The European stock exchanges slow down in the middle of the day after the sprint at the start, aided by Alcoa's quarterly report which returns to profit in the fourth quarter and forecasts requests for steel at +2013% in 7. London rises by 0,39%, while Frankfurt and Paris move just above parity (+0,07% and +0,09%). Holds Milan with the Ftse Mib which confirms a good +1,19% remaining on the highs since March at 17.153,07 points supported by some titles in the spotlight. He runs Telecom Italy + 5,10 % thanks to the hypothesis put forward by the Financial Times of a pan-European fixed network for former incumbents, exasperated by the snares and snares of the national markets and therefore ready to put together the infrastructures to be able to unload their potential in an finally single market. They discussed this in Brussels with EU Commissioner Joaquim Alunia the big four European telecommunications companies France Telecom Telefonica, Deutsche Telekom and Telecom Italia. In the light of this development, it is not excluded that instead of the separation of the network, officially under study by TI, a newco will instead emerge in which to bring together all the networks of Western Europe.
It's sprinting for too Finmeccanica up 4,59% on the acceleration of the Ansaldo Energia dossier after it now seemed that everything had been postponed until after the elections. For Il Messaggero, the advisors IMI and Deutsche Bank would have sent a letter to the Italian consortium led by FSI, interested in buying the company, setting a tight deadline of January 23 for the binding offers which must refer to 100% of the company, therefore also on the 45% share in the hands of the Americans of First Reserve.
And there is the recovery of the MPS rally +4,16% also thanks to the decision of some foreign funds to cancel their short positions on the stock. Are we preparing for the rebirth of Siena? Much will depend on the spread: Monte is among the banks most sensitive to the trend in the cost of debt. Among the best of the Ftse Mib also Banco Popolare +3,15% and Unicredit +2,97%. After the good news for banks of an easing of the entry into force of Basel III, Ubs confirms that it is possible to see a pink on Italian institutions. Especially for large-cap ones. “Even if the economy is still in recession and the elections remain unknown – reads the note from the business house – the macro/political situation appears to be normalizing and allows us to look to 2014 with confidence and capture some of the benefits deriving from the restructuring of the branch network". Admittedly, the situation has led to cuts in 2013 earnings estimates by an average of 9%. However, for UBS the restructuring of the branch network and the re-pricing of assets should produce improvements starting from the second half of the year.
The Btp bund spread has now risen to 284 basis points with a yield of 4,31% from the opening at 276 points (and a yield below 4,3%) but for now it is still below 300 points and around 270 points below the level of a year ago. And the Germans also confirm the turnaround. For the president of the German Ifo research institute, Hans-Werner Sinn, Mario Draghi's strategy is working against capital flight from southern Europe. “Mario Draghi's strategy is effective – he said – There is a trend reversal. Under the protection of collective insurance, capital trusts again the countries of Southern Europe”.
Today the economic institute Diw affirmed that it foresees an improvement in the German economic situation: despite the euro crisis, GDP should grow by 0,9% in 2013; and for the next year a growth of more than 2% is possible with the demand for German products abroad will increase again. In the meantime, however, today Germany announced that industrial production recorded monthly growth of 0,2% in November, lower than the +1% expected by economists but an improvement on the 2% drop recorded in October.
L'Asia ended overall positive with Tokyo +0,67% following the slowdown of the yen against the dollar, Hong Kong +0,46%. Shanghai ended trading flat at -0,03%.
In Piazza Affari the spotlight among the smallest Eurotech stocks (+3,15%) after a new 4,1 million euro order for a technological supply to an American agricultural machinery manufacturer. Among the worst of the Ftse Mib Atlantia (-0,87%) while Gemina remains positive +0,17% even if yesterday's rally on rumors of an acceleration of the integration with the Atlantia holding and a possible takeover bid deflates. Buzzi Unicem -0,84% and Parmalat -0,56%.
