. In the morning the stock had reached the highest levels of the year. gemina it fell by 7% due to the hypothesis of a stop to the renewal of airport tariffs.
