The manufacturing industry rears its head, from Beijing to the USA, via Europe. Stock markets react in no particular order. In Tokyo +0,70% the US recovery favors a new drop in the yen to the advantage of export-linked stocks. The leap of Sekisui +7,1% is significant: the chemical company has announced new materials, more robust and less expensive, for electric batteries.
In the rest of Asia, instead, the fear of a tightening by the Fed prevails in the next meeting of 17-18 December. The Asia Pacific index fell by 0,6%, as did the Hong Kong index. In Seoul, Hiunday loses 4,2% after the disappointing sales figures for November.
In the USA, expectations are rising for the data for the next few days (the Beige Book tomorrow, non-agricultural employment on Friday). Wall Street closed lower, with the Dow Jones index down 0,48% to 16.008,7, the S&P 500 index down 0,27% to 1.801,1 and the Nasdaq down 0,36% to 4.045,26.
Amazon did not react -0,5% to CEO Jeff Bezos' statements that the company is developing unmanned aircraft, called "octocopters", capable of delivering packages within half an hour of placing an order.
Lastly, the European stock markets were negative, despite the Eurozone manufacturing PMI index having risen to its highest level since June 2011: attention is focused on the decisions of the ECB, which will meet on Thursday.
Almost unchanged Frankfurt -0,04%, Paris – 0,22%, London -0,83%. Madrid falls by 0,94%. Piazza Affari is worse. The rebound of the PMI to 51,4 (the highest for two and a half years) was not enough to overturn a session conditioned by a shock start, with heavy sales on Ftse Mib futures: the index slips below 19 thousand and closes the session with -1,52% .
The BTP/Bund spread is stable in the 235 point area. The Italian ten-year rate rose slightly to 4,081% from 4,054% at the last closing. ESMA, the European financial markets authority, is preparing to take punitive measures against the three largest rating companies (Fitch Ratings, Moody's Investors Service and Standard & Poor's).
In presenting the report in which a series of "deficiencies" are identified in the process of production and publication of sovereign ratings with regard to independence and the need to avoid conflicts of interest, the confidentiality of information, the 'timing' of publication of the ratings and the resources foreseen for the evaluation, the EU Authority indicates that it has not yet 'determined whether one of the results of the report constitutes a violation of the European regulation' and that, in fact, it can decide on measures in due course
MEDIOBANCA RECRUITS MARSAGLIA (BARCLAYS)
Big coup by Mediobanca. The institute has hired Stefano Marsaglia, one of the most esteemed European bankers, to lead the financial hub that the bank in Piazzetta Cuccia is setting up in London. Marsaglia, now in Barclays, boasts a long experience (17 years) in Rothschild. His task is to create an advisor "workshop" at an international level by challenging the more established teams. First objective: to conquer a share of the bank advisor market, in view of the capital requests linked to the ECB's stress tests. Mediobanca intends to create divisions specialized in energy, private equity and consumer in London.
SHOCK FOR ENEL, PHONE IN CONVERTENDO TI
The fall of Enel -3,7% weighs on Piazza Affari, which also dragged Enel Green Power -3,2% into the red, which also received 200 million in financing from the EIB. The news that the Spanish government has presented an amendment that jeopardizes the reimbursement for the failed increase in tariffs (tariff deficit) caused the crash. A bad blow for Endesa, the leading electricity producer in Spain controlled by Enel, boasts a credit of 2,2 billion from the Madrid government. In addition to the economic impact, the perception of uncertainty regarding the Spanish regulation weighs.
Bad day for Telecom Italia -2,5%. the company has denied the existence of ongoing negotiations for the sale of the Brazilian assets. Meanwhile, the list of subscribers of the convertible shows that Telefonica has subscribed to 8% of the issue.
AUTO, THE MARKET COLLAPSES, FIAT MORE
Fiat -2,3% is worse than the market in November. In fact, the Lingotto marked a 12,3% drop in registrations last month compared to a year earlier at 27.800 units with a 27,2% share (from 29,6% a year earlier) on an Italian car market down 4,54% to 102.201 pieces. This is what emerges from the data released by the Ministry of Infrastructure and Transport. In the first 11 months the market is down by 7,7% to over 1,21 million with the Fiat group slowing down by 10,45% to almost 349 thousand for a share of 28,7% (-0,9 percentage points ).
With the decline in registrations in November, we arrive at 42 months of consecutive declines and "the collapse of the sector is consolidated", according to the association of dealers, Federauto. “Compared to the average of the last five years, i.e. 2 million new cars registered a year, 35% of registrations have been lost along the way”. Negative day for Finmeccanica -2,6% and Saipem -3% on which JpMorgan's recommendation cut weighs.
LUXURY, MONCLER IS WORTH 2,5 BILLION
Day ok just for the luxury. Salvatore Ferragamo hit a new all-time high at €29,85 and finished trading at €29,54, up 0,99%. The announced success of Moncler's IPO is confirmed in the numbers: demand exceeded supply by 12 times. The freshman, who will welcome Alessandro Benetton and Nerio Alessandro of Technogym to the board, will make his debut in Piazza Affari on December 16 and could do so by positioning himself in the upper part of the price range between 8,75 and 10,20 euros for a group valuation of up to 2,55 .20 billion. The management promises future shareholders a payout in line with the sector and the opening of XNUMX stores a year. President Ruffini will not sell shares, not even after the lock-up has expired
THE SALE OF SIA DOES NOT STIMULATE THE BANKS
The banking sector -1% is worse than the rest of Europe - 0,18%. The report by The Wall Street Journal on the difficulties of mid-cap banks does not help. Thus, the day recorded only negative signs: Banco Popolare -1,79%, Bper -1,49%, Mps -1,07%, Bpm -0,43%. Intesa -0,79%, Unicredit -1,03%, Mps -1,07% also fell. The securities of the three institutions did not react to the sale of Sia, an expected transaction of not very significant size but still appreciated by analysts since for the banks it represents another step towards the rationalization process.
SAVE, GREAT MANEUVERS AT THE AIRPORT
Save (+5,82% to 16,01 euro) up after the shareholders' meeting approved the proposal of the shareholder Marco Polo Holding to proceed with the extraordinary distribution of shareholders' equity reserves for a total amount of 100 million. Fly Cobra which is close to +10% after Intek has declared that it has not accepted two non-binding expressions of interest.
