Friday's bot auction didn't shine. But the real test for the Treasury will be this morning with the new three-year BTP (amount between 3,5 and 4 billion) and the reopenings to seven (2-2,5 billion) and fifteen years (2-2,5 billion) for a total amount of 8 billion. The three-year BTP traded below 1,60% on Friday and could drop this morning below the all-time low (1,70%) which has persisted since March 2010. Curiosity also for the debut of the BTP 15 at auction.
FED, SECOND ACT TAPERING IS APPROACHING
"Stanley Fischer and Janet Yellen will make a fantastic team to lead the Federal Reserve," President Barack Obama said as he introduced the new central bank deputy. Fischer is one of the most prestigious bankers, who in the past held the position of director general of the IMF and governor of the Bank of Israel. But, above all, with him the MBA was obtained by Ben Bernanke (“in this courtroom – said the US banker at the summer meeting of bankers in Wyoming – raise your hand if you haven't studied with Stanley…”) and Mario Draghi. His charisma will serve to balance the influence of "dove" Yellen.
Meanwhile, at the Fed meeting on 28-29 January, a new cut in quantitative easing for 10 billion will take place: according to the president of the Richmond Fed, Jeffrey Lacker, in fact, we must not give too much weight to the disappointing numbers of the US labor market.
ASIA, WALL STREET
The disappointing data on the labor market didn't affect Wall Street that much. The S&P 500 index marks a rise of 0,5% during the week. Friday's gain was 0,23%, versus 0,44% for the Nsdaq. Dow Jones – 0,05%. Declining ten-year T bonds to 2,86% (against 2,97%).
THE SPRING OF NO CORE EUROPE
The river of liquidity that has invested Europe has favored a Bull week, starting from the peripheral lists. The Athens Stock Exchange gained 7,5%, Madrid 5%, Lisbon 4,2%, Dublin 3,3%. In five sessions, the FtseMib index rose by 3,1%. The performance of Frankfurt +0,40%, Paris +0,07% and London +0,14% was much more modest. In Europe, the best stocks of the week were: banks (Stoxx +4,7%) and insurance companies (+1,9%).
FIAT SHOW
Detroit, 8 am (14 pm in Italy). Sergio Marchionne, the most awaited star of the most important auto show in North America, takes the stage. It will be an opportunity to reiterate the Fiat-Chrysler strategies already anticipated in the interview with Repubblica. Operators expect Marchionne, after reiterating his no to the capital increase to finance the acquisition of 41,5% of Veba, to specify the terms of the next convert.
The number one of Fiat could also intervene on the conflict of opinions between Moody's (which has put the Fiat rating under observation for the consequences on the debt, at a time when the car in Europe is still burning cash) and S&P, more positive, because cash outflow to pay US union to be offset by a similar amount decline in Chrysler's pension obligations
MANAGE IT
Asset management is clearly evident on the wave of growth in deposits. Mediolanum +6% during the week closed the month of December with net inflows of 565 million euros, bringing the 2013 total to 3,337 billion euros. It was the best December in the history of Ennio Doris' company. Banca Generali +5,56% was even more brilliant on Friday. Meanwhile, market gossip suggests that Azimut may acquire Aletti Gestielle (Banco Popolare).
BANKS AT THE TOP
Great week for the banking sector, starting with the Popolari. Leading the race is Banco Popolare +14,9%, followed by Bper +11,5%, which is about to finalize the sale of over 200 million euro of non-performing loans, equal to approximately 2% of total non-performing loans. Unicredit +8,4% also stands out. Pop Bank. Milan +8,1%. Appointments in sight in Piazza Meda. The choice of Giuseppe Castagna as managing director seems obvious. As regards the presidency of the management board, the favorite candidate remains Mario Anolli (professor at the Catholic University). The election of the leaders should take place on Thursday 16 or Friday 17.
LUXURY UNDER THE HEELS
Luxury comes to a sudden halt, coinciding with the Milanese fashion shows. Ferragamo drops 11,5%, Yoox loses 9,8% Federico Marchetti, has sold 250.000 shares of the company at a price of 31,2 euros per share. As a result, the manager earned 7,8 million euros. Tod's -7,9% in the last five sessions.
Gianluigi Buffon takes the field in Piazza Affari. The Juventus and national team goalkeeper rose from 19,612% to 56,262% of Zucchi after the capital increase, according to what emerges from Consob communications.
In great evidence D'Amico International Shipping +1,8% to 0,656 euro for the trading volumes touched on Friday: more than 3 million shares against a daily average of the last month of 492 thousand shares. This is the sixth highest daily quantity in the history of the listed stock since 2007. On Friday, 4 vessels were launched in Korea simultaneously which will be used to transport refined petroleum products.
