New applications for unemployment benefits are down in the US, reaching its lowest level in the last two months and consumer confidence is recovering. But other data do not argue in favor of a forthcoming change in the Fed's monetary policy. It is the ideal mix for the Bull, stimulated by the hope of a good start tomorrow of the Christmas purchases which, traditionally, start in the USA Black Friday following Thanksgiving.
This explains the new leap forward of stock exchanges in Asia. One hour after the closure, Tokyo rose by 1,30%, to the highest since December 2007, driven by the drop in the yen and by the growth of major exporters, such as Honda +1,5%. Positive ground also in Hong Kong +0,6%. Wall Street closes for Thanksgiving consolidating the conquest of three historic peaks: the Dow Jones index appreciated by 0,15% over 16.000 (16.0973) the S&P 500 +0,24% to 1.807,2 while the Nasdaq +0,67% remained above the record level of 4 (+0,67% to 4.044,7).
Closing up for the European stock exchanges. Frankfurt gained 0,66%, Paris 0,36% and London 0,2%. Burberry Group stood out in the City +2,55%, rewarded after the group's decision to ask the Chinese authorities to protect its products from counterfeiting.
The Ftse Mib recorded an increase of 0,8%. Milan boasted one of the best performances, despite the political uncertainty, while waiting for the final approval of the stability law and on the day of the vote on the forfeiture of Silvio Berlusconi.
LIGHT FORMAT BTP AUCTION: ONLY 2,5 BILLION OFFERED
Today the Treasury could announce that it has completed the collection for 2013. Thanks to this week's auctions, the Ministry of the Economy has in fact already covered 99,5% of the emissions forecast for 2013. This morning it is expected the last auction at the end of November: the placement of 2-2,5 billion ten-year securities, which will not be accompanied, thanks to the success of Btp Italia, by the five-year Btp offer.
Yesterday evening the yield on the Italian 2024-year March 4,063 was 4,066% after Tuesday's 7%. Yesterday the Treasury raised 6 billion 0,539-month BOTs, the entire amount offered, at a rate of 236%, the lowest since May. The spread with the Bund stood at 238 basis points from XNUMX at the close
THE ECB READY FOR THE NEW LTER. BUT IN ENGLISH
New applications for unemployment benefits are down in the US, reaching the lowest level in the last two months. The test of Christmas shopping will be important which, as per tradition, will start tomorrow, on Black Friday following Thanksgiving. However, the data arriving from the USA do not bode in favor of a forthcoming change in the Fed's monetary policy. Also because there is no urgency on the price front, and the FED, through the voice of its president in pectore, "sees no misalignments in asset levels, there are signs of bubbles and excessive leverage”.
The spotlights of the markets, therefore, are focused on Germany after the agreement for the formation of the new government. Merkel has not given a step on the European front, but has had to allow for expansionary measures on the domestic front (the minimum wage, above all) on the domestic front. In Frankfurt, meanwhile, the ECB accelerates the study of anti-recession measures after the rate cut. According to the Suddeutsche Zeitung, the ECB is considering launching a new LTRO, access to which would be conditional on the use of funds to finance the real economy. The duration would be shorter than the previous ones (9-12 months), much less than the Funding for Lending implemented by the Bank of England to stimulate investment in businesses.
GENERALI, GREEK WAND S&P. FLY BANCA GENERALI
Generali is up 1,5%. Opening the Investor Day in London yesterday morning, the managing director Mario Greco confirmed the targets of the plan for 2015 and said that the dividend will grow over the next two years. However, the decision by S&P to place the company under negative credit watch did not slow down the performance of the shares. A decision that Greco himself called a "glamorous mistake". Jump of Banca Generali +4,7%, which marked a new all-time high after Greco said he will not sell any more shares in the subsidiary that operates in asset management. Fondiaria-Sai +1,1%, Unipol -0,7%.
BANKITALIA'S IRA ON POPOLARE MILANO
Yesterday they were the ones who pushed Piazza Affari up the shares of the banks, with Banco Popolare (+6%) which achieved the best performance on the wave of the news that the institution will incorporate the subsidiaries Credito Bergamasco +14,3% and Banca Italease. The Bpm also did well (+0,7%), while preparations for the electoral campaign begin in view of the assembly on 21 December (today the candidate for the presidency of the CDS, Piero Giarda, met with his list candidates) .
But the wrath of the Bank of Italy hangs over Piazza Meda: "To date, this bank has not yet followed up on the requests of the Supervisory Authority", which had expressed itself "so that the capital increase be carried out as soon as possible, in order to guarantee a rapid realignment of capitalization levels to the objectives”, writes the governor of Bank of Italy, Ignazio Visco, in a letter sent to Banca Popolare di Milano.
Visco therefore notes that Bpm's core tier 1 remains "below the capitalization target indicated by this institution", equal to 8% (it was 7,25% at the end of September). The governor also underlines that "the rapid and positive outcome of the capital increase is called into question by the critical situation of governance of Bpm". Visco's findings are at the basis of the refusal opposed by Bank of Italy to the repayment and repurchase operations of hybrid instruments proposed by BPM.
The shares of Banca Mps remained at a standstill (+0,05%), in the aftermath of the announcement of the capital increase of 3 billion. Operation that will have to be approved by the end-of-year assembly. Meanwhile, the market is wondering about the moves of the Mps Foundation, which holds just over 33% of the shares, but which has to repay debts for 350 million euros. Also today, the EU Commission gave, as expected, the go-ahead for the restructuring plan of Monte dei Paschi, deeming that public support is in line with the rules of state aid.
Among the other banks, Unicredit +1,1%, Intesa +0,5%, Ubi Banca +2,1%, Pop.Emilia +1,6%. Mediobanca gained 2,6%.
TELECOM, THE BRAZILIAN GAME WARMS UP
Industrial stocks were positive: Fiat +1,2%, Finmeccanica +0,6%, Pirelli +0,1%. Enel rose by 0,5%, Eni +0,1%. Telecom Italia +0,7%, on the day in which the European Commission asked Italy for a series of 'clarifications on the basis' of the new decree which includes the Telecom Italia fixed network among the "assets of strategic importance in the telecommunications sector". Marco Fossati of Findim is in Brazil, where the authorities have found that the new Telco structures are incompatible with the agreements already established between the local Antitrust, Telecom and Telefonica. TiMedia jumped more than 7%. Positive Mediaset +1,3%. Among the luxury stocks, Luxottica +1,3%, Tod's +1,4% and Cucinelli +4% gained. Ferragamo is down -1,2%.
MONCLER, A DOWN JACKET FOR THE BUSINESS AREA
Moncler yesterday filed the prospectus relating to the public offer of sale after obtaining approval from Consob. Moncler will land on Piazza Affari in mid-December: the free float, expected to be 26,7%, could rise to 30,7% if the greenshoe option were exercised (possibility for the subscriber to sell more shares than initially envisaged by the issuer).
Moncler was valued between a minimum of 2,18 billion euros and a maximum of 2,55 billion, for a value per share between a minimum of 8,75 euros and a maximum of 10,20 euros. The public offer, which has as its object 66,8 million ordinary shares put up for sale by the current shareholders Ecip, Carlyle group and Progressio Investimenti (the private equity companies that will leave the capital) begins this morning and will close on 11 December.
