APPLE SAVE WALL STREET. CHRYSLER GIVES OXYGEN TO FIAT
ASIA IN BRAKING. THE SHADOW OF SPAIN ON THE PRICE LISTS
New signs of a slowdown in the Chinese economy and uncertainties on the Spanish front. Here are the reasons for the uncertainty that reigns over the global economy's price lists: on the one hand there is no shortage of worries but they are balanced by the robust liquidity in circulation which limits downward corrections.
This morning the pendulum swings downwards in Asia: Tokyo marks -0,40%, Hong Kong -0,02% after the bright start is down slightly. The Chinese industrial services index marks the most modest increase since March 2011. The ADB (Asian Development Bank) has revised downwards its growth estimates for the Asian continent for 2012: from the previous 7,1 to 6,2%, against 4,2% inflation.
Apple beats Spain on Wall Street. The trend reversal of the stock, down until mid-session, allowed the indices to recover part of the ground lost due to the uncertainties surrounding Madrid's request for aid. According to the WSJ, the California federal court judge following the dispute between Apple and Samsung has suspended the ban on sales of the South Korean manufacturer's tablet.
Against a decrease of 0,24% of Dow Jones there was an increase of 0,09% for the S&P500 and the Nasdaq +0,21%.
Weak closure for the European stock exchanges at the end of a day which saw the indices of the main markets rise up to mid-session and then gradually retreat in the afternoon, ending up negative.
In Milan the FtseMib fell 0,1%, gaining one point by mid-day. Paris lost 0,6%, Frankfurt 0,2%. London closed down 0,1%. The Madrid Stock Exchange is up 1%.
In the morning, the markets had reacted positively to the rumors that Spain's request for the European shield was imminent to calm the spreads on its government bonds. Then came the denial of Prime Minister Mariano Rajoy who said that the request for aid "is not imminent". In reality, behind the Spanish hesitations there is the usual German slowdown: the thesis is making headway in the Bundestag according to which aid should be granted only after verifying that a country no longer has access to the debt market. From a political point of view, the German chancellor, Angela Merkel, would still be uncertain about the aid plan for Madrid, preferring to avoid further bailouts before Greece reaches an agreement with its creditors.
The risk is that, by the end of the month, it will arrive Moody's judgment, which could downgrade Madrid's credit rating to junk, accelerating the eurozone-wide debt crisis.
For now, the markets remain confident: the Spanish 5,69-year yield fell to 16% with spreads down by 422 basis points to XNUMX.
Lo BTP/Bund spread at 10 years, it recovers 8 bps to 352 bps and the yield on the 10-year Btp slips back below 5%. However, the underlying uncertainties remain, signaled by the yields of the super-safe bonds of Denmark (-0,09%) and Switzerland (-0,23%) on the 2-year maturity.
Good news for the Lingotto from car sales in the USA. The September data does not favor Ford -1,5% and rewards GM +1,3% but guarantees a breath of fresh air for Fiat +1,8%: the subsidiary Chrysler recorded a 12% increase in sales in the United States, double the forecasts. This is the best month of the last 5 years.
Yet another shuffling of cards for Kashagan, the huge Kazakhstan hydrocarbon field partly controlled by Eni from which, in truth, not a single barrel of crude has yet come out. . The American ConocoPhillips -.9% is outgoing and its 3% stake could end up with KazMunaiGas, the Kazakhstan oil company which today holds 8,4%, a percentage equal to that of Eni, Exxon , Total and Royal Dutch-Shell.
Spotlight on Piazza Affari Finmeccanica which closed up 3,2%. It has been confirmed that the FSI fund, controlled by Cassa depositi e prestiti, is preparing an offer to buy Ansaldo Energia. Finmeccanica, which has put its 55% stake up for sale, has already received an offer from Siemens valuing 100% of the company at 1,3 billion euros. “I think it's time for Italy to stop selling its jewels abroad. I'm rooting for it not to happen again." The number one of the Cariplo Foundation. as well as president of Acri, Giuseppe Guzzetti launches his lunge against Finmeccanica.
Telecom Italy closed down 2,3% on news that the Brazilian subsidiary Tim Partecipacoes came under investigation for alleged irregularities in accounting.
Still on the rise Camfin +2,3% after confirmation of ongoing contacts between Marco Tronchetti Provera and Andrea Bonomi's Investindustrial.
The banks are the ones that have done the most up and down. While gains were strong in the middle of the session, the final photograph of Piazza Affari shows a great abundance of minus signs: Intesa -0,08%, Unicredit -0,5%, Banco Popolare -0,08%, MontePaschi -1,2 %, Popolare Milano-0,6%. Strong increase of Mediolanum +3,3%.
Fabio Cerchiai is the presidential candidate of Fondiaria Sai proposed by the Premafin board of directors. This was specified in a press release from the holding company chaired by Pierluigi Stefanini, who today met the board of directors, in making public the list for the appointment of the Fonsai board on the agenda of the meeting of 29-30 October. Cerchiai leads the list of 19 candidates, including Stefanini and the CEO Unipol Carlo Cimb
