Yesterday the American markets were closed for the Thanksgiving Day holiday. Today Wall Street will work only half a day. After falling below 1,060 against the dollar yesterday, the euro recovered slightly to 1,061.
Meanwhile, tensions are gradually easing after the incident between Russia and Türkiye. Investors' attention was once again focused on monetary policy issues in view of next week's meeting of the ECB, from which new measures to stimulate the economy are expected.
In Piazza Affari, the FtseMib index gained 1%, the Paris Stock Exchange rose by 1,1%, Frankfurt +1,3%, reaching its highest level since mid-August. The European Stock Exchanges closed the session up, supported by purchases in all sectors and in particular in the Automotive (European Stoxx of the sector +2,2%), in Tech (+1,4%) and in Banks (+1 %).
Of note in Copenhagen is the leap of Bang&Olufsen, the Danish manufacturer of televisions and audio components, which rose by 27%. The company said it was approached by a buyer. In view of the ECB meeting, government bond yields are down, in particular the 10-year BTP is traded at 1,42% with a spread of 96.
The 6-month Treasury bonds were assigned at auction with a negative yield of -0,112, a new all-time low. Investors expect a new drop this morning, on the occasion of the offer of 5 and 10-year BTPs together with the CCTEU expiring in December 2022.
CAR
The recovery of the car, after the lean years, has finally consolidated. This was confirmed by the president of the Centro Studi Promotor, Gian Primo Quagliano. For 2015, he said, registrations in Italy are seen at 1.560.000 units, "a level that is still very far from the pre-crisis level (-37,4%), but 15% higher than that of 2014. In 2016 sales will rise to 1.747.000 units to reach 1.939.000 in 2017 (+11%) and 2.152.000 in 2018 (+11%). A level, the latter, which can be considered the physiological one for a large country like Italy is”. Fiat Chrysler advanced by 2,7% to 13,54 euros. The stock records a 38% increase since the beginning of the year.
Brembo was also highlighted (+0,76%), reaching a new all-time high of 42,61 euros. From January 55 to today, the stock has accumulated a 2,55% gain and has excellent chances of completing the fourth consecutive positive year. Sogefi is also advancing (+3,6%), but it was Volkswagen (+3,8%) who pushed the entire automotive sector. The Wolfsburg house was the best blue chip in the Frankfurt Dax index with a gain of 22% which pushes the quotation to the highest level since last September XNUMXnd.
It is the tenth consecutive rise: from the low at the beginning of October (86,36 euros) the increase is close to 50%. The recovery was encouraged by the note in which the company explained how it intends to technically solve the problem of "rigged" diesel engines in Europe. The solution seems less expensive than expected. Daimler rose by 3,2%, BMW +1,3%.
CNH
Second roaring day for CNH Industrial which, with a gain of 5,2% to 6,87 euros, practically eliminates the negative performance accumulated since the beginning of the year. Shares jumped 5,4% on Wednesday following the release of results from competitor John Deere. Mediobanca strengthened the Outperform recommendation with a target of 8,20 euro.
To complete the news of the Agnelli group, it should be added that yesterday the parent company Exor priced a 7 million euro bond denominated in euros with a 750-year maturity: the bond will offer a premium of 175 basis points over the midswap, lower than initial indications which they envisaged a guidance of 185 basis points. The issue, maturing in December 2022, bears a coupon of 2,125%.
STM
Stm achieved a rise of 5,5% to 7,0 euros in the wake of the strong movement of the German Infineon, up 13% in Frankfurt after the publication of the data for the quarter. In the last three months of its fiscal year, the German semiconductor manufacturer recorded a 36% year-on-year increase in revenues, to 1,6 billion euros, in line with expectations. Analysts are convinced by the strong increase in the business area called Segment, whose revenues increased to 288 million from 188 million a year earlier: the consensus was expecting 250 million.
The company expects to close the 2015-2016 financial year with a 13% increase in revenues based on a euro/dollar exchange rate of 1,10, higher than the current one. StM gains 12% since the beginning of 2015. The increases of Prysmian (+1,7%) and Buzzi (+3,3%) complete the pink day in the industrial sector of Piazza Affari. Flat Finmeccanica which, after the sharp rises of recent days, closes the session unchanged. The stock has gained 79% since the beginning of 2015.
The signing of the contract for the sale of 28 Eurofighter fighters to Kuwait, initially scheduled for this month, as announced by CEO Mauro Moretti at the end of October, has been postponed to mid-December. The sources cite problems relating to "pilot training and the dispatch of specialized personnel". The order awarded to the consortium participated by Finmeccanica amounts to 7-8 billion euro. Ubs has decided to adjust the target price to 13,60 euros from 13,0 euros, leaving the judgment Neutral.
BANKS
The data on the M3 monetary mass published by the ECB showed an increase of 5,4% compared to the same period last year. "Loans to the private sector increased by 1% per annum, also in the month of October" is the comment of the analysts of JP Morgan, who underlined how the figure made an "impressive rebound". The sector was weighed down by Fitch's negative comments on the "exorbitant" cost of rescuing the four commissioned banks.
Among the Big Unicredit advances by 0,9%, Intesa +0,5%, Monte Paschi unchanged. Bfor +1,03%. CEO Alessandro Vandelli announced that the bank is working with the advisor, Goldman Sachs, and that until next year there will be no news regarding possible mergers. "As far as we're concerned, this is an exploration phase," said the top manager. It is clear”, he added, “that growth through mergers is an important aspect, but it becomes an important strategic choice, which must be made after careful evaluations”.
Generali rises by 0,6%, in asset management Mediolanum stands out +1,3%. Telecom Italia gained 2,1%, Enel +0,7%. Among the oil companies Eni gains 0,6%. Consistent increases by Saipem (+2,2%) and Tenaris (+2,9%). Among the luxury stocks, good increases for Moncler (+2,9%) and Ferragamo (+1,4%). Among the mid caps, Maire Tecnimont stands out (+4%), which should soon obtain an important new contract in Oman.
Yesterday afternoon, the Refineries and Petroleum Industries Co (ORPIC) announced that it has finalized negotiations with a series of selected interlocutors for contracts worth a total of 4,5 billion dollars. The works entrusted to Maire Tecnimont should be around 800 million dollars. With this latest order, the portfolio of new orders will rise to 3,4 billion euros.
Mondadori rises by 3,4%, Trevi +4,3%.
