"Some members of the FOMC have expressed the opinion not to set a deadline by which to stop the purchases, Several participants have instead pronounced themselves for a deadline, ie by the end of 2013". From these words, contained in the minutes of the last Fed meeting, the markets have acknowledged that Ben Bernanke's line on Quantitative Easing passed in the December meeting with a narrow majority.
Hence the (moderate) slowdown of the US stock markets in yesterday's finale: Dow Jones - 0,16, S&P -0,21%, Nasdaq - 0,38%. A similar reaction from Asian stock markets, with the exception of Japan +2,3% which only reopened its doors today after the end-of-year holidays. In Hong Kong, the market fell by 0,8%, the MSCI Pacific index by 0,9%.
At this point, it is not difficult to predict a mixed session in Europe, which was already slowing down yesterday. In Frankfurt, the Dax lost 0,3%, Paris closed down 0,3%, Madrid lost 0,5%. London, on the other hand, is above parity +0,3%. Milan with an increase of 0,1% updated the maximum since March 2012.
But the most positive note comes from the sovereign debt front. The yield differential between Btp and Bund drops to the levels of August 2011 at 275, thus halving the distance from German securities. the yield on the 10-year BTP (4,22%) corresponds to the new low since November 2010, with some comfort for the Treasury which last year paid 86 billion coupons on BOTs and BTPs, 5,5% of GDP
AMERICA
Great news from yesterday evening onwards arriving from the USA. The most important concerns the outcome of the first verdict of the century for the new economy. The American antitrust, after twenty months of investigations by the Ftc, has substantially acquitted Google of the accusations of violation of the antimonopoly rules "because there is no evidence to support the hypothesis that the dominant role in search is illegitimate". The rivals of the Mountain View giant had instead argued that the Californian company highlighted its services in the search results, leaving the links of competing companies in the background.
Google -0,06% on the Stock Exchange yesterday, will only have to open to the market some patents it acquired with the purchase of Motorola, important for accessing the Internet via mobile, and the results of some algorithms linked to advertising.
Yesterday evening, meanwhile, Fiat +1,44% announced a new step along the road that leads to control of Chrysler: Lingotto communicated to Veba (a trust administered by the Uaw union) its intention to exercise its option to purchase a second tranche of the investment held by Veba in Chrysler, equal to approximately 3,3% of Chrysler's share capital. Fiat, according to the note, intends to pay an exercise price determined according to the agreements between the parties on the basis of a market multiple (not exceeding the Fiat multiple) applied to Chrysler's EBITDA for the last four quarters, less industrial debt net. According to Fiat's calculation, the net amount to be paid for the purchase of this second tranche of Veba's stake in Chrysler is US$198 million. Fiat will therefore rise to 65,17% of Chrysler's capital. However, it is easy for the seller to dispute the price as has already happened for the first tranche: Fiat, on that occasion, offered 140 million against a request for 342 million. The matter is in the hands of the Delaware judge who, easy to predict, will soon have to rule on the second tranche as well.
In any case, the Americas are a source of great satisfaction for Fiat. Chrysler closes the year with new records: 2012 million cars were produced in 1,652 (+21%), thanks also to the best December (+10%) of the last five years. A new absolute record was reached in Brazil: 838 cars sold (+11%). Despite the European crisis, Fiat ended the year with total sales of 3,641 million units (+6%).
EUROPA
The race towards peripheral bonds is changing the landscape of the debt market in the Old Continent. The Spanish spread falls by 4 basis points to 350 and the yield on 10-year Bonos falls below 5% for the first time since 9 March 2012. The Greek spread falls by 22 basis points to 961 and the related yield breaks down 11% for the first time since February 2011.
Greece's Titan Cement has announced it has placed €200 million of four-year bonds at a rate of 8,75%, becoming the first Greek company to successfully target the debt market since the crisis erupted in 2010. , which is rated 'BB-' by S&P, derives about a third of its revenues from the Greek market (where activities have effectively been blocked for some time) but can also count on an important presence in Egypt and the United States
On the contrary, it slows down the rush to "safe havens". The yield on the 2-year Bund (Schatz) leaps to 0,042%, its highest since October. Danish bonds go from -0,3% in mid-December to +0,12% today. Only two-year bonds from Switzerland are still in negative territory (-0,3%).
Among the new shareholders of the Polish bank Alior Bank, founded by the financier Romain Zaleski and his daughter Helene who recently debuted on the Warsaw Stock Exchange, is the Wellington Management fund which acquired 5,01% of the bank's capital, the Most important type of a private company in the history of the Polish Stock Exchange.
ITALY
Unicredit +0,5% and Understanding -0,2%, the big names in the banking sector are holding up well and benefiting from the positive climate on spreads. Among the blue chips he shone Impregile it +3,3%, on new highs since June, the construction company was awarded a 560 million dollar contract in Panama together with Salini. Decided rise also for Finmeccanica +2,9% which reaches its highest level since November 2011.
The European utility sector (-0,5%) was held back by the -4% of the Spanish Iberdrola: Enel - 0,7%, A2A -1,1%. Prysmian-0,5%. The federal court in Adelaide found the allegations of the Australian antitrust grounded, establishing that the proceedings against Prysmian and other competitors should go ahead. Sent a WEBSIM ALERT SMS before opening. The news that Warren Buffett will invest up to 2,5 billion dollars in the US photovoltaic sector has given wings to the green economy: Ternienergy+ 5,3% KR Energy +14%. Lastly, the minor financial stocks are in turmoil, Pop Bank. Etruria +6,7%. Well too Prelios+ 6,7%.
