All in front of the video. Or the ear glued to the radio as in the times of "All football minute by minute". Today the count in Parliament for or against the Letta government will dominate the attention of Piazza Affari and debt market managers, at all latitudes.
Already yesterday Piazza Affari, in tow of the craziest politics on the planet, experienced a "historic" day, or at least from other times when, before global finance, the price list depended on the fate of Palazzo Chigi.
At 17 pm The Italian Stock Exchange closed its doors with a memorable surge: +30%, to 3,11 points after the PDL senator, Carlo Giovanardi, stated: “we have the numbers, we are even more than 17.977 , and we are firm in wanting to maintain the balance of government. This is why we will vote for trust". Meanwhile, the rift has widened. Meanwhile, the gap between Silvio Berlusconi and Angelino Alfano widens after the face-to-face at Palazzo Grazioli. "I remain firmly convinced that tomorrow our entire party must vote for Letta's trust, there are no groups and small groups", were Alfano's words.
The other markets follow at a great distance: Paris +1,2%, Frankfurt +1,1%, London unchanged.
The Bund/Btp spread suddenly reduced by 17 basis points, falling to 261. The yield of the ten-year Btp (from today calculated on the new benchmark as of 2014) drops to 4,41%.
In short, the signal leaves no room for any doubt: Silvio Berlusconi's lunge against the executive is rejected across the board, in Italy as well as by international investors.
Will it be enough to avoid other rollovers or backlashes? Having made the due exorcisms, there is no certainty.
TOKYO DOWN, WALL STREET NOT AFRAID OF SHUTDOWN
Tokyo retreats this morning on the wave of the strengthening of the yen. Hong Kong and other open Asian markets are growing. In fact, the Chinese stock exchanges will remain closed until October 8 due to public holidays.
Positive closing for the American Stock Exchange. On Wall Street, which had seven declines in the last eight sessions behind it, the Dow Jones rose by 0,4%, S&P +0,8%, Nasdaq +1,23%.
The lack of agreement in Congress on the federal budget does not scare the markets too much, which had partially foreseen it.
As of yesterday, around 800 employees of non-essential government agencies have been at home without pay. Growth is expected to slow to 1,4% in the fourth quarter.
Among the activities closed also the statistical offices of the Department of Labor which on October 4th should release the crucial data on the trend of employment.
APPLE: ICAHN ASKS FOR 150 BILLION BUY BACKS
Carl Icahn does not deny himself. The raider, a shareholder of Apple for a few months, let it be known that he had a "very cordial" dinner with Tim Cook, the CEO of Apple. He wonders if Cook is of the same opinion. During the meeting, Icahn solicited a new buyback in favor of shareholders for 150 billion dollars.
Contrasting notes from the labor market. Merck, the second largest US pharmaceutical group, rose by 2,4% after announcing that it will lay off 8.500 employees out of a total of 83.
Amazon+1,4%. The online sales company announced that it will hire 70.000 full-time seasonal workers in the United States ahead of the holiday season to meet an expected 40% increase in demand compared to December 2012. Another 15.000 seasonal workers will be hired in United Kingdom.
Amazon has 89.000 employees but at much lower per capita income than Merck pharmaceutical employees.
MILAN. RECORD BANKS, LEAN AGREEMENT IN MEDIOBANCA
Ubi + 6,31%, Banco Popolare + 5,45% Bper + 4,15% bpm +4,16%, The weakest is Ps + 1,41%.
Unicredit +5,65%. JP Morgan confirmed the overweight recommendation and the target price of 5,51 euro due to the positive trend in asset quality and the cost of credit.
Recover Understanding +5,7% on the day in which Carlo Messina entered the management board as managing director. During the meeting, the restructuring plan of Carlo Tassara was approved. The new managing director, however, did not participate in the afternoon meeting of the supervisory board which addressed various technical issues related to the bank, as was foreseen on the agenda. The theme of the change in governance has not been addressed also because on this issue, despite the pressure from Bank of Italy, the shareholder foundations still have different positions.
Ubi + 6,3% Banco Popolare + 5,4% Unicredit + 5,6%.
Mediobanca +4,07% on the day in which the pact narrows to 30,5%. After Fondiaria, Generali and, in part, Italcementi, Marco Brunelli (Iper) and Groupama have announced the cancellation. The French company exits the Mediobanca pact, but announces that it does not intend to sell its stake, equal to 4,93%.
Generali +2,3%. Vincent Bollore' leaves his positions in Generali, but confirms the presence in the shareholding structure of the Trieste company and above all of Mediobanca. 'In order to devote more time to Vivendi in which he has just been appointed vice president, Vincent Bollore' will leave his positions as vice president and director of Assicurazioni Generali', indicates a statement released from Paris, specifying that 'the the Bollore group remains a shareholder of Generali and Mediobanca where it represents the group of foreign shareholders with 1% of the capital and with a stake in the bank equal to 11% and destined to rise to 6%.
Fondiaria Leaves+ 4%.
FLY TELECOM. MINUCCI (TELCO) TOWARDS THE PRESIDENCY
Telecom Italy marked an increase of 5,1%.
The stock therefore remains in the spotlight pending Thursday's board meeting, in which the chairman Franco Bernabe' will resign. Once the danger of a capital increase so feared by the market has been averted, attention is turned to the industrial plan and the decision by Moody's, which could cut the Telecom debt rating to junk. Goldman Sachs then restarted coverage of the TI share with a buy rating and target price of €0,76 on ordinary shares and €0,65 on savings shares.
For the possible replacement of Bernabé, Massimo Sarmi's candidacy loses share, at least for the moment. The bridging candidacy of Aldo Minucci, already number one at Telco, a veteran of Generali is looming>
FLY THE DOUBLE AUTOGRILL. DATES MEDIASET
Finmeccanica gained 6,1%. The sale of Ansaldo Energia to the Korean Doosan (40%) and to Fondo Strategico Italiano (20%) controlled by Cassa Depositi e Prestiti now seems to be finalised.
Fiat + 4,4%.
In September, the Italian car market limited the slowdown to 2,9% to 106.363 units compared to a year earlier with the Fiat group which did worse than the market, marking a decline of 11,7% to 29.253 units and a share dropped to 27,5%, from 30,24% a year earlier.
Silvio Berlusconi's political defeat is good for Mediaset + 5,5%.
Shopping boom for Rest +7,93% to 6,26 euros after the split with World Duty Free, the company operating in airport concessions which this morning debuted on the Stock Exchange at 7,2 euros and ended the session at 7,9 euros.
Prysmian rose by 3,59% to 18,75 euros after signing a framework agreement with the Brazilian oil company Petrobras for the design and supply of offshore oil extraction systems for a total value of approximately 260 million dollars.
Parmalat trade ended in parity at 2,476 euros: the Parma prosecutor's office requested the revocation of the company's board of directors and the appointment of a judicial administrator.
Don't join the party Luxottica +0,31% after Deutsche Bank confirmed the hold recommendation and the target price of 35,5 euros despite having lowered the 2013 sales estimates by 3% and those of the EPS by 7%.
Citigroup reduced its target price by Snam +0,53% from 3,5 euros to 3,2 euros, confirming the sell rating. According to experts, the dream of a gas hub in Italy seems over.
Enel + 3,4% A2A + 4,5% Eni + 2 %
