CHINA RUNNING AGAIN, HURRICANE SANDY CUTS US GDP
CAMFIN, THE WORD TO THE REFEREES. FIAT CONSOLE WITH INDUSTRIAL
China is back on the run: for the second month in a row the manufacturing activity index is recovering. On the contrary, in October the indicator at 50,2 crossed the 50 level upwards, ie the boundary that separates contraction from expansion. An excellent signal one week before the start of the party congress
Slow recovery, however, in New York: Dow Jones -0,08%, S&P +0,02%, Nasdaq -0,39%
Five days after the vote, the US is assessing the impact of hurricane Sandy on the economy. Beyond the damage, there is to consider a lower production of goods and services in the fourth quarter of 2012 equal to about 25 billion dollars, says the economist Gregory Daco of the research company IHS Global Insight. This means that in the fourth quarter GDP growth could slow down to a rate between +1% and +1,5%, against a previous forecast of +1,6%.
After a morning of widespread increasesthe European markets, with the exception of Milan (FtseMib index up by 0,1%), retreated in line with US price lists. The L Stock Exchangeondra fell by 1,1%, Paris -0,8%, Frankfurt -0,3%.
ASIA
Tokyo up 0,16%, Hong Kong up 0,60%.
In Japan we are witnessing, on the day of the quarterly, the collapse of consumer electronics. Panasonic posts a 19% loss, the worst drop since 1974. At the end of the session, Sony's accounts fell on the market (-2,3% before the announcements): the giant lost 15 billion yen in the quarter.
The data arriving from China is quite different: for the second month in a row the index of manufacturing activities is recovering. On the contrary, in October the indicator, at 50,2, crossed the 50 level upwards, ie the boundary that separates contraction from expansion.
AMERICA
The earnings season has had its busiest days. Yesterday, 24 companies gave their third quarter numbers. So far, 72% of companies reporting data have reported earnings above market expectations, according to a statistic compiled by Bloomberg.
Of note is the announcement of the entry of the raider Carl Icahn in Netflix +13,88% with a share of 9,98%, taking advantage of the drop following the rumors that Microsoft would have given up on taking over the main renter of films and TV series via the Internet.
The auto sector holds the table: after the better than expected results Ford +6% and General Motors + 8%.
Misses on the contrary Walt Disney -2%, after the acquisition for 4 billion dollars of Lucas Film, the production house of Star Wars and Indiana Jones. Disney has announced the release, in 2015, of Star Wars number 7, the start film of a new trilogy.
Same discount for Apple – 2% after the purges at the top decided by CEO Tim Cook in response to the misstep of the maps, full of errors, loaded on the iPhone.
EUROPE
The renewed uncertainty about the "greatly ill" Greece influenced the market performance. The Eurogroup, the assembly of EU finance ministers, met today and reached an agreement on granting Athens more time to achieve the public budget consolidation objectives, but the ministers returned to discussing with differing opinions on the need for a new one writedown of the Greek public debt. Furthermore, in Athens the majority parties do not agree on the new austerity measures agreed with the Troika.
In any case, during October, the yield on the ten-year Greek bond fell from 19,2% at the end of September to 17,20%.
Conversely, the yield on the 1,44-year German Bund rose from 1,49% at the end of September to XNUMX%.
Driving stocks in Europe were some particularly disappointing quarterly results. In London British Natural gas it fell 13% as it provided a forecast for falling production next year.
In Amsterdam ArcelorMittal, the world's largest steelmaker, fell 6,4% after reporting its lowest quarterly profit in three years on top of a dividend cut.
ITALY
The BTP was stable with a yield of 4,94% and a spread of 347.
During October, the yield on the BTP fell from 5,06% at the end of September to 4,94% yesterday, or 12 basis points.
Worst blue chip Milanese is Fiat -4,3%, grounded by the pronouncements of the brokers following the communications of the quarter and the presentation of the strategies with which the Lingotto expects to stay afloat.
Cousin Fiat Industrial it climbed 3% after releasing better-than-expected quarterly data.
On the merger with the US subsidiary CNH, the parties continue to negotiate, but it will be "more expensive" for the Italian group, according to the president Sergio Marchionne.
Also for Fiat Industrial there will be a revision of the 2013 and 2014 objectives, in particular in January with the data for the year, but one shouldn't expect "draconian bad news", said Marchionne.
Exor, the holding company that controls both, lost 0,5%.
omai Victor Malacalza e Marco Tronchetti Provera they only communicate via lawyers. Malacalza Investimenti has sent GPI and Marco Tronchetti Provera & CSapA a formal communication in which, "in addition to contesting the non-compliance with existing shareholder agreements", it has asked to proceed without delay, in execution of the framework agreement signed on 25 June 2010 , to the transfer in its favor of 13% of Camfin.
"Spurious and unfounded" request Tronchetti replies. The word now passes to the referees.
In the industry segment, +2,1% should be recorded Prysmian: the cable company announced yesterday that it had won a maxi order worth 400 million euros.
Finmeccanica rose by 2,8%. StM it finished down 2,1%.
Telecom Italy gained 1,6% the day after the presentation of the quarterly data of the Brazilian subsidiary Tim Brazil.
Lottomatica achieved an increase of 1,7%.
Highlight the utilities, in particular Snam + 1,3%.
The contribution of the banks was lacking in the rise of Piazza Affari: Unicredit fell by 1,1%, Understanding -0,8% MontePaschi it lost 2,4%.
Among the mid caps, closing down for Mondadori -3,3% and positive for Piaggio + 3,4%.
"Considering the failure to communicate the requested elements within the established deadline, the Commission deems it necessary to disclose that, at present, no elements capable of certifying the truthfulness of what was communicated to it and to the market by Mr. Proto with reference to. syndicate agreement on RCS”. This is Consob's verdict on the alleged 2,8% shareholder agreement Rcs media group.
