RECORD JANUARY, DESPITE MPS AND SAIPEM
SPOTLIGHT BRIGHT ON US EMPLOYMENT
Even with all the excitement and misadventures of the last few weeks, Business Square is at the top of the lists of the Old Continent. In January, it achieved a performance of 7,1%, better than London (+ 6,4%), Frankfurt (+ 2,1%) and Paris (+ 2,5%).
In Europe more brilliant performances were achieved only by the Zurich Stock Exchange (+8,3%), favored by the decline of the franc against the euro, and the revived Athens (+8,6%).
In the past month it 10-year Btp/Bund spread it dropped to 267 basis points, for a yield of around 4,33% (the minimum in January was 4,12%). At the end of December, the spread was at 317bps and the yield at 4,5%. This morning the euro is trading at 1,3624 against the dollar
FROM MPS TO UNICREDIT, BANKS IN X-RAYS
In the evening came the relegation, expected, for MontePaschi + 1,8%.
Standard & Poor's downgraded its long-term rating to 'BB' from 'BB+', maintaining its CreditWatch Negative. The note refers to pessimistic forecasts on the Tuscan bank's profits and capitalisation, despite the support guaranteed by the New Financial Instruments (Nsf), i.e. the 'bond mountains'. The support of the State, the note specifies, has raised the judgment on the bank by two "notes". The new report card further complicates the position of the Foundation, the bank's number one indebted shareholder.
On the day of the interrogation of Ettore Gotti Tedeschi as a former representative of Santander in Italy, the first reaction of the Spanish giant arrives. "All the things that have been said in the press have no basis, as will be 'proved, if the time comes." so theCEO of Santander, Antonio Saenz responded during the conference call on the 2012 accounts to the request for a comment on the Antonveneta affair, made by a Mediobanca analyst. "For Santander it was an operation to exit Antonveneta at a time when the Italian market had a great desire to grow and buy".
But the storm over Monte Paschi hasn't slowed the return of interest of the big names in our finances.
The confirmation comes from the growth of Blackock in Unicredit +2,99% with a share of more than 5% of the capital. Blackrock's share was 3,1% last June and in November the American fund had made use of the possibility of exemption for holding shares up to 5% of the capital. Blackrock thus becomes UniCredit's second shareholder behind the Abu Dhabi fund, Aabar, with 6,501% and ahead of the Pamplona fund with 5,011%. In fourth place is the leading Italian shareholder, the Cariverona Foundation, with 3,534%.
Banco Popolare gained 2,2%, +1,8%, Intesa +0,2%, Pop.Emilia +3,6%.
ASIA
La China slow down, but not too much. The manufacturing industry purchasing index marks an unexpected drop from 50,6 to 50,4, remaining in any case above the 50 mark, ie in the positive zone.
The data conditions i Asian lists: Hong Kong -0,3%, Shanghai also down -0,5%.
Tokyo +0,40% closes in positive ground while the quarterly earnings campaign continues (90 today alone). The rally continues Toyota +2,4%, back at the top of the world rankings.
AMERICA
Wall Street archive one of the best months with a discount. The S&P index, -0,26% yesterday, gained 5% in January, the best performance since 1997. The Dow Jones, down 0,36 yesterday, did even better: +5,8% in the month, never so good since '94. The Nasdaq remained unchanged.
The day was marked by some negative corporate data: loses Time Warner -11% Dow Chemical -7,1% and Ups –2,4%.
Looking forward to the unemployment data due today.
Contrasting indications yesterday on the American economy: new weekly jobless claims there were 365, the consensus of economists was expecting an increase to 350 from 330 the previous week. Also slightly below expectations are the data on consumption for December at +0,2% from an expectation of +0,3%. Better than estimates, however, the data on the Chicago area purchasing managers' index in January, which rose to 55,6 against expectations of 50.
EUROPA
Yesterday there London Stock Exchange fell by 0,7%, Paris -0,8%, Frankfurt -0,4%.
The markets were partly conditioned by the strongly negative data on the contraction in consumption Germany in December, dropped by 4,7% on the same month in 2011. Analysts expected an average drop of 1,5%.
SAIPEM BOUNCES, THE STAR IS STM
In Business Square the settling of took place Saipem , up 4,4% after plunging 34% the day before. The brokers have all drastically cut their target prices, positioning themselves between 22 and 26 euros. The share closed at €20,90. The parent company Eni rose by 0,9%.
La Consob summoned the legal representatives of Saipem for Monday after the stock market crash on Wednesday following the placement of 2,2% capital by a bank on behalf of an institutional client and before the profit warning issued by the Eni group company at closed markets. The convocation of the managing director of Saipem, Umberto Vergine, will serve the Authority led by Giuseppe Vegas to disseminate the notice on the company's profits.
Star of the day on the Milanese price list is StM, rise of 4% after the management illustrated to the analysts the prospects of the company, now on its way towards the exit from the St-Ericsson joint venture. The divorce from the joint venture could be financed with prospective funds, given the solidity of the financial position (1,2 billion dollars). Excellent prospects for MEMS memories ("ingredient", among other things, of smartphones and tablets) which have exceeded 3 billion units sold.
Day of strong swings for Fiat, which eventually closed up 0,9%, Fiat Industrial finished the session tied, gaining 1%.
Generali rose by 0,6%, Mediolanum +0,1%. Bigger hikes for Fondiaria Sai +2,8% and Unipol + 2,7%.
A day of strong fluctuations for Fiat, which eventually closed up 0,9%, Fiat Industrial finished the session in parity. After the merger with CNH, the company will be listed on Wall Street in the third quarter of this year.
