STOCK EXCHANGES IN BRAKING WAITING FOR US DATA. MILAN -2,43%
YELLOW FROM CANNES: ITALY OBSERVED IN THE IMF SPECIAL?
The Dragons effect fades. In the middle of the session, the stock markets of the Old Continent slow down. In Milan, the FtseMib index dropped around 15:30 by 2,43%. The Parisian Cac scores -0,07%. The stock exchanges are awaiting the results of the Cannes summit. But today's session will above all be conditioned by data on the US labor market which will be announced at 13.30 pm Italian time. Consensus estimates forecast the creation of 95 new jobs in the non-farm payrolls sectors, slightly lower than the 103 units recorded in September.
The euro strengthened to 1,384 against the dollar from 1,382 at yesterday evening's close. Oil slightly up to 94,8 dollars a barrel (+0,8%). The fever on BTPs cools down, but not by much: the yield remains at 6,15%, while the spread with the Bund drops to 426.
The declarations of Barroso, the president of the European Commission, bounce from Cannes. He confirms that Italy has requested monitoring by the International Monetary Fund. The news immediately had a negative effect on Piazza Affari.
BANKS IN THE SPOTLIGHT: COUPON IN SIGHT FOR AGREEMENT
ARABS AND CHINESE FOR UNICREDIT. THE BPM LANDSLIDE CONTINUED
The banking sector remains at the center of attention on European stock exchanges. This morning Commerzbank (-6%) announced, like indeed yesterday Bnp Paribas, the devaluation of the Greek securities in its portfolio. Also in Piazza Affari the banks are the protagonists of the session: Intesa rises by 0,68% against Unicredit +0,18%, Ubi +1,62%, Popolare dell'Emilia +2,36%. Exchanges on Unicredit are intense. The next board meeting of 12-13 November dedicated to the new industrial plan and the capital increase is in the spotlight. Federico Ghizzoni's surveys among institutional investors are bearing their first fruits: according to Il Messaggero, two sovereign wealth funds, the Qatar Investment Authority and the Chinese CIC, are said to be interested in buying a stake in the bank by subscribing part of the next capital increase. It is easy to predict that similar rumors will chase each other in the coming weeks, as well as the numbers on the recapitalization, the third in three years. The figure varies between 4 and 7 billion depending on how the cashes, which are high-yield bonds issued with the capital increase decided in autumn 2008, will be calculated by the EBA. Intesa is also on the rise.
In this case the statements of Giuseppe Guzzetti play an important role. The president of the Cariplo foundation who revealed on Thursday evening that "the managing director of Intesa has already set aside the amount necessary for the 2011 dividend". In the morning it seemed that the landslide in Piazza Meda had finally stopped. Indeed, for the first time since the start of the capital increase, Pop. Milan started the session higher. But at 12 the trend reversed: now the stock is down 3,18%.
BUZZI QUEEN OF INDUSTRY. A BUY FOR ENEL
THE OPTIMISTIC ANALYSTS ON THE TELECOM ACCOUNTS
Interest returns to Telecom Italia +1,37% on the eve of the week of accounts. Attention to the Italian telecommunications giant was revived by an article in "Il Mondo", which was immediately denied. According to the weekly, the French Vivendi presented an offer to Telefonica to acquire the 46% held by the Spanish company in Telco, the holding company that controls Telecom Italia. In any case, expectations are growing for the accounts relating to the third quarter, which will be released on Thursday 10 November. According to the Thomson Reuters consensus, Telecom Italia should report growing results: revenues are forecast at 7,5 billion euros compared to 6,77 billion in the same period last year, Ebitda is seen at 3,15 billion from 2,74 737 billion while net income should grow to 662 million from the previous XNUMX million euros.
An improvement is also expected on the domestic market, the Achilles heel of the group led by Franco Bernabè, which could show a drop of 4-5% after the -7% of the second quarter of 2011. Among the other topics of the session Positiva Buzzi, up 4%. Fondiaria-Sai is up 2%, while Generali is unchanged, after JP Morgan lowered the target price to 13 euros from 16 euros. Atlantia rises by 0,1%. Enel is up 1,4%, Morgan Stanley has restarted coverage with a buy target price recommendation of 3,90 euros. Among the industrials we note the declines of Finmeccanica -1,5%. Fiat Industrial +0,4%. After yesterday's leap (+14%) Tenaris falls by 1,8%. Lottomatica is down -2,6% after a brilliant start in early trading.
