ON THE FIFTH DAY UNICREDIT IS RISEN
MILAN BOUNCES +2,7%, BTPs NOT YET
After four consecutive days of decline, the Milan Stock Exchange rebounds thanks to the good start to the earnings season in the United States and the satisfactory outcome of some government bond auctions in Europe. The Ftse Mib index rises by 3,08% to 14.844 (after a drop of 8% since Wednesday, demerger), at the top of the ranking of European markets. London is up 1,7%, Paris 2,4%, Frankfurt 2,3%, Madrid 2,1%. Less large, in the order of 1%, the increases in Amsterdam and Zurich.
The rescue signal has come from Unicredit: the stock rises by 6%, the right relating to the capital increase rises by 80% to 0,85 euro. The collapse of the stock on Monday changed the recommendation of many brokers who see low prices as a buying opportunity. This is the case for Ubs which has raised the rating to buy da neutral. Exane points out that the stock is at a discount to the sector average in Europe. Beremberg calls it his favorite bank in Italy. SocGen has recommendation buy.
The recovery of the bank in Piazza Cordusio has infected other banking assets. And so it was a day of recovery also for Intesa, +5,9%, while good increases were marked by Banco Popular (+ 1,5%), Ubi (+ 3,9%) and PopMilan (+ 5%). MontePaschi loses 2,7%. Mediobanca scores +4%. In rallying, on the other hand, the Banca Popolare dell'Emilia Romagna (+ 9%).
For once, a rating company has given an upward push: Fitch has announced that, as far as it is concerned, in 2012 there will be no downgrading of Germany, France or Austria, countries that can continue to count on their triple A At most, Fitch said, there could be a downgrade of Italy or Spain. Also thanks to this judgement, in truth not too flattering for our country, the auctions of sovereign bonds all went in the right direction: Holland and Austria had no problems placing the pre-established quantity of government bonds. Even Greece has successfully returned to the government bond market: the Treasury of Athens has placed 1,62 billion euros with a 6-month maturity.
However, the better climate did not affect Italian stocks. The yield of the Italian ten-year BTP falls by only two basis points to 7,10% and the five-year one by 5 basis points to 4,85%. The euro strengthened to 1,278 against the dollar, from 1,276
"I think this will be an important week for the Premafin-Fonsai dossier," said Claudio Sposito, head of the Clessidra Fund, as he left Banca Leonardo, where negotiations are underway with the Ligresti family for the reorganization of the group. The proposals of Unipol and Clessidra "are currently separate", Sposito also specified. In the meantime, the complex game with Fondiaria-Sai is proving to be a difficult passage on the stock exchange for Unipol, which falls 6% (but was down 12% by mid-morning). Fondiaria loses 3,6% and the subsidiary Milano drops by 4%. Premafin, the holding company that controls Fondiaria, from which the Ligresti should emerge, is the only beneficiary of the rumors about the possible Unipol-FonSai merger and leaps up by 5%.
Great day in Europe for the car: the sector rises (+3,7%) thanks to the Germans Volkswagen (+ 3,7%) and bmw (+3,2%), but also to the recovery of Fiat (+4,8%), despite Sergio Marchionne having dismissed as "pure speculation" the hypotheses of new alliances, such as with the French Peugeot (+4,56% in Paris). Pirelli advances 3,5%, Fiat Industrial rises by 3,3%. Wall Street consolidates the rise after the release of data on wholesale inventories and following the start of the quarterly season of large companies: the Dow Jones rises by 0,9%, the S&P500 by 0,95, 1,2% and the Nasdaq by XNUMX%.
Wholesalers' inventories rose 0,1% in November, down from +1,6% in October and less than economists' expectations, indicating that distributors are struggling to keep up with demand and a good sign for the health of the manufacturing industry. Bank of America (+3,5%) is the best stock of the Dow Jones, strong increases also for Caterpillar (+ 2,4%) and JP Morgan (+ 1,8%).
The best stock in the S&P500 index is Life Technologies (+10%). The company announced this morning that it will release a machine that can read DNA in one day for $1000.
