The Tokyo Stock Exchange is lagging -0,19% not at all exalted by the Washington compromise. But the positive news comes from Beijing: Chinese GDP grew by 7,8% in the third quarter. The economy of the Dragon, therefore, is stabilizing as desired by Premier Li Kequiang. And for the markets, after the US default risk, the danger of the Chinese slowdown has vanished. The Hong Kong Stock Exchange is up +0,80%.
Contrasted Wall Street. The fall of Ibm (-0,03%) and Goldman Sachs -6% weighs on the Dow Jones index -2,6%. The Standard & Poor's +0,7% marks a new record at 1.733 points. NASDAQ +0,62%. Washington's compromise after a battle costing 24 billion dollars does not extinguish the doubts about the stability of American public finances also raised by the Chinese rating agency Dagong has downgraded the US rating to A- from A, confirming the negative outlook.
Le European stock exchanges close a controversial session the day after the political agreement in Washington. The London Stock Exchange falls by 0,2%, Paris -0,1%, Frankfurt -0,4%, Madrid +0,2%. In Milan, the FtseMib index fell by 0,4% after six consecutive upward sessions.
Il Tapering moves away? Investors are convinced that the Federal Reserve, due to the negative repercussions suffered by the economy from the closure of part of the government's activities, will leave the economic stimulus plan unchanged for a long time to come. According to Pimco, the Fed will not reduce bond purchases before 2014 or even at the first meeting of the central bank led by Janet Yellen (early March). The Financial Times anticipates the operation at the December meeting.
Meanwhile, thanks to the uncertainty about public finances, the dollar it lost 1% against the euro, which rose to 1,367 from 1,353 at the previous close. It is the highest level since January. The greenback lost 1,3% against the Swiss franc, trading at 0,9012. The euro/franc exchange rate was stable (1,234). L'gold , consequently, moves sharply up and reaches 1.318 dollars per ounce (+2,8%). In sharp decline the Petroleum, the WTI drops almost 2% to 100,4 dollars, the lowest since the beginning of July, Brent -1,5% to 109,2 dollars.
THE BUND RUNS ON NOVEMBER 4 BTP ITALIA
Capital leaves US government bonds and goes to seek protection in German Bunds, whose yield drops to 1,87% from 1,92% yesterday. The strength of the German Bund also drags along the 10-year Btp traded at a yield of 4,19%, the lowest since mid-August, spread little moved at 233 (+2 basis points).
The Ministry of the Economy and Finance has announced that the second and last placement of the BTP Italia of the year will take place from 5 to 8 November. A rain of bookings from the retail public is expected. This is confirmed by the fact that, unlike the last issue, when more than 17 billion shares were sold in just two days, this time it will be possible to see an early closing even starting from the middle of the second day of the offer, on 6 November .
BANKS MARKING TIME
Despite the good performance of government bonds, mixed performance for banks after Moody's reiterated the negative outlook on the system Italy:. Among the positive notes there is Unicredit which closed up by 0,6% at 5,61 euro on the new highs since November 2011. Ubi Banca +1,3%. Weak Intesa -0,5%, Mediobanca -0,4%, Banco Popolare -0,1%. MontePaschi -0,1%. Banca Popolare di Milano -1%. Among the insurance companies, Generali -0,1%, Fondiaria-Sai +0,5% falls.
TOP AUTOGRILL FLIES TO THE UNITED KINGDOM
Strong increase by Autogrill +2,4% (best blue chip) which acquired two important concessions in Great Britain. The new contracts allow the company to expand further in Northern Europe. The first provides for the management of 10 points of sale in Eurotunnel stations over the next 8 years, from which it will earn 105 million pounds. Another 70 million will come from the second contract, with which the presence at East Midlands airport is strengthened.
Great recovery for Ferragamo +2,2%. The rest of the luxury segment is lagging behind: Tod's +0,1%, Luxottica -0,7%, Yoox +2,2%, Cucinelli -0,5%.
BARCLAYS: THREE SCENARIOS FOR FIAT, BLACK JERSEY IN THE LIST
Difficult day for industrialists. The worst performances of the main Milanese list were recorded by Stm -1,77% to 6,385 euros) and by Fiat -2,28%, which slipped below 6 euros. Barclays raised the target price from 4 euros to 4,5 euros on the Lingotto stock and confirmed the sukka underweight recommendation based on three possible scenarios on the Chrysler issue. The simplest involves a complete merger between Fiat and Chrysler, without any IPO operation, the second envisages an IPO on the back of Veba, while the third scenario envisages a complete merger, but financed in part with a capital increase. Finmeccanica also decreased -0,8%.
MEDIASET DOWN, TELECOM TENDER OFFER EASIER
He took profits in the media, after the sharp rises in the last few sessions. Reverses the march Mediaset dropped by 0,4% on the day of the launch of a bond of at least 300 million euros. Rcs also fell -2,73% to 1,57 euros after the excellent performance of the last period. Enel -1% and Eni -0,9% down. Telecom Italia gained 0,5%. The Senate has approved a motion committing the government to approve a law amending the terms of the mandatory takeover bid.
SMALL CAP IN THE FORE
Extraordinary dividend arriving for IMA shareholders + 1,73%. The board of directors of the Italian multinational, "considering the significant improvement in the financial position of the group as at 30 June", has decided to propose to the meeting the distribution of an extraordinary coupon of 1,25 euro. In the first six months of the year, the group's indebtedness actually underwent a sharp decrease, going from 209,6 million a year earlier to 143,5 million at the end of the half year.
The +1,9% of Poltrona Frau also stands out in the seventh consecutive session of increase and on the maximum of the last six years (since December 2007). Since the beginning of the year, the stock has gained 126%. Safilo also did well +3,8%, returning from a very heavy week (-8%). The mid-small caps also include Interpump +2,7%, Recordati +3% and Marr +6%.
