It is a historic rise for the United States Stock Exchange, the Dow Jones index rises by 0,9% to 14.253,77 points, a level it had never reached previously. The index of American blue chips had gone up to 14.150 points at the end of the summer of 2007 and from that peak, within a year and a half it had fallen in March 2009 to a minimum of 6.554 points.
Yet, as the New York Times notes, there is no atmosphere of celebration or euphoria: "The recovery - we read - is surprising because the real estate market remains weak, Europe is experiencing a phase of great instability and the tax battle is raging in Washington ”. On the other side of the balance, however, there is the Fed's determination to support the markets to boost employment: since the outbreak of the crisis, central banks have poured a good 6 trillion dollars into the markets. But the rising profits of corporations also matter. But the latter, as noted by an investigation by the newspaper that appeared in recent days, “continue to cut costs, starting with personnel. Productivity gains serve to increase turnover and profits with fewer employees.
The Standard & Poor's index rises by 1 percent. The Nasdaq does better, +1,3% at 3.224,13 points, well below the 5.000 mark reached in the year XNUMX.
THE INDEXES
Bull's gallop continued this morning on Asian price lists: Tokyo +1,90% thanks to the tow of Toyota +1,4% and other major exporters. Hong Kong also rose +0,9%. Shanghai also on the rise +0,3%. The wind arriving from the Atlantic favored the recovery of the European stock exchanges, starting from Milan. Piazza Affari shone by scoring the best rise among the European lists: +2,8%. The prices of government bonds have improved: the 10-year BTP ended the session with a yield of 4,71% with a BTP/Bund spread at 326, eighteen basis points less than yesterday. The London Stock Exchange rose by 1,3%, Paris +2%, Frankfurt +2,3%, Madrid +2,1%. In Europe, the sectors showing the greatest growth were: automotive (Stoxx index +3,4%), banks (+2,2%), insurance companies (+2,5%).
The euro is unchanged against the dollar at 1,301, the exchange rate with the Swiss franc is also stable at 1,227. The disappearance of Hugo Chavez does not cause shocks in the price of oil: Brent at 111,91 +0,27%. The political stalemate in Italy has no immediate impact on the country's rating. This is the opinion of Moritz Kraemer, European head of sovereign debt ratings at Standard & Poor's. “The Italian elections have no rating implications – explained Kraemer – our vision is that broad fiscal policies will remain intact and that the primary surplus we have in Italy will be predominant”. According to the agency, therefore, "the results of the general elections do not have immediate implications for Italy's sovereign ratings (BBB+/Negative/A-2)". According to S&P, the "negotiations to form a new government will last about a month".
INSIDE BUSINESS PLACE
Great day for Fiat, up 5,8% after CEO Sergio Marchionne confirmed the 2013 targets and reaffirmed his willingness to go 100% of Chrysler. Marchionne, on the sidelines of the Geneva show, stated that the banks are available to collaborate with the group on the purchase of the stake in the Detroit company, but resorting to a capital increase is excluded. A dispute is underway between Veba and Fiat regarding the valuation of the US company, which would obviously be resolved if the company, after an IPO that Marchionne gives a 50% chance, recorded an official price on Wall Street.
Finally, sold out for the one million euro Ferrari supercar. The 499 vehicles have all been sold, said president Luca Cordero di Montezemolo. Suzuki, Fiat's potential Asian partner, aims to resolve the dispute with Volkswagen "within the year". Toshihiro Suzuki, executive vice president of Suzuki and eldest son of president Osamu Suzuki, said this while speaking on the sidelines of the Geneva Auto Show. In November 2011, the Japanese company launched a legal action against Volkswagen in the court of the International Chamber of Commerce in London to force Wolfsburg to sell the 20% it holds in Suzuki. The German company has accused Suzuki, which holds 1,5% of VW's capital, of not having respected the contractual clauses following an agreement with Fiat on the supply of diesel engines.
Pirelli +2,7%, Finmeccanica +1,7%, StM +1,2%. Fiat Industrial rose by 4,8%. Brembo gained 8% after the presentation of 2012 data. Prysmian slipped 0,2% after announcing a 300 million euro convertible loan. Among the Milanese banks, Unicredit rose by 3,4%, Intesa +4,5%, Montepaschi +2%, Mediobanca +6,1%. Banco Popolare lost 2,7%: yesterday evening the Veronese bank announced a profit warning warning that the 2012 accounts will be worse than market expectations. Pop is also down. Milan -0,8%. In the insurance sector, Generali rose by 4,4%, Unipol +3%. In asset management, Azimut achieved a leap of 6,5%, Banca Generali +7%. Enel rose by 2,3%, A2A +4,2%, Eni +3%. Leap of Saipem +8,2%, promoted by Goldman Sachs to buy from neutral. Telecom Italia rose by 4,2%. The subsidiary Telecom Italia Media fell by 11% after reaching an agreement for the sale of La7 to Cairo Communication, which on the contrary gained 4,4%. New all-time highs, finally, for Luxottica +2%.
