BANKS UNDER FIRE, US STANGATA ON CREDIT SUISSE. BENETTON (AND THE CAR) LIMIT THE DAMAGES TO THE BUSINESS
Asian stock exchanges gain share, despite the climate of civil war in Thailand and the escalation of tensions over espionage between Washington and Beijing. The Tokyo Stock Exchange is up, as are Chinese stock exchanges. Tomorrow the governor of the Bank of Japan, Kuroda, is likely to reiterate a "dovish" view.
Awaiting the most important macro data (starting tomorrow with the publication of the Fed minutes), it was also M&A day on Wall Street: Dow Jones index closed up slightly (0,12%), S&P 500 +0,41 .0,81%, better than the Nasdaq +5% (up by 4 and XNUMX% for Tripadvisor and Netflix shares), in the wake of the probable risk between TV and TLC triggered by the At&t-Direct TV operation.
DEUTSCHE BANK RISE, FRANKFURT PLAY QATAR CARD
The stock exchanges of Paris and Frankfurt rose by 0,3%, London fell by 0,1% weighted by the collapse of AstraZeneca, which finished down by 11% after rejecting the latest bid by the American competitor Pfizer (+1,9, 0,4% on Wall Street). Madrid closed down XNUMX%.
In Europe, the stocks with the greatest decline are banks (Stoxx of the sector -0,7%) and insurance companies (-0,3). The best sector is the automotive sector, which finished up 0,7%. The troubles of Crédit Suisse, found guilty by US judges of active collaboration with tax evaders, contributed to complicating the march of the financials. It is the heaviest sentence (2,8 billion) inflicted on a bank for twenty years now.
Also strong was the impact of the announcement of the capital increase of 8 billion by Deutsche Bank -2%, accompanied by the entry of the Qatari royal family. This accelerates the race to secure new members for the same tests. Meanwhile, the EBA warns banks not to abuse the use of innovative instruments, such as coco bonds, to be avoided in relations with retail.
THE SPREAD GOES UP. COLLECTED ONLY AFTER THE VOTE
A day of high volatility for Piazza Affari, weighed down by the spread and sales on bank stocks. The Milan Stock Exchange, thanks to the recovery of industrial stocks, however closed in substantial parity, after falling sharply towards the middle of the session. The FtseMib index ended the day down by 1,6%, but the movement must be purged of the "ex-dividend" effect which weighed on around 1,5%.
On the government bond market, sales on BTPs continued today, losing part of the gains of recent months: the ten-year bond finished the session with a yield of 3,14%, from 3,06% on Friday evening. The spread with the Bund widened to 180 (+7 basis points).
“It will be quite a difficult week. For the medium term, i.e. for a horizon of three months, we continue to remain positive”, commented Marco Brancolini, strategist at Royal Bank of Scotland, to Reuters. “Three months from now, we have a target on the 10-year spread of 100 basis points and we are maintaining it”. "The US and London markets will be closed next Monday so it is likely that between Thursday and Friday foreign hedge funds will make other realisations," explains a government bond dealer. This explains the lack of desire to buy.
THE RAIN OF DIVIDENDS DOES NOT REVIVE MILAN
The percentage data is distorted by the detachment of the coupons for 47 companies which distributed just over 7 billion to shareholders. The list includes:
Ansaldo, Generali, Atlantia, Azimut, Banca Finnat, Banca Generali, Biesse, Bolzoni, Bonifiche Ferraresi, Brunello Cucinelli, Buzzi Unicem, Caleffi, Caltagirone, Campari, Cattolica Ass., Cembre, Cementir, Credito Emiliano, DiaSorin, El.En. , Enel Green Power, Eni, Erg, Falck Renewables, Gtech, Igd, Indesit, Interpump, Intesa Sanpaolo, Luxottica, Mediolanum, Mid Industry Capital, Parmalat, Ratti, Saipem, Salvatore Ferragamo, Sat, Snam, Sol, Tenaris, TerniEnergia, Tod's, Txt, Ubi Banca, UniCredit, Unipol, UnipolSai, Vianini Industria, Vianini Lavori. The percentage changes shown are net of the coupon.
DIFFICULT DAY EVEN FOR THE MANAGEMENT
The balance of the day is negative for financial stocks. Understanding fell by 0,1%, MontePaschi lost 0,2%, Unicredit -1,5%. Drop content for Popular bank -0,6% Ubi -0,6% and Mediobanca -0,3%. Insurance companies are also targeted by the sellers: Generali -1% UnipolSai -1,8% Mediolanum -0,1%.
ETIHAD EFFECT, BENETTON SHINES
Great day for the Benetton team. Among rising stocks, World Duty Free rose 1,8%: Citigroup raised its recommendation to Buy from Neutral. Atlantia it gained 2,2% ahead of a successful conclusion of the sale of Alitalia to Etihad. Goldman Sachs has raised the target price to 23 euros. Rest marks a progress of 1,5%.
CARS AND STM RISE AMONG THE BLUE CHIPS
Even in Milan the car stocks moved well: Fiat rose by 1,3%, Pirelli +0,6%. Brilliant Brembo +3,2%. The other industrial stocks were also positive: Finmeccanica gained 1,5%, Prysmian + 0,3%. StM +2,2%, even if nothing new emerged from the meeting that the company held with analysts. "However, the management made a solid presentation and confirmed all targets," explained the experts of Exane Bnp Paribas.
Eni closed unchanged, a positive result considering the chaotic situation in Libya. The other oil companies have gained Saipem +1,2% and Tenaris +1,8%. Negative closure for Enel -0,8%, while A2A marked an increase of 1,8%. Telecom Italy it fell by 0,5%.
OK DAY FOR DELLA VALLE: TOD'S EE RCS UP 4%
Among the luxury stocks, the rise of stands out Tod’s +4,4% and the fall of Yoox -3,4%. Rcs scored a rise of 4,5% to 1,45 euros, supported by the rumors of the weekend that hypothesized an integration with Cairo Communications. Positive too Gtech + 0,6%.
