MICROSOFT-NOKIA PUSHES STM AND TELECOM
BUT THE SYRIAN TENSIONS WEIGHT ON THE MARKETS
After Vodafone, today down by 2,15%, it's up to Nokia +38,81% to turn on the telecommunications sector. The Finnish company has sold control of the telephony division to Microsoft for 5,4 billion euros.
The reaction was immediate Business Square: stm, a major supplier of Nokia (actually the contribution to the turnover of the Italian-French joint venture fell below 10%) gains 2,55%.
Bank of America (Merrill Lynch) and UBS have decided to remove the title from the Tech "least preferred" list, a sort of list of tech titles to avoid.
After a positive start, the European lists have taken the downward path. In Milan, the Ftse Mib index -0,15% at 16963. After the rally at the beginning of the week, the other main lists are down: Paris -0,62%, Frankfurt - 0,61% London -0,31%. Madrid +0,02%.
To dictate the change of course, partly resolved, the escalation of tensions on the Syrian front: news has arrived from Russia that Russian radars have detected two "ballistic objects", probably missiles, flying in the Eastern Mediterranean area. But the Russian embassy in Damascus reports that no explosions were heard in the city.
In its updated predictions the OECD confirms the estimate of a contraction of the Italian GDP of 1,8% in 2013. The Italian figure is the only one among the G7 countries to be negative for the current year.
Goes on the recovery of the 10-year BTP, the yield fell by 3 basis points to 4,31%. The spread with the Bund, which weakens this morning, narrows to 239 basis points (-5 basis points).
This morning Enel launched a new subordinated bond, benchmark cut (with an initial target of between 500 million and one billion euros) denominated in euros. The fixed-rate loan expires on 10 January 2074 and is callable from 10 January 2019, 2024 and 2039.
The sales are affecting most of the stocks with the highest capitalisation, starting with Luxottica and Autogrill which lose respectively 1 and 1,14 percent.
It still rises, after four consecutive upward sessions, Telecom Italia +1%. In the automotive sector, Pirelli +2,24% and Fiat +0,95% rose, following the release of data on car registrations in Italy in August.
Positive news for the tire sector has come from French giant Michelin (+0,7% in Paris).
The group announced that in July the original supply segment grew by 4% in Europe, by 1% in North America, by 10% in China.
In the sector of banks Ubi Banca stands out with an increase of 1,75%: the share has been brought to "buy" by Equita.
Unicredit rises by 0,55%, Monte Paschi by 0,54%.
