THEAsia does not join the general euphoria. This morning the Tokyo Stock Exchange recorded a drop of around 1,4%. The cause is the strengthening of the yen below 98 against the dollar. The Chinese stock market is also slowing down, held back by Beijing's credit crunch, worried about the growth in real estate prices. Futures on the S&P index also fell, albeit slightly - -0,3%.
But the bull is pawing the markets, excited by the disappointing US data. The US labor market it turned out to be much weaker than expected: in September (before the tug-of-war on the shtdown) there were in fact only 148 new hires, much less than the 180 expected on average by economists. After this verdict, it is probable that the Fed will let the monetary support for growth continue for a long time (at least until March 2014, say the economists), which continues at the rate of 85 billion dollars a month of bond purchases.
Green light for carry trade (debt at a low price and reinvest in assets destined to appreciate) therefore, and investors have not had to repeat it twice. The rise that ensued involved every asset that offered a yield, bonds, equity, credit, emerging markets. The only victim is the dollar, the currency used to finance carry trades.
The index Dow Jones rose 0,49%, the S&P 500 rose 0,56% to 1754,67 (all-time record) and the Nasdaq rose 0,24%. Carl Icahn, the old marauder of the markets, meanwhile takes advantage of the euphoria of the markets and halves his stake in Netflix, the company that streams TV programs and films which has more than quadrupled since the beginning of the year. The operation gave him 457% .
It weakens the dollar fell in the euro exchange rate to 1,377 (from 1,368), the lowest since November 2011. It strengthens their at 1.341 dollars an ounce (+1,9%)
Le European stock exchanges meanwhile, they recorded their ninth consecutive increase. London gained 0,6%, Paris +0,4%, Frankfurt +0,9% (all-time record at 8947 points). Meanwhile, the Bundesbank has sounded the alarm about the boom in property prices in Germany. In Milan, the FtseMib index rose by 0,5% to 19.371, the highest since July 2011
The price of BTP ten-year leaps forward and consequently the yield falls to the lowest level since May at 4,10%. The spread, however, remains little moved around 231 basis points, because at the same time the price of the XNUMX-year German bund also rises.
FIAT AND PIRELLI RAISE THEIR HEADS
Fiat it recovered the previous day's decrease with an increase of 2,9%. According to Bloomberg, the Veba fund would need to collect Chrysler's 41,5% minority stake quickly and at the maximum value in order to be able to reduce the debt and cover the deficit.
Pirelli +4,61% benefited from the possible earlier dissolution of the shareholders' agreement which holds 31,54% of the company, a fact that would make the group more contestable. rumors of an interest from the German Continental have circulated on the market.
Goldman Sachs has limited the target price by Prysmian +1.95% confirming the buy rating, following a reduction (however limited) in the organic growth estimates for the Trade & Installers and Industrial Cables divisions. The stock remains on the Conviction Buy List.
Among other industrial stocks, Finmeccanica fell by 0,4%, the subsidiary Ansaldo rose by 2%. Weak StM -1,6% influenced by the disappointing indications on the fourth quarter of the competitor Texas Instruments-2,5%. The American group, world leader in analog chips, has provided a forecast of the results for the fourth quarter of 2013 lower than analysts' expectations.
BENETTON GALAXY AT THE TOP
The “Benetton galaxy” was positive, starting from World Duty Free, which gained 7,6%. Rest + 1,2%. Atlantia+0,9%, after successfully launching a 750 million euro bond loan with a duration of 7 years and 4 months. The operation ticked off exceptional conditions: 2,875%.
Still on the rise Mediaset + 3,2%. Telecom Italy fell by 1,2% at the end of a series of ups and downs: according to some Bloomberg rumors, the company would like to shelve the hypothesis of spin-off of the network. Weak Enel, -0,5%,Eni gained 1%. in luxury, Ferragamo fell by 0,5%, Equita reduced the target to 25 euros, Oddo lowered it to "reduce". Recovery of Tod's +2,3% after -2,7% the day before.
INTESA LAUNCHES A BILLION BOND
A cautiously good day for banks: MontePaschi gained 1,3%, Pop.Emilia Romagna + 1,2% Understanding+ 0,9% Mediobanca+ 0,9%. Unicredit it fell by 0,9%. Understanding +0,9%. The bank has launched a bond on the Euromarket for one billion euros destined for international markets. This was communicated by the bank, underlining that it is a 10-year fixed-rate bond issue ” It is the first 10-year senior unsecured benchmark issue by a bank in the peripheral euro area since March 2010.
Good upside of Generali +1,3%, negative Fondiaria-Sai -0,9%.
NORTHERN RAILWAYS +17% WEDDING WITH ATM
Among the small caps, Landi Renzo rose by 9%, Falck Renewables +6,2%, Indesit +6%, Piaggio +2,4%. Sudden leap of Ferrovie Nord Milano +16,44% pending news on the possible integration process between TreNord (jointly controlled with Trenitalia) and Atm.
