CRUDE OIL AND GOVERNMENT BOND YIELDS COLLAPSE. THE STOCK EXCHANGES, SUPPORTED BY THE BANKS, THANK YOU
The prices of oil, oil stocks and currencies of the countries most linked to crude oil are falling. It is the market's reaction to the OPEC decision, foreseen but not taken for granted, to leave the maximum daily quota of production unchanged at 30 million barrels by adopting the strategy proposed by Saudi Arabia to focus on a "natural" adjustment of the market distorted by the boom of US shale gas production.
Crude oil prices have collapsed: Brent fell to 72,60 dollars (-15% since the beginning of the month), Wti to 68 dollars (-6,5% compared to the day before). The effects on the markets and currencies were immediate: the stock market in Japan, one of the most advantaged countries, rose by 1,2%. Shanghai also rose +0,4%. Australia falls by 1,6%. The dollar advances against oil-linked currencies: 6,9570 against the Norwegian krone, the highest since 2008. The euro slips to 1,2455 against the US currency.
In Europe, the London Stock Exchange closed unchanged, Paris +0,2%, Frankfurt +0,6%. Piazza Affari recorded a rise of 0,81%: the rally of the banks compensated for the losses of the oil companies. There is expectation for the reaction of the US markets, yesterday closed for the Thanksgiving holiday, today open only for half a day: the drop in quotations risks putting many deposits out of the market shale gas in the United States and to cause large losses to the operators engaged in their financing.
ENI DOWN, TOTAL AND BP WORSE. ROSNEFT CEO: ILO AT 60 DOLLARS
In Milan Eni lost 1,9%, Saipem -4,8% Tenaris -3,6%. The French Total Anglo-Dutch is down 4%. Royal Dutch Shell lost 4%, Bp -2,6%. Tullolow oil it fell by 6,4%. Categorical Igor Sechin, number one of Rosneft and close collaborator of Vladimir Putin: “We foresee – he told the Austrian newspaper Die Presse – a drop in crude oil to 60 dollars or even lower for the first part of 2015. But we have the resources to withstand the impact even if, obviously, we will postpone the most expensive investments”. "The US production of shale gas - he added - will reach its peak in 2017 and then fall until it runs out in 2025: the US has ten years at its disposal".
BTP, BUND, BONOS, OAT: HISTORIC LOWS FOR DEBT
It was also a "historic" day for the sovereign debt market. The 2,09-year BTP rate fell to a new low since the introduction of the euro at 0,5% after the publication of data on German inflation, which fell to 2010%, the lowest since February XNUMX.
The spread between the BTP and the Bund narrowed to 136 basis points, while the Bund rate updated its historic lows to 0,705%. The current level of the consumer price index, in fact, argues in favor of further moves by the ECB, given that at the Eurozone level the target is set at 2%.
It was not the only record of the day: the Spanish Bonos dropped to 1,88%, the French Oat fell below 1% for the first time, finally the German bund also touched for the first time 0,705% share in history. Meanwhile in Tokyo, for the first time in history, the 2-year government bond fell at auction with a negative yield: the Bank of Japan was the only buyer.
The only exception is Greece, where the 8-year bond returned above the XNUMX% threshold after the failure of yesterday's talks in Paris between the Athens government and representatives of the European Commission and the International Monetary Fund.
BANKS AT THE TOP. FINECO DOESN'T STOP ANYMORE
In Piazza Affari, excluding oil, it was a day of sharp increases in all sectors starting with the banks stimulated by the increasingly palpable prospect of expansionary moves by the ECB. Strong rises for the Bigs: Understanding rose by 2%, Unicredit + 2% Mediobanca +2,1%. Even the popular ones are tonic, Banco Popular + 2,5% Pop.Milan + 1,3% Where's Banca + 1,9%.
FinecoBank +2,6% and pushes to the new all-time highs of 4,5980 euro. It was the seventh increase in the last nine sessions. Since the beginning of November, the title has managed to touch up the previous record six times. Among the insurance companies Generali it advances by 1,1%.
ENEL RUNS UNDER THE PUSH OF GOLDMAN SACHS
The drop in the cost of money favors the recovery of utilities. Enel it closed up 2% at 3,88940 euros. Goldman Sachs resumed coverage of the stock with a Neutral recommendation and a target price of 4,50 euros. Another well-known American broker, Sanford & Bernstein, reiterated the positive Outperform recommendation, target price 4,9 euros. The group, which grew by 2014% on the stock market in 20, will present its new business plan in March 2015.
The Economy Minister, Pier Carlo Padoan, has confirmed the sale of shares in the utility (while maintaining control), but only when the market is more favourable. Salt too A2A + 0,8%.
THE TELECOM TOWERS ON THE STOCK EXCHANGE IN 2015. BLACKROCK ON RAI WAY
Telecom Italy advance 2%. The stock is supported by the news that the transmission towers will be transferred to a newco, entrusted to Oscar Cicchetti, in view of a placement on the Stock Exchange during 2015.
Metroweb's CEO, Alberto Trondoli, said meanwhile that the sale of the share held by F2i could create synergies with both Vodafone and Telecom. The decision, he added, will come in the next few days. Since last November 24 Grantham Mayo Van Otterloo & CO. holds a 2,090% stake in the capital of the former telecommunications incumbent. Consob communications revealed that Blackrock holds a 5,02% stake in Rai Way -0,31%.
ORDER FROM INDONESIA FOR FINMECCANICA. GOOD ATLANTIA
In the rest of the list: Finmeccanica earn 0,8%. The Indonesian Lion Group has signed an agreement for the purchase of another 40 ATRs, thus becoming the first customer of the company controlled by the Italian group and by Airbus. The Chinese consortium Insigma/Xinzhu has asked for a postponement of a few weeks of the sale of the transport sector (Ansaldo Breda and Sts) to present an offer competing with that of Hitachi. StM + 0,8% fca + 0,3% Prysmian -1%.
The advance of continues in luxury Yoox + 1,2%. Luxottica + 1,6%. sapphire closes up 4,3% after the renewal of the license with Jimmy Choo. Positive leap of Atlantia + 3,1%. World Duty Free rose by 3,7%, Autogrill +1,1%. Among the midcaps, Piaggio +4%: KeplerCheuvreux brought the recommendation to Buy and raised the target price to 3 euros.
