End of the year on a high note for the Asian stock exchanges. All lists, without exception, are starting to close in positive territory. The Korean Kospi and the Chinese CIS lead the race, both up 0,7%, followed by Hong Kong (+0,6%). Tokyo -0,5%. The MSCI Global index, made up of 47 stock exchanges, is about to close 2018 with record growth of 21,7%. Other signs of euphoria come from the traditional end-of-year rankings: for the fourth year in a row, M&A operations exceeded the figure of 3.000 billion dollars.
BEZOS LEADS THE RANKING OF THE SUPER-RICH
Even more impressive is the growth of the portfolios of the wealthiest on the planet: the 500 richest have increased their assets by about one trillion dollars (+23%) for the remarkable sum of 5.300 billion dollars. In first place is Jeff Bezos, 99 billion, who ousted Bill Gates and Warren Buffett from the top.
The rise in raw materials contributes to favoring the positive performance, which in turn indicates the favorable prospects for industry, especially construction and infrastructure. The copper rally continues, at its highest level in three years, which closes 2017 with a 30% increase. Oil remains at its highs: Brent at 66, 60 dollars, Wti close to 60 dollars, on the levels of 2015.
An idyllic picture, perhaps too much, awaiting the first consequences of the US tax reform. The repatriation of corporate profits could favor the rise of the dollar, a phenomenon which, for now, is not seen, just as the rise in yields on the ten-year T-bond has stopped for now. But the hibernation will be short-lived.
APPLE UNDER FIRE FOR UPDATES TO THE IPHONE 7
The US markets were flat yesterday. The Dow Jones rose 0,06%, S&P 500 +0,01%, as did the Nasdaq. Technological stocks are recovering, after the slide on the eve: Facebook +0,9%, Microsoft +0,4%. More modest earnings for Apple (+0,2%), for which a delicate judicial offensive is looming. Faced with the results of the laboratory tests, the company had to admit that some updates in the operating system released last year for the iPhone6, iPhone 6s, iPhone SE and iPhone7 versions had the effect of slowing down the functioning of phones with batteries old or with little charge to increase their reliability. And, say the evil ones, to force the owners to replace the old model.
The downward revision of iPhoneX sales has hit Apple's suppliers. At Piazza Affari Stm -0,32%.
Tesla is also under fire (-1,7%) after the broker KeyBanc lowered the production estimates of the model S from 15 to no more than 5 pieces for the fourth quarter.
Energy stocks took profits after Tuesday's gains. Conoco Philips lost 1,6%, Chevron -0,4%.
OIL SECURITIES: SARAS PLACES A 200 MILLION BOND
Different script for European energy stocks, still under the impetus of the rise in crude oil. The best stock in Piazza Affari was Saipem (+3,85%), committed to recovering at least part of the lost ground during the year. The San Donato-based company was awarded contracts in Offshore E&C and Offshore and Onshore Drilling for a total value of approximately 380 million dollars. The first agreement was concluded with Eni, and relates to the development of the West Hub Development project in Angola. Saipem has also been awarded a contract in the Gulf of Mexico, relating to the transport and installation of the CA-KU-A1 compression platform, on behalf of Dragados Offshore de Mexico.
Eni is also in positive territory (+0,36%). The Antitrust has started a proceeding, currently not sanctioning, against the six-legged dog for problems related to the invoicing of bills. Kazakhstan's Ministry of Energy and KazMunaiGas have sold 50% of the rights to exploit the subsoil for the exploration and production of hydrocarbons in the Isatay block, located in the Caspian Sea, to Eni.
Tenaris +0,22%. Finally, Saras (+0,2%) through a "private placement" placed a bond with a nominal value of 200 million euro, maturing in December 2022 and with a fixed coupon of 1,70% per annum.
FLAT BUSINESS PLACE, LONDON ONLY GOES UP
European exchanges flat or almost flat. Only oil and raw materials hold attention. In Milan, after a lackluster session, the Ftse Mib index closed with a slight decline, equal to 0,04% at 22.201 points. The other main European markets are not shining either, with the Dax of Frankfurt and the Cac of Paris close to parity, at -0,08% and +0,02% respectively. Negative Madrid (-0,3%). London's Ftse100 was more lively, up 0,37%.
RECORD DOWN FOR 6-MONTH BOTS
Sitting in the sign of weakness for the Italian secondary, on a day of thin trading. On the primary side, the Treasury placed a BOT at new historic lows: the BOT of 29 June 2018 was placed with a yield at the new historic low of -0,457% from -0,436% at the end-November auction.
The Italian Treasury will return to primary activity today, with the offer of 2-2,5 billion euros of the BTP in August 2022, 1-1,5 billion of the BTP in August 2027, 0,5-1 billion of the BTP off-the -run and 1,5-2 billion of the Ccteu April 2025.
The yield on the German Schatz moved to its highest level since last October 2, at 0,668%, up 2 points.
RECORD IPO: WORLDWIDE 1.700 NEWERS
Piazza Affari wins the silver medal in Europe behind London in the special ranking by number of IPOs in 2017: 40, among which the return to the Stock Exchange of Pirelli stands out.
But the record pales in the face of the boom in the USA and China: During the year, according to estimates by Dealogic, 1.700 freshmen were listed on the lists, with an increase of 44% for total funding of 196 billion dollars, less only to the figure of 2014, however influenced by the IPO of Alibaba (25 billion).
In the US, the booty of newly listed companies amounted to 49 billion dollars, more than double the 24 billion in 2016.
Around 400 companies have entered the markets in China and Hong Kong.
BITCOIN BELOW 15 THOUSAND DOLLARS. CONTINUE THE SWING.
Bitcoins, but not only. The Financial Times has published a list of the luckiest investments of 2017.
The place of honor naturally goes to electronic money which closes the year at around 14.770 dollars, after a rebound to 16.000. However, this is a stellar value compared to January, when the price was 970. The decision of the Israeli Securities Agency, the Israeli Stock Exchange Authority, which banned bitcoin trading on the Tel Aviv Stock Exchange, also weighs. Futures are also down: very few feel like predicting whether the race will continue in 2018 or whether speculators, large and small, will not even have the cash left to buy a bunch of tulips.
FROM COBALT TO PORTUGUESE BONDS, THE BEST DEALS
The quotations of cobalt, a despised raw material, recalls Alessandro Fugnoli, were at high voltage in the Middle Ages. other. But today cobalt, widely used together with lithium and manganese in batteries, appears to be the metal of the future: +120% in the last year.
The Oscar for the Eurozone sovereign debt market rightfully belongs to Portugal. The 3,7-year traded last January at 1,84%, yesterday at 235%. The yield has practically halved. The spread with Spain, equal to 36 basis points in January, narrowed to just XNUMX basis points. A few weeks ago the overtaking of the BTP took place.
On Wall Street one of the best deals was achieved by those who sold short Snap shares placed at 17 dollars, which rose up to 29,4 dollars and then fell to 15: the most skilled in managing the ups and downs accumulated a gain of 73%.
Finally, a special award went to Thomas Fleury, Ubs strategist, among the few who argued last December that, after the US elections, the dollar "was greatly overvalued", especially against the euro. The facts proved him right: the US currency closed the year with a drop on the single currency of 12,7%.
IN MILAN YESTERDAY BPM AND BANCA IFIS SHINED
In great evidence Banco Bpm (+2,44%). In the evening the bank disclosed that it exceeded the capital requirements set by the ECB.
Intesa Sanpaolo (-0,77%) also communicated that it meets the requirements set by the ECB in the SREP in terms of capital solidity equal to a Cet1 of 9,33%.
The worst title of the day is Banca Carige (-6,82%). The conclusion of the capital increase did not restore confidence in the institution's prospects.
On the contrary, Banca Ifis shines a light (+6,43%) rewarded after the purchase of two portfolios of NPLs for a nominal amount of 197 million euro. The first portfolio is largely made up of unsecured personal loans and credit cards and has 17 positions for a total of 143 million euros. The second portfolio consists of both retail and corporate loans, for 55 million euro, of which 30 million is guaranteed. The management of other people's non-performing loans continues to give great satisfaction: net income for the period was 149,1 million euro, more than doubled (+125%) compared to twelve months ago.
NEW RECORD FOR MONCLER, A CONTRACT FOR PRYSMIAN
Moncler +1,8% to 25,21 euros set a new historical record. In the last 12 months it has achieved a gain of +57%
Mediaset falls (-1,03%) despite the optimism on advertising revenues in 2018. Mediobanca Securities has meanwhile confirmed the outperform recommendation on the stock and the target price of 3,76 euros.
Prysmian sales (+0,29%) after the award of a contract of over 150 million awarded by the Philippine electricity grid operator Ngcp for the design, supply, installation and testing of two submarine cable connections between the islands of Cebu and Negros .
- Brilliant Falck Renewable (+5,4%) after signing a loan agreement in project financing for 49.3 million pounds to finance the Auchrobert wind farm (Scotland).
