From 22 October, the date of the last meeting of the ECB, to today, Mario Draghi and his collaborators have intervened at least nine times (the calculation is by Giuseppe Sersale of Anthilia) to anticipate new expansionary measures to be adopted on 3 December. The latest injection of adrenaline was given yesterday: the Reuters agency reported that the ECB is considering the idea of applying penalizing and increasing rates on the liquidity parked in Frankfurt with respect to the amount of deposits. Furthermore, the possibility for the Central Bank to purchase the non-performing loans of the banks is also being examined. Draghi's activism, who will have to be careful not to disappoint the markets' electric expectations, explains the divergent trend of the markets.
WALL STREET HOLIDAYAGER, ASIA I CLIMBED
Flat Wall Street, stopped today for the Thanksgiving holiday (tomorrow, the start date of Christmas shopping, trading will close at 13): Dow Jones +0,1%, S&P 500 -0,01%, Nasdaq +0,26, XNUMX%. To be noted, together with some comforting macro data (decrease in unemployment benefits, increase in houses under construction), the rebound of Pfizer and Allergan, already punished after the announcement of the mega merger.
Asia was positive, thanks also to the easing of tensions between Russia and Türkiye. Oil, the most sensitive thermometer of geopolitical risks, dropped to 45,5 dollars in the Brent version (last trading this morning at 46,25). Tokyo rises by 0,6%, Hong Kong +1%. Plus sign also for the Chinese Stock Exchanges. In Sydney, the shares of the law firm Slater & Gordon, which specializes in lawsuits for car accidents, fell by 54%: the financial illustrated yesterday in London by David Cameron provides for a cut in reimbursements for accidents.
MILAN RUNS, TODAY BOTS SIX MONTHS BELOW ZERO
Electric European markets under Draghi's impetus. The Milan Stock Exchange rose by 1,8%, Paris +1,5%, Frankfurt +2,1%, London +0,9%. The exception is Madrid, only +0,2%, held back by the bankruptcy of Abengoa (renewable energy) destined to weigh on the banking system. The trend should continue this morning at the opening. Futures report: London up 12 points to 6,349; Paris + 9 points to 4901; Frankfurt +12 bp to 11.181.
Government bond yields are down sharply. The 10-year BTP fell to 1,42% with the spread on the German Bund down to 95, despite the parallel drop in German bond rates: the Schatz, the 2-year bond, fell to -0,42 %, new all-time low. The Ctz of 30 August 2017 was assigned yesterday in an auction at 100,167 with a yield, another historic low, of -0,095%. Today the offer of 5,5 billion Bots in 6 months is scheduled.
The euro plunged yesterday to a low of 1,057 to recover in the evening to 1,063, unchanged compared to the previous close: a clear signal that Wall Street does not like the widening of the gap between the European and American markets. The ECB also announced that from 27 November to 21 December bond purchases will increase to take advantage of the better market conditions expected in the first part of December.
FINMECCANICA, SECURITY HOLDING COMPANY, RUNS
Among the topics of the day yesterday in Piazza Affari, the rise of Finmeccanica stands out, which gained 4,1%. Yesterday the Italian government announced the allocation of one billion euros in security policies, half of which are destined for the defense system. The Holding also operates with its companies in the spending areas envisaged by the plan. The subsidiary Selex ES, which creates systems for national security, the protection of the territory, urban centres, critical national infrastructures, major events and areas at risk, should intercept a portion of the funds that will be allocated by the Italian government.
CNH RISES AGAIN IN JOHN DEERE'S FOOT
CNH Industrial was the best blue chip yesterday thanks to a gain of 5,4%, to 6,53 euros. The title accelerated after the publication of the results of the competitor Deere (+4,8%). The agricultural machinery manufacturer based in Moline, Illinois, announced that the fourth quarter of its fiscal year, which runs from August to October, closed with net revenues down from 8,04 billion to 5,93 billions of dollars but, thanks to the drop in costs, the negative impact was less than expected. Fiat Chrysler +0,9%, StM +1,4%.
ENI/ENELM RAISING THE TWINS. BRAKING ONLY TENARIS
Eni rose 1,8% yesterday, Tenaris lost 0,2%, the worst stock in the Ftse Mib basket: part of the decline is explained by the strength of the dollar. Enel advances (+1,9%). The company has fixed the value of the exchange for the merger of the subsidiaries Endesa Américas and Chilectra Américas into Enersis Americas. The drop in interest rates helps Snam (+1%).
FLY THE MANAGED. AZIMUT SHOPPING IN AUSTRALIA
Asset management companies shine, favored directly, through the system of calculating commissions from stock market increases. In October, the industry recorded subscriptions of 5 billion euros against the 8,7 billion euros collected in September. Since the beginning of 2015, the balance has stood at approximately 126 billion, one step away from the record of 2014 (128,6 billion). Total assets reached a new all-time high at €1.816 billion.
Anima Holding advances by 4,5%: since the beginning of the year the share has recorded an increase of approximately 105%. Azimut, which announced it has secured another small acquisition in Australia, was up 3,9%. Mediolanum +2,2%. The Italian banks are doing well, less dependent than the French and German ones on deposits with the ECB. Intesa closed up 2,3%, Monte Paschi +1,3%, Unicredit +2,2%. Generali rises by 1,4%.
BEN AMMAR: "PATUANO HAS THE CONFIDENCE OF BOLLORE'"
Telecom Italia closed yesterday up 1,7%. To ease the tensions of the eve, the usual Tarak Ben Ammar took care of it. Leaving the board meeting, the financier declared: “Patuano has my trust. It appears to me that he has the trust of the entire Council, including Bollore ”. In the evening a note from the company announced that the agenda of the meeting of 15 December has been integrated next, as requested by Vivendi. The work agenda was therefore updated for the ordinary part with the appointment of four new directors, after bringing the number of directors from the current 13 to 17. In responding to the funds that had criticized Vivendi's request to join the board, the Board replied that the French request is "legitimate" and that "the suitability of the candidates appears indisputable".
THE RECOVERY OF ASTALDI CONTINUES.
The recovery of Luxury should also be noted: Luxottica +1,7%, Ferragamo +0,8%. Among the medium caps, Astaldi made a leap (+7,5%). Banca Imi strengthened the already positive recommendation on the share of the motorway construction and concessions group, bringing it to Buy from the previous Add. The target price was instead cut to 8,85 euro from 10,80 euro. In two sessions in mid-November, Astaldi had lost a third of its capitalisation.
