The Stock Exchanges bet on the next drop in European rates. The research offices of Rbs and Ubs are on this wavelength. The overall Stoxx600 index of the European Stock Exchanges thus gained 0,3% to 322, the highest level in the last five years (May 2008). In Milan, the Ftse Mib index closed the session gaining 0,76%.
The other continental stock exchanges recorded increases of 0,3-0,4% with only Zurich negative. the London Stock Exchange gained 0,4%, Paris +0,3%, Frankfurt +0,3%. Mdrid +0,36%. In this context, the new Btp Italia April 2017 was launched this morning, on offer from this morning with a guaranteed minimum annual coupon rate of 2,15%.
On the government bond market, the 10-year BTP is traded at a yield of 4,10% with a spread of 243, widening by 5 basis points. Yesterday morning the yield on the Spanish 4,024-year bond had risen on that of the Italian thanks to a better-than-expected manufacturing PMI, but in the evening the gap narrowed. The Spanish 3,999-year yield closed at XNUMX% from XNUMX%.
THUD OF BLACKBERRY, TWITTER RAISES THE PRICE
Asian stock markets are down in anticipation of the CCP plenum dedicated to economic reforms which will bring together top Chinese leaders from 9 to 12 November. List almost unchanged in Tokyo -0.05%, Hong Kong loses 0,6%, in line with Shanghai -0,5%. The US stock market moved little while awaiting the key data of the week, the trend of the labor market in October. The Dow Jones Index closed slightly up by 0,15% at 15.639,64 and the S&P 500 by 0,3% at 1.768, the Nasdaq up 0,37% at 3936.
From 1928 to today, according to statistics, the American stock market has risen 82% of the time in the months of November and December, when in the previous 10 months it had achieved a rise of more than 10%. On the currency market, the euro was at 1,3521 dollars, recovering from 1,3482 on Friday evening.
Twitter raised the price range for the IPO to $23-25 from $17-20. By putting 70 million titles on the market, the microblogging site thus aims to raise up to 1,75 billion dollars. This is what emerges from documents filed with the Securities and Exchange Commission, the American Consob. The placement price will be fixed on Wednesday and the debut on the NYSE will take place the following day, November 7th.
Collapse of BlackBerry - 16,34% after the failure of the negotiations for the sale and the resignation of the CEO. Instead, the Canadian smartphone maker will receive a billion-dollar injection by selling the equivalent of convertible debt to its main shareholder, Fairfax Financial Holdings, and other institutional investors. Last September BlackBerry had reached an agreement with the insurance group Fairfax Financial, willing to buy the group for 9 dollars a share in an operation worth 4,7 billion dollars. But Fairfax is struggling to raise the necessary capital.
It's not a good moment for Stephen Cohen, former king of Wall Street with SAC Capital Advisors but also, for years, absolute monarch of the contemporary art market. Yesterday Sac Capital, indicted for insider trading, was sentenced to a fine of 1,2 billion dollars which does not extinguish criminal offenses. Meanwhile, the sensational discovery in Munich of art treasures stolen by the Nazis in the last war threatens the prices of Cohen's paintings, forced to sell them to raise cash in the face of requests from the New York prosecutors and the Sec.
INDESIT +13% GOES TO WEDDING. TODAY THE PIRELLI ACCOUNTS
Industrial Italy loses another piece. Indesit soared 13% following the press release in which the company announced that the Merloni family is open to merger/aggregation hypotheses with other appliance manufacturers. At the end of the Pirelli list, -2,32% while awaiting the results for the third quarter which will be published today and the new industrial plan which will be presented tomorrow in London. The most interesting increases concern other industrial stocks: Prysmian gained 2,4%, StM +1,8%
AUTO, NEW BEAT ON THE ITALIAN MARKET
Fiat+2,6% recovering after the drastic fall of the last two sessions. Cnh Industrial +0,5% and Exor +3,5% also rebounded. But in the evening the news arrived that in October new car registrations in Italy fell by 5,58% compared to the same month a year ago to 110.841 cars. The Fiat group recorded a decline of 8,7% compared to October 2012, seeing its market share drop to 28,1% from 29,1% a year ago. Meanwhile, Unicredit is offering those who want to bet on the outcome of the negotiations with the Uaw on 41,5% of Chrysler a tool that offers protection in the event of a fall of up to 3,92 euros with a maximum profit limit of 6,83 euros.
SOCGEN LIKES ITALIAN BANKS
The banks closed in contrast despite Société Générale's decision to raise the target prices, as a consequence of the benefits deriving to Italian banks from the drop in interest rates and the revaluation of government bonds held in the portfolio. Unicredit rose by 1% with the target price raised to 6,2 euros. Entente +0,1%, Monte Paschi +1,2%. Banco Popolare -0,5% and Pop.Milano -2,9% went down. The latter stock is weighed down by fears of a possible postponement of the presentation of the new industrial plan caused by a longer-than-expected search for a new CEO following the resignation of Piero Montani. The bank's supervisory board will meet today to discuss the replacement.
Among the insurance companies, Generali +0,8%, Fondiaria-Sai +1,8%, Unipol +2,5%. The Azimut group +2,46% recorded a "record in October" net inflows, much higher than 300 million euro. This was stated by the president and managing director Pietro Giuliani, specifying that at the end of last month the assets exceeded 22 billion euros. The target of 27 billion at the end of 2014 has therefore been confirmed. With regard to the group's accounts for the end of the year, net profit will certainly be over 100 million and could go towards 160.
SAIPEM GOES ROCKET. GS BETS ON TELECOM
Rocket climb Saipem runs up 5,2%. The parent company Eni reports an increase of 0,4%, held back by the downgrade of Morgan Stanley which lowered the recommendation to "equal weight" from "overweight". Strong increase also by Telecom Italia +2,1%. Goldman Sachs confirmed the "buy" recommendation, the stock remains in the favorites list. The target price is set at 0,93 euro. Enel rose by 0,3%. Also noteworthy is the leap by Poltrona Frau, +3,7%. The group closed the first nine months of the year with revenues of 192,5 million (+12,3% annually), much better than the consensus placed at 129 million. Net income also beat expectations, rising from 3 to 7,5 million. The meeting with the shareholders is scheduled for today. Yoox +4,1% and Astaldi +3,4%.
