MOSCOW AND CHINA WEIGHT ON THE PRICE LISTS
LUXOTTICA ALLIES WITH GOOGLE
They all slip into negative ground Asian markets, after a timid attempt to raise a Tokyo and Shanghai +0,43% where operators take for granted the arrival of measures to counter the slowdown of the Chinese economy.
The Japanese index Nikkei is down by 0,2%, Hong Kong is worse -0,40%.
Wall Street, after a session dedicated to sales, achieved a discreet recovery in the finale.
Il Dow Jones closed at -0,16%, S&P500 -0,49% and Nasdaq -1,18%. The most volatile stocks lose out: Tesla -5,6%, Netflix -7%. Also down 3%, Twitter - 4, Facebook - 4,5% and biotech stocks.
They are an exception Apple Lossless Audio CODEC (ALAC), +0,8%, supported by the upcoming TV agreement with Comcast and Microsoft. Bad day for the European titles. London lost 0,5%, Paris -1,3%, Frankfurt -1,6%. The drop in Milan was also noticeable: the FtseMib index fell by 1,6%.
OVER 70 BILLION DOLLARS IN FLIGHT FROM MOSCOW
Two unknowns weigh on the price lists: the signals, more negative than expected, coming from the US economy, despite the fact that the severe cold season is over; the deep rift with Russia which led to the permanent exclusion of Moscow from the summits of the Great and the announcement of new sanctions. In 2014, according to forecasts, at least 70 billion dollars will leave Russia, doomed to a deep recession.
The outcome of the first round of the French municipal elections has contributed to the nervousness, casting a shadow of concern on the next vote for the europee which risks turning into a referendum on the euro.
Gold and oil, two thermometers very sensitive to geopolitical crises, are not sounding alarm signals for now: gold has started to fall again and is down 1,7% to 1.311 dollars an ounce; Wti American crude rose by a modest +0,4% to 99,8 dollars a barrel, Brent to 107,2 dollars (+0,3%). The outcome of the first round of the French municipal elections has contributed to the nervousness, casting a shadow of concern on the forthcoming vote for the European elections which risks turning into a referendum on the euro.
BTP, ACTURNED WATERS ON THE EVE OF THE AUCTIONS
it shakes, on the eve of the month-end auctions, the sovereign debt front. The btp/bund ratio is growing and the spread stands at 182,724 points, up by 5,444 points, while the Spanish bonos is doing better at 175,1 points (+2,4 points).
Lo Italy/Germany spread on the ten-year stretch it went up to 184 basis points, the highest since the beginning of last week, to then settle at 182,724 points, an increase of 5,444 points, while the Spanish bonos proceeds better at 175,1 points (+2,4 points).
In this frame the Treasury seems to play the prudence card, also in view of the next issue of Btp Italia. Tomorrow, however, Ctz will be offered for an amount between 2 and 2,5 billion. During the day, the type and quantity of the 5 and 10-year BTP auctions will be communicated. On the other hand, 7,5 billion six-month BOTs will be offered on Friday (against 8,75 billion maturing).
3D GLASSES, A 10 BILLION DOLLAR DEAL
Luxury slows down, but Luxottica +0,39% promises an effervescent day. This morning Andrea Guerra anticipates, in an interview with Repubblica, the agreement between the Italian company and Google to produce Google glass, the 3D glasses developed in Mountain View as early as 2015”. Guerra expects the project to result in “10-15% annual organic growth . The ambition is to soon reach 10 billion dollars in revenues”.
MONCLER, BITTER DEBUT AMONG THE BIG
TARGET SHOOTING ON YOOX
Most of all, it was the expense of the slowdown in the Asian and US economies the luxury sector, again the most targeted by sales. The Yoox landslide does not stop, falling down by 5,4%. The Italian leader in remote sales has lost 22% since the beginning of the year. The landslide is connected to storm Asos, the industry benchmark, behind London by 6,2% after closing last week with an overall loss of 15%. At current values Asos is still worth about 4 times its forecast sales in 2014 and 84 times its consensus estimates. Yoox, for its part, is worth about 3 times the sales and 82 times the profits estimated by the consensus. Promotion to the Ftse Mib basket brought no relief to Moncler, down 3,6% in his first day as a blue chip.
Listed in December 2013 at 10,20 euros, Moncler it scored a maximum of 16,60 euros on 2 January. Since the beginning of 2014, the stock has lost 17%. Down too Tod’s -1,4%, and Brunello Cucinelli -3%.
SALT ONLY MPS, BETTER BLUE CHIP
Setback for a good part of credit sector, after the advance of the past weeks. Geopolitical uncertainty has had an impact on the prices of big European companies. In Paris BnpParibas and Société Générale they fell by 1,9% and 2,9% respectively, also under braking Deutsche Bank -2,4% and Credit Suisse -1,4%. He was no exception Mount Paschi +1,5%, the best blue chip in Piazza Affari following the announcement of the Blackrock signings and some hedge funds such as Marshall Wace, Tosca, Och Ziff and Guggenheim.
Montepaschi is the second best blue chip since the beginning of 2014 with a gain of 41%. In first place is B. Pop. Milan yesterday down by 0,74% but up 50% since the beginning of the year. Yesterday the managing director, Giuseppe Castagna, met the representatives of the internal trade unions to illustrate the new business plan. Banco Popolare -4% and Ubi -3,4% fell sharply. Unicredit -1,7% Standard & Poor's confirmed its long-term and short-term ratings, respectively at 'BBB' and 'A-2', with a negative outlook. Yesterday the road show in Asia and Europe for the placement of a two billion dollar hybrid bond started. Among the insurance companies, Generali lost 1,3%. UnipolSai recorded a drop of 1,7% after Friday's leap (+8%).
ANSALDO STS, A ORDER WORTH A PERU'
The most positive note came from Peru. A group of companies to which they belong Salini Impregilo, Ansaldo Sts and Ansaldo Breda he remained alone in the tender for the expansion of the Metro network in the city of Lima in Peru. Value of the order 5,2 billion. Salt Ansaldo Sts +1,8% also driven by rumors about offers made by international groups (General Electric, Hitachi, Bombardier, Thales) to acquire the world leader in railway signaling from Finmeccanica -1%.
Retrieve locations Pirelli +1,19%. After the announcement ofRosneft operation the stock has lost about 15% in a couple of weeks. StM lost 1,5%, Fiat -1,4%, Prysmian-2,5%. Few positive notes in the rest of the list.
Weak Eni -1,6%, Enel -2,1% and Telecom Italia -1,7%.
Snam Rete Gas sales +0,3%. Goldman Sachs has decided to raise the recommendation to Neutral from Sell. The target price was raised to 4,20 euro from the previous 4,05 euro.
The exception is GTech +1%, promoted by the broker Hammer a Buy with a target price of 30 euros. Barron's, the prestigious American weekly, dedicates an article to the Italian gaming company, which states that GTech could rise on the stock market by 20-30% in the next 12 months and considers the title a bet with an interesting "jackpot". Barron's highlights the company's good reputation around the world, which puts it in a good position to expand its business in Turkey and Asia, particularly in China. He therefore considers the estimates indicated by the group's management for 2014 to be prudent. Lastly, the jump of Fiera Milano + 4,5% should be noted.
