FIAT AND ENEL EXPLOIT THE FALL IN RATES
THE EURO RISES UP, TOMORROW THE 12-MONTH BOT AUCTION
Calm day for Bags, on the day of the American Veteran day.
In Milan the index Ftse Eb rises by 0,77% to 19107.
Il yield of the BTP is 4,11%, drops by two basis points. The yield on the Bund also fell to 1,73% (-2 basis points). Portugal's bond yield drops 12 basis points to 5,89% after Moody's raises its outlook.
Auctions of Italian BOTs and BTPs are scheduled for tomorrow and Wednesday. In particular, tomorrow the Treasury will place 6,5 billion 1-year BOTs on the market, while Wednesday it will issue 2,5-3 billion 3-year BTPs and 1-1,5 billion 30-year BTPs.
Positive changes also for London +0,3%, Paris +0,68%, Frankfurt +0,33% and Madrid +0,48%.
In Europe, the largest negative change is that of mining companies (Stoxx -1%). The most important increase is that of technology (Stoxx +0,7%).
THEeuro trading at 1,340 from 1,336 at the close.
In Use, investors pull the oars in the boat to coincide with the Veterans Day holiday in which government offices and bond markets are closed.
The Dow Jones rose 0,09%, the Standard & Poor's 500 0,02%, the Nasdaq fell 0,14%.
The price lists await enlightenment from the interventions of the members of the Federal Reserve: tomorrow both Dennis Lockhart of the Atlanta Fed and Narayana Kocherlakota of Minneapolis will speak but, above all, Ben Bernanke himself will take the field. Finally, on Thursday, the first Senate vote on the appointment of Janet Yellen to the top of the central bank.
The best title was Fiat +2,55%. Bank of America Merrill Lynch has removed it from the list of automotive stocks to avoid. Enel +1,4% also benefits from the drop in the discount rate.
CNH Industrial loses 0,8%. Berenberg cut the target price to 6,35 euros.
Finmeccanica – 0,5%: this morning Equita cut its target price.
In Milan, there was also the center of attention Telecom Italy, up 1,76%. Today a board meeting was held on the sale of its stake in Telecom Argentina. Up in San Paulo Tim Brasil +3% after four negative sessions in which he lost about 10%, in a market that is once again thinking about a possible sale.
Stm +1,43%.
Unicredit +1,2%pending the budget accounts.
Banca Popolare di Milano salt by 1,21%. The Management Board has convened the ordinary shareholders' meeting for 20 and 21 December. Monte Paschi +1,13%.
Intesa +1,76%, Ubi Banca +2,17%.
Azimuth loses 2,17%, after launching an offer of subordinated bonds convertible into treasury shares for a nominal amount of 250 million euro and maturing on November 25, 2020. To service the conversion (at a premium of 30/35% compared to the weighted average price) use treasury shares up to 7,7% of the capital while it is possible that it may issue newly issued shares. For Intermonte it is an "unexpected announcement that seems to indicate "probable M&A operations in Italy of significant dimensions".
The asset management company announced this morning the launch of a 250 million euro convertible bond with a six-monthly coupon between 1,625% and 2,125%. Bank of America Merrill Lynch cut judgment this morning.
Atlantia unchanged%. Kepler Cheuvreux raises the target to 18 euros from 17 euros.
In the luxury sector, Luxottica lost 0,56%, Tod's 0,72%. Ferragamo rises by 0,96%.
Mediaset loses 1%.
Sale Hey Towers +1,23% to the highest since January 2008 driven by potential M&A (including the purchase of Telecom Italia towers). Berenberg has raised the rating to “buy” from “hold”.
Kinexia flies out of the main basket +24,03% after the announcement of an extraordinary dividend.
