The publication of the Fed's minutes held no surprises: rates could rise within the year, as long as economic data permits. But the signals, for now, are contradictory: the demand for jobs falls to historic lows, but the start of the quarterly campaign confirms the drop in profits.
Alcoa, the aluminum giant that traditionally opens the parade of accounts, has halved its profits (0,07 cents against the expected 0,14) on slightly declining revenues. Confirming the difficult economic situation for raw materials comes the news that Glencore will cut zinc production by a third.
The feeling that the tightening of interest rates is anything but obvious favored the final hike by Wall Street which this morning spread to Asian stock exchanges.
Tokyo advances by 1,1%, Hong Kong +1,8%. More modest gains in Shanghai +0,7%. The American Stock Exchanges were positive: S&P +0,9%, Dow Jones +0,8% and Nasdaq +0,4%.
Wall Street is about to witness the scuffles of former friends. Bill Gross, the king of fixed income, is suing Pimco, his former employer, for 200 million dollars: his dismissal, it is the accusation, was unfair and dictated only by "the greed of colleagues" .
OIL RAISES ITS HEAD
The Russian intervention in Syria has pushed up crude oil prices: Brent to 53,05 dollars a barrel and Wti to 49,43, with a maximum above 50, for the first time since July.
A strong upward start is expected also on the European lists. Futures report +51 points for London, 47 bps for Paris and 111 for Frankfurt. Among the macro data of the day, the Italian industrial production for September stands out. Even more, the data on the Greek economy is eagerly awaited.
Yesterday's session closed on positive ground both in Milan and in the other European stock exchanges. The Ftse Mib index (+0,66%) confirmed its position above 22 (22.156) ahead of Frankfurt (+0,23%), Paris (+0,18%) and Madrid (+0,1%) . London +0,68%.
FCA LEADS THE RALLY. FERRARI IPO IN SIGHT
In great evidence the automotive. Fiat-Chrysler (+3,9%), up from seven sessions, was the best blue chip of the day. There are two positive news: the agreement with the US trade union United Auto Workers (Uaw) which will avoid the risk of a strike and, among other things, intermittent supplies of some Ferrari components.
The now close IPO of Ferrari itself already subscribed with subscriptions equal to 4 times the offer. According to the latest rumors, the company's valuation fluctuates in a range between 1 and 1,1 billion euros for 10% of the Cavallino, a figure that would value the entire company at up to 11 billion euros.
New positive session also for Volkswagen (+1,1%).
POPULAR AND RUNNING AHEAD. UNICREDIT SIDES WITH PALENZONA
Another propellant of the rise yesterday was the financial sector, driven by two engines: the popular and managed savings. The purchases on the popular ones started again after yesterday the reform of the sector has overcome a first hurdle with the no of the Lazio Tar to the request for a precautionary suspension, to go directly to the discussion on the merits in February. This eliminates an element of uncertainty. Banco Popolare rises by 1%, Pop.Milano +1,2%. Instead Ubi falls (-0,5%).
UniCredit (+0,2%). The bank "having taken note of press reports regarding investigations involving bank representatives, declares that it has full confidence in their work". Thus the reaction to the news that the vice president Fabrizio Palenzona would be investigated by the district anti-mafia directorate of Florence on charges of financial crimes aggravated by article 7, which concerns aiding and abetting Cosa Nostra, together with some UniCredit officials as well as entrepreneurs.
Entente +0,4%, MontePaschi +1,5%. Asset management tonic: Mediolanum which leaps by 4,5% after the collection data for September and Azimut +2,5%. Banca Generali also performed well +1,95%.
THUD RCS. SCOTT JOVANE LEAVES WITH 750.000 EUROS OF LIQUIDATION
RCS plunges again (-6,5%) after the resignation of CEO Pietro Scott Jovane, who resigned his mandate during the board meeting yesterday. Jovane defined October 15th as the last working day. The Board has decided to 'temporarily' entrust the powers of ordinary administration to President Maurizio Costa.
Also during the meeting, the RCS Board of Directors resolved that the gross sum of 150 thousand euros be paid to Jovane, to which must be added a gross compensation of 600 thousand euros relating to a non-competition agreement. A severance pay of 750 thousand euros in total which compares with the approximately 4 million collected from the previous ad. Antonello Perricone, Vittorio Colao's 7,8 million and the amount between 15 and 17 million paid at the time by him to Maurizio Romiti.
As regards the negotiation with the creditor banks, the financial director Riccardo Taranto spoke of “a positive meeting. We represented the situation following the signing of the contract for the sale of Libri and presented the requests that we will formalize during the day".
THUD OF PRYSMIAN, SAIPEM STOPS
Finmeccanica (+1,6%) and StM (+1,2%) did well. Sharp fall of Prysmian (-3%) following the rejection of JP Morgan. Telecom Italia closed with a slight increase of 0,1%. Enel dropped by 0,7%, A2A +2,2%. Good increases for oil companies: Eni +1,2%, Tenaris +2,7%, Saipem flat. Moncler advances in luxury (+2,4%). Ferragamo +0,3%.
