Weak start for the European stock exchanges on a day full of macroeconomic indications, both in the Old Continent and overseas. In Milan, the Ftse Mib started trading down by 0,40% and the Ftse All Share by 0,37%, with sales affecting all sectors. In Paris the Cac40 dropped by 0,56%, in Frankfurt the Dax30 by 0,33% and in London the Ftse100 by 0,3%, still weighed down by the weakness of raw materials. In Milan, the luxury sector is heavy, with Tod's (-1,51%) and Moncler (-1,21%) at the bottom of the main segment.
Meanwhile, the capital of Europe, Brussels, remains in a state of alarm. The US State Department has issued an alert to Americans intending to travel. The West is getting used to living in a regime of permanent mobilization. In this climate, the slow upward march of the dollar continues and the parallel decline of the euro, which has now slipped to 1,06 with beneficial effects for the manufacturing industry, as demonstrated by the PMI index, at its highest level for four and a half years . Here, in summary, is the atmosphere of the financial markets awaiting the moves of the central banks.
Little move Tokyo (-0,1%), at the reopening after the long weekend. Down Hong Kong (-0,7%) and the Chinese Stock Exchanges. Weak raw materials, the worst sector (-1,3%) of the Sydney Stock Exchange. Only crude oil holds (+0,1%) after yesterday's rebound: Brent +1,2% to 65,2 dollars a barrel, Wti at 42,2 dollars (+0,7%).
As Thanksgiving (Thursday) and Black Friday, the traditional start date for Christmas shopping, Wall Street slows down: Dow Jones -0,17%, D&P 500 -0,12%, Nasdaq down by 0,05%. In evidence Amazon (+1,7%) at all-time highs. Since the beginning of the year, the share price has more than doubled.
PFIZER ALLERGAN, A PILL AGAINST THE TAX
On Wall Street, the worst blue chip is Pfizer, down 2,6%. The pharmaceutical company yesterday announced the acquisition of Allergan, an all-paper deal worth $160 billion. This is the largest merger in the history of pharmaceutical companies, but the market expected the merger to generate more significant savings than announced. Allergan stock lost 3,4%. In reality, the operation presents strong tax rather than industrial advantages. The Viagra giant is apparently sold to the Irish-domiciled Botox manufacturer: the tax rate thus drops from 26 to 17-18%, with a saving of 21 billion dollars.
EUROPE, BEAR IN SIGHT TO DEPARTURE. THEN COMES THE IFO
Even the European lists are about to register a sluggish start. Futures signal a weak start in both London (-22 points to 6.283) and Paris (-24 points to 4.865) and Frankfurt (-41 bps to 11.050). The session will be revived by German data (Ifo index and GDP for the third quarter) and French data (business confidence).
ONLY MILAN AVOID RED. 5,5 BILLION BOTS ON OFFER 6
The Milan Stock Exchange closed yesterday with a solitary increase, with the FtseMib index gaining 0,7%. The other European markets recorded slightly negative changes: the London Stock Exchange fell by 0,2%, Paris -0,1%, Frankfurt unchanged. All Stoxx sector indices finished down, with the exception of Banks (+0,3%) and Automotive (+0,1%).
On the bond front, a slight rise in yields on the 1,51-year BTP, 100%, while the spread settles at 5,5 points. The Italian Treasury will auction 6 billion 14-month BOTs. During the week, offers of medium/long-term bonds in the euro area are expected for XNUMX billion. Today it's up to Finland and Holland, tomorrow to Portugal. The auction of Italian BTPs will close on Friday.
BANKS OK, GIUSEPPE VITA BUYS UNICREDIT SHARES
The Italian banking sector was supported by the epilogue of the troubled rescue of the four commissioned banks (Banca Marche, Popolare dell'Etruria, Carife and Cassa Chieri) in which Monte Paschi also took part by surprise. The Milanese list was led by Unicredit (+1,4%): the bank's intervention in the Salva Banche envisages loans for 1,33 billion. Meanwhile, the chairman Giuseppe Vita has purchased 200.000 shares on the market for a value of around 1,1 million euro. The purchase took place on 19 November at a price of 5,5408 euros per share.
Intesa gained 1%: the group's intervention in the resolution process of the four target banks amounts to 1,7 billion. Monte Paschi rises even more (+2,2%) which will make a contribution of 160 million to the resolution fund. Finally, Ubi (+1,9%) will make a contribution of 91 million. Strong increases also for Mediobanca (+2,1%) after the coupon detachment and for Pop.Milano (+2,6%) and Bper (+2,4%).
TENARIS, BEST BLUE CHIP, FLIES AFTER THE COUPON
The best blue chip of the day was Tenaris, with a gain of 3,4% which includes the detachment of the 2015 interim dividend, equal to 0,15 dollars per share (about 0,142 euros), the balance of which should be paid in May 2016 (last year it was $0,30).
Oil, down yesterday morning, recovered all the decline with benefits for Eni (+1%) and Saipem (+1,2%). Saras ended the session with a gain of 3% to 1,9250 euros, despite Barclays' decision to cut the target price to 2,30 euros from 3 euros, confirming the Overweight opinion.
FERRARI WARMS UP THE ENGINES FOR THE GP PIAZZA AFFARI
Among the industrial stocks, Cnh Industrial shines (+2,7%) which continues to recover the losses recorded in the middle of the month. Fiat Chrysler also rose (+1,53%) which started the procedures to list Ferrari also in Italy. Analysts have positively evaluated the announcement that on 21 December next the company will repay in advance a bond maturing in 2021 and with a coupon of 8,25%, for an equivalent value of 3,08 billion plus interest accrued and not yet paid at the date of reimbursement.
In the automotive sector, Brembo also did well (+1,75%). ICBPI raised the target price on the stock to 44,9 from 39 euros. Brilliant Prysmian (+2,8%), which will be one of the partners of the Enel operation (+0,19%) on broadband. StM (+0,5%) not moved. Finmeccanica is down (-0,9%).
TOD'S, THE PURCHASE OF VIVIER PROMOTED IN EXTREMIS
In luxury, Moncler (-2,3%) and Ferragamo (-0,63%) are down: Banca Imi has reduced the target price from 31,17 to 25,74 euros, confirming the recommendation add. Tod's, on the other hand, recovered well after a sharply downward start (-3%), closing with an increase of 0,5%. The company will buy from its majority shareholders, the brothers Diego and Andrea Della Valle, the Roger Vivier brand, which it currently has the licence. The agreed price is 415 million euros. The Della Valle brothers have undertaken to reinvest 207,5 million in Tod's, by subscribing to a reserved capital increase.
SMALL CHAP. INDIgestible DEBUT FOR GAMBERO ROSSO
Among the smaller stocks Carraro leaps by 5,56% after the agreement for the sale of 55% of the German O&K Antriebstechnik to Bonfiglioli. Maire Tecnimont stood out with an increase of 8,6% to 2,4740 euros. It is the best title of Piazza Affari. The engineering group announced that it has been awarded the construction contract for a petrochemical plant project in Malaysia by Petronas. The total value of the deal is $482 million.
Indigestible debut for Gambero Rosso on Aim, which yields 11,25% to 1,42 euros.
