Loses Tokyo (-0,3%) followed by most of the Asian lists. The disappointing trend in industrial production weighs heavily: Abenomics' stimulus policy is losing momentum. The Chinese Stock Exchanges are an exception, recovering pending interventions on mortgages to deal with the fall in property prices.
Geopolitical tensions once again weigh on the stock markets: thus the propensity for risk falls, while the declarations of the "doves" multiply, starting with William Dudley, president of the powerful New York Fed: the inflation rate, is the message, is so low that it makes no sense to anticipate rate hikes.
Hence the significant drop in yields on T bonds and the slowdown in the race for the dollar. Today, new interventions by Fed members are expected. It should be noted that, in the spring of 2015, the two best-known hawks, Richard Fisher of Dallas and Charles Plosser of Philadelphia, will leave the Central Bank.
Negative session for Wall Street despite the fact that manufacturing activity continues to march at full capacity (Pmi at 57,9 points). The signals of crisis arriving from Europe are conditioning the market. The Dow Jones index fell 0,68%, the S&P 500 0,37% and the Nasdaq 0,42%.
Alibaba's adjustment continued on the stock market (-3,2%). Barack Obama's squeeze on tax inversion: from now on it will be more difficult for a US company to buy a foreign company and then assume its tax nationality and thus escape the US treasury. The stocks involved in the operations lose ground: Abbvie -2%, Burger King -2,7%.
GERMANY SLOWS DOWN, MILAN UNDER STRESS
The most painful notes come from the European Stock Exchanges. London loses 1,3%, Paris -1,8%, Frankfurt -1,4%. The sectors most directly correlated to the economic cycle decreased the most: Automotive -2,5%, Oil -1,5%, Banks -1,2%. In the euro area, the manufacturing PMI data fell to 50,5 from 50,7 in August. In Germany, the manufacturing PMI fell in September to 50,3 from 51,4 in August: this is the lowest level low in the last 15 months.
In Milan, FtseMib down by 1,5% with widespread declines across the entire price list. The spread between the Btp and the Bund closed at 139 basis points and the domestic ten-year yield settled at 2,40%.
UNICREDIT, SANTANDER IN PIONEER IN NOVEMBER
Difficult day again for the banks, the most sensitive to the slowdown in the economic situation. Unicredit left 2,3% on the ground despite the closure of the Pioneer dossier - It was the same . Federico Ghizzoni to confirm the choice of Banco de Santander as a 50% partner for the managed company. “Over time – said the CEO of the Italian bank – the industrial opportunity represented by Santander has developed more and more. If things end positively, an integrated company will be born with 350 billion assets under management, among the top fifteen in Europe and among the top 25-30 in the world”. The next stage is the signing of the agreement which "is expected by November".
The rest of the sector is down. Intesa loses 1,8%, Monte Paschi -1,8%, Ubi Banca -1,5% and Banca Popolare di Milano -3,3%. Going against the trend Bper (+0,25%) goes against the trend. Asset management is bad: Mediolanum -2,54% and Azimut -2,48%.
ENEL, THE PROCESS FOR THE PLACEMENT OF 5% STARTS
Among the utilities, Enel lost 2,36% to 4,048 euros in the wake of rumors according to which the Ministry of Economy and Finance has started the process of selling 5-6% of the capital, sending investment banks and consultants a letter to choose the advisor and setting 31 December 2015 as the final term of the mandate.
To reduce the second public debt in relation to GDP in the euro area, the government aims to collect around 2014 billion from privatizations in 11. At the moment, only 3 of the approximately 3,5 billion received from Banca MPS for the partial repayment of the Monti bonds are earmarked for this purpose. At current market values, 5% of Enel is worth just under 2 billion. The share on the Stock Exchange this morning was 4,12 euros, with a drop of 0,87% in line with that of the blue chip index.
A2A gained 0,45% while Iren lost 2,42%. The president of the Milan-Brescia multiutility, Giovanni Valotti, said that a merger between the two companies is not currently on the agenda. The CEO of Iren, Nicola De Sanctis, instead denied the rumors of his imminent departure from the group in favor of Gabriele Del Torchio.
On the oil market, Brent fell to 96,7 dollars a barrel (-0,2%), and Wti rose to 91,6 dollars (+0,8%). Among oil stocks, Total fell 3,1%. Eni has limited the decline to 1,6%. Saipem is down (-0,6%). The Board that today appointed Francesco Gattei as administrator to replace Fabrizio Barbieri, who resigned in August. In the trilateral meeting on gas held on Friday in Berlin between the European Union, Russia and Ukraine, the EU Commission made it known that it was willing to discuss South Stream.
AFTER THE RAI WAY IPO, THE TELECOM TOWERS ON THE STOCK EXCHANGE
Telecom Italia unchanged at 0,888 euros pending the next September 25 board meeting which will deal with issues related to Latin America. In the meantime, the Brazilian telephone operator Oi has announced that it will not participate in the auction for the 700 megaHertz frequencies to be held on September 30th.
Meanwhile, the group is evaluating the listing of the transmission towers with an IPO that could materialize in 2015. More than 50% of the company could end up on the market, to which around 8 sites will be transferred. A decision will be made after the outcome of the Rai Way IPO.
The entire tower sector is in turmoil awaiting the listing of the subsidiary Rai. Sale Ei Tower +0,56%. Equita has raised the target price on the stock from 46 to 52 euros (rating buy confirmed), and of these 52 euros, 47 euros are on a stand-alone basis and 5 euros deriving from the possible merger with Raiway, a hypothesis to which the sim assigns a 50% chance. Mediaset is down by 2,4%.
CITICORP BANKS CAMPARI AND PRYSMIAN
Fiat fell by 1,6%, less than the automotive index (-2,69%) Cnh Industrial also decreased -2,2%). Pirelli -2,8%. Finmeccanica drops by 0,8%, StM, after the heavy losses on the eve, closes with a slight increase of 0,1%. Among the other blue chips, Atlantia lost 2,24% to 18,75 euros. Prysmian crash (-3,04% to 14,37 euros) with Citigroup which reduced the recommendation from buy to neutral and the target price from 18,5 to 16,5 euros. The US broker also downgraded Campari (-1,9%) to Neutral from Buy.
The decline of Tod's continues (-2,4%). Recovery of Yoox (+3,3%). Among the small and mid caps, the sale to Cremonini of a share in the new e-commerce company in China boosted Class Editori (+8,82%). Mondo TV also rose (+2,96%), rewarded for the block sale of 5,08% of the subsidiary Mondo TV France (+14,84%) to Orlando Corradi, majority shareholder and president of Mondo TV itself.
