The revenge of the US markets after the black Wednesday of technology has succeeded in half. Apple, which started with great momentum, exhausted the push of the Bull during the session, until closing with a new slight decrease. The Apple, according to Wall Street, will not be the main protagonist of Thanksgiving shopping for the first time. The redemption operation, on the other hand, was successful in Europe: the markets took note of the expected rejection of the Italian maneuver pending the next, foreseeable passages of the Italian crisis: very few believe that Prime Minister Giuseppe Conte will be able to convince Jean-Claude Juncker at Saturday's dinner on the virtues hidden in the Italy plan. Above all, the Italians who do not believe it are the Italians who, for the first time, have deserted the offer of the Btp Italia en masse. More uncertain is the approach to the meeting at the end of the month in Buenos Aires between the two Greats, Xi Jingping and Donald Trump. The news that Peter Navarro, the hawk of sanctions against Beijing, will not be part of the US delegation bodes well.
OIL BOUNCES, SAIPEM FLAT
The lists, today orphaned by Wall Street, cautiously open the day in Asia:
Chinese Stock Exchanges fell: Shanghai -0,8%, Hong Kong -0,4%. The markets of the Far East more closely linked to the hi-tech production cycle are struggling to recover. Foxconn, Apple's main supplier, announces robust cost cuts to deal with falling demand.
Better Tokyo (+0,4%), supported by the recovery of the dollar against the yen.
The recovery of oil is also slowing down, even if prices are higher than the lows reached on Monday: Brent trades at 63,30 dollars, the Wti at 54,72.
The rebound in crude oil favored buy orders on Eni (+1,2%), Saipem (+0,38%) and Tenaris (+1,9%) in Piazza Affari.
ONLY FOOT LOCKERS RUN IN WALL STREET
Weak finish on Wall Street today stopped (half service tomorrow) for the great shopping ritual. Flat the Dow Jones, S&P 500 +0,30%. The Nasdaq recovers 0,9%.
The energy sector partially recovered +1,6% (but -6% on Monday), only consumer stocks shine: Foot Locker +14,9% followed by Gap and Nike.
EUROPE INTERRUPTS ITS DESCENT, THE SPREAD IS SHORTENING
The euro-dollar cross is at 1,141, +0,2%. The Eurostoxx 50 future opened at -0,19%.
The rejection was obvious. But the choice of the EU Commission not to immediately start the infringement procedure against Italy, despite being guilty of a "particularly serious" infringement, eased the tension on the European markets: the Eurostoxx was thus able to rebound , interrupting a series of 5 drops in a row (8 negative sessions out of 9). Importantly, the rebound also involved credit, with discrete falls in spreads on high yield and financials both in the US and in the Eurozone. The combination of the effects of Brussels' wait-and-see attitude with the general sentiment allowed the Italian paper to reduce the spread by 17 points on the Bund, supported in any case by the many fears that dominate the markets.
BUSINESS PLACE +1,4%. OECD CUTS GROWTH ESTIMATIONS
Piazza Affari scored a rebound of 1,41%, index at 18.731 points.
The OECD has cut its growth estimates for our country to 0,9% on an annual basis both in 2019 and in 2020. In the meantime, the deficit and debt should not decrease, with the debt/GDP ratio expected to remain constant to 129,9% in 2019 and 2020. The state budget deficit is expected to amount to 2,5% of GDP in 2019 and 2,8% in 2020.
Other European lists were also robust, encouraged in the afternoon by the performance of the US markets: Frankfurt +1,6%; Paris +1,03%; Madrid +1%; London +1,52%.
THE SPREAD GOES DOWN, BUT BTP ITALIA FLOPS
The Italian secondary market absorbed without trauma the news of the EU decision, which was widely awaited and already priced on by the market. After the announcement, the differential between Italian and German paper on the ten-year tranche narrowed to 310 basis points.
In the finale, the spread stood at 311 bps, 17 points below yesterday's close, and the 3,5-year yield fell below 2%. On the 1,13-year yield falls in a single session to 1,40% from 27% at the previous close (-XNUMX basis points).
In this context, the last day dedicated to retail for the new Btp Italia November 2022 took place, which received a cold welcome from savers. On the third and final day, funding dedicated to retail registered orders for just 140,6 million, bringing the three-day total to just over 863 million, thus updating the first three days of the June 2012 issue downwards (975 million ). Today the day will be dedicated to institutional investors who could make this placement avoid the last place in the history of the Italian BTP, so far set at 1,73 billion in total.
BANCO BPM LEADS CREDIT COLLECTION
It was the banks that led the recovery of the price list. At the head of the platoon Banco Bpm (+7,62%). Despite the denials, the hypothesis of a merger of the institute with Cattolica Assicurazioni - 1% finds credence. The November 29 board of directors could ratify the transfer of consumer credit to Credit Agricole on consumer credit. The operation has a value of 500 million.
Unicredit is also on the rise (+1,88%): the possible split between the bank's Italian activities and foreign ones is being examined by the top management. A day of rebounds also for the other banks: Bper + 3,61%, Mps +3,48%, Ubi +2,9% and Intesa +2,83%.
Carige unchanged: yesterday afternoon the board of directors proposed the split of the shares in the ratio of 1 to 1.00. Send the terms of the 400 million euro bond to be defined.
THE GENERALI PLAN HAS BEEN PROMOTED, ENEL'S MARCH CONTINUES
Positive market response to Generali business plan to 2021 (+0,88%) which provides for an annual growth in earnings per share of 6-8% and the allocation of 55-65% of profits to dividends.
Enel's march continues (+1,33%): Mediobanca Securities has raised its rating to outperform after the presentation of the three-year industrial plan, which foresees an Ebitda target of between 17 and 18 billion in 2019-20 against 16 billion today, a minimum dividend for three years of 0,32 cents, against a profit of over 5 billion and a total of 27 billion in investments .
Poste Italiane (+3,29%) and, among industrialists, Brembo (+3,05%) also made money.
RCS QUOTES BLACKSTONE WHO SPEAKS OF "Blackmail"
Piaggio +0,8%. The company is studying an innovative product in the field of electric mobility and intended for the Chinese market, the most important in the world for ecological scooter volumes. The project follows the launch of the electric Vespa in Europe, which will be accompanied, in the coming months, by the marketing of the vehicles in the United States and the rest of Asia.
Vola Tiscali (+11%) supported by the sale of assets to Fastweb.
Sale Rcs Mediagroup (+6%), in dispute with Blackstone. Urbano Cairo decided last week to appeal to arbitration to request the annulment of the 2013 sale of the buildings in via Solferino for 120 million. The US fund allegedly obtained a price significantly lower than the market conditions of the time by exploiting the fact that the seller was notoriously in a situation of financial difficulty. Blackstone, speaking of an impromptu dispute and with the flavor of "blackmail" in turn sued RCS in the New York court on charges of having blown up the sale of the properties in question to Allianz.
