Stock markets stable, dollar effervescent and raw materials, not just oil, under pressure. Here is the panorama after Janet Yellen's congressional hearing, the vote of the Greek Parliament. Waiting for the words of Mario Draghi which, at the end of the ECB directorate, could today announce the unblocking of loans to Greek banks.
The Nikkei index rises in Tokyo (+0,5%), supported by the decline in the yen. Little move Hong Kong (-0,1%). As usual, Chinese lists are volatile: Shanghai (+1%) , Shenzhen (+1,9%). Last night Wall Street closed slightly lower: the indices recorded a decline between 0,1 and 0,2%. Good indications came from Intel's quarterly +1,38% after the Stock Exchange and Netflix, up 10% after the closing.
FROM MILK TO OIL, RAW MATERIALS AT FIRE
The most relevant notes come from the currency and commodity market after Janet Yellen's words before Congress: the conditions of the American economy are favorable for a rate hike as early as 2015, perhaps as early as September.
The first reactions on the foreign exchange market saw the dollar rise against the currencies of the major commodity producers. The Canadian dollar falls after the rate cut, the Australian dollar and, above all, the currency of the New Zealand, dragged down by collapse of fresh milk prices (-10,7%) of which the country is a major producer.
The euro fell below the 1,10 barrier against the dollar. Oil is back on its downward path: Brent (-2,5%), Wti (-3,1%), despite US stocks lower than expected. Among the oil companies, Saipem (+0,4%), Eni (+1,2%).
THE BTP BELOW 2%, MILAN +1,3% STILL UP
The European stock exchanges have not suffered much from the tensions for the vote of Athens: the Greek game, in the eyes of the market, is now closed.
The EuroStoxx 50 index gained 0,5% and reached its sixth consecutive day of gains, rising by 10% from last Tuesday's lows. In Milan, the Ftse Mib index closed up by 1,3%. After the crash following the no in the Greek referendum, the index gains 11,5%. Great day for i BTP, dropped during the day below the 2% barrier at its lowest since early June. Stable spread at 117, only thanks to the simultaneous descent of the Bund.
The conditions of the American economy are favorable for a rate hike as early as 2015, perhaps as early as September. “Dove” Janet Yellen was vocal in the first of two hearings before Congress scheduled for the week.
The Greek Parliament approved the agreement reached with the Eurogroup shortly after midnight. 228 MPs voted in favour, but 39 Siryza MPs said no, while the battle raged outside the building between the police and at least 10 demonstrators. Now, awaiting the even more uncertain vote of the German Bundestag, work is proceeding to send Greece the bridging loan of 7 billion, taken from the coffers of the EFSF.
BANKS
Air of risk for the Popular Banks, in great movement in Milan where the following stood out: Banca Popolare di Milano (+2,4%), Banco Popolare (+1%). Banca Popolare dell'Emilia Romagna +(2,9%): the company announced yesterday evening that it had chosen Goldman Sachs as financial advisor for potential extraordinary operations in view of the possible consolidation process in the sector. ?Intesa +1,5%, Unicredit +0,2%, Monte Paschi +2,4%.
In the asset management segment, hit by strong sales yesterday, it only rebounded Banca Generali (+1,5%). Still weak Mediolanum (1%), Azimut (-2%). ?Among industrial stocks Finmeccanica stands out with a +3,1%, on new highs of the year, a price level that also corresponds to the record of the last six years.?? There are no specific news on the title but it certainly helped the nuclear deal with Iran. ??Finmeccanica is a group present in many industrial sectors (rail transport, rolling stock, aerospace, defence) and important spaces could be reopened for new orders. ??Since the beginning of the year, the Finmeccanica share has risen in Piazza Affari by 60%.
In great evidence Fiat Chrysler (+3%). Credit Suisse started covering the stock yesterday with the Outperform recommendation, the target price is 18,3 euros. Sergio Marchionne, who personally kicked off the negotiations for the renewal of the Chrysler employment contract, said he will not make new offers to GM.
Still worth noting are StMicroelectronics +2,5%, Prysmian +0,2%. The other blue chips were positive: ?Enel +1,7%, A2A +1%, Atlantia +1,5%. Among the small caps, the run of Marconi Airport in Bologna continues +5% which debuted on Tuesday at its debut in Piazza Affari with an increase of almost 30%. Eurotech +4%.
