ALCOA 0K, US QUARTERLY SEASON STARTS WELL
AND TELECOMS STUDY THE EUROPEAN NETWORK SOCIETY
It started off on the right foot there US quarterly season. As usual, Alcoa opened the dance of numbers, +1,1% in post-exchange trading on the wave of quarterly results: a turnover of 5,9 billion dollars (-2% compared to 2011 , but +1% compared to forecasts). The EBITDA for the period rises to 597 million, against 152 million a year ago.
But what is most comforting are the forecasts for aluminum demand in 2013: demand will increase by 7%, with a slight progress on 2012 (+6%), particularly in the aerospace, automotive, construction and of gas turbines. In short, the recovery is there, even if at reduced speed.
I Alcoa data they had an immediate echo in Asia. The Nikkei index advanced in Tokyo by 0,65%. Hong Kong also rose +0,35%, on a par with the MSCI Asia Pacific index.
Traders' attention is focused on the stimulus plan for the economy that Shinzo Abe's government should approve this week.
wall street, before the data from the aluminum big, it had instead closed in negative ground.
The Dow Jones falls 0,42%, S&P -0,33%, Nasdaq -0,23%.
Little moved yesterday London (-0,1%) And Paris (unchanged), Frankfurt suffered a decline of 0,4%.
La Milan Stock Exchange it was confirmed as the best in the Eurozone: the FtseMib index rose by 0,3% thanks to the push of some banks.
AMERICA
The president of the United States, Barack Obama, is preparing to appoint Jack Lew, now Chief of Staff of the White House, new Secretary of the Treasury in place of Timothy Geithner. Lew, 57, with a career almost entirely in the high state bureaucracy, was general manager of Citigroup for two years in two stormy years such as the two between 2008 and 2009. It will be up to him to solve the problem of the debt ceiling, i.e. the agreement with Congress necessary to raise the federal debt limit today set at 16.400 trillion dollars.
Yesterday the "letter" prevailed among the shares of the S&P500 index: 8 out of 10 stocks are down. Even among the Dow Jones blue chips the “minus” sign prevails. At & t -2,7%Verizon -2,6% Bank of America -2,4% Boeing -1,7%.
EUROPA
A great pan-European alliance between the 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. Four big names in the old Europe of telecommunications: France Telecom Telefonica, Deutsche Telekom and Telecom Italia discussed this issue in Brussels, reveals the Financial Times, with EU Commissioner Joaquim Alunia.
Science fiction? In reality, the EU is against agreements on domestic markets, to the detriment of consumers. But it has no preclusions in principle with respect to cross border agreements.
At this point, it is not excluded that instead of the separation of the network, officially being studied by TI, a newco will emerge into which all the networks of Western Europe will converge.
SOVEREIGN DEBT
Spotlight on the auction when Italy returns to the market with an offer of 8,5 billion Bots over 12 months. 3-month Bots will not be offered. There are a total of 11,5 billion securities maturing.
Lo 10-year Btp/Bund spread it drops by 4 basis points to 278 for a 10-year BTP yield of 4,29%. On the shorter part, the 2-year spread is set at 162 bps for a yield of 1,69%.
I bond up to 2 years of all European countries, excluding Switzerland, have yields above zero. In any case, Swiss bonds also saw yields rise from -0,6% at the end of July to the current -0,28%.
ITALY
gemina finally gained 9,2% due to rumors about the acceleration of the merger procedure with Atlantia -0,1%. It is a matter of deciding whether to proceed with a takeover bid (most probable solution) or with an exchange offer. The first solution is the most appreciated by some of Gemina's large shareholders including the Toti group, Unipol and Generali itself.
Generali it rose by 0,8% after announcing the agreement to acquire shareholder Kellner's share in the joint venture with which it operates in Eastern European countries. Bank of America raised its target price to 15 euros.
By reflex Mediobanca, which is the first shareholder of the Lion of Trieste, gained 2,4%.
After two days of very strong increases, Montepaschi it closed slightly down (-1,2%). JP Morgan intervened on the title, lowering the recommendation tounderweight da neutral. Meanwhile, three hedges on Siena that had been falling for some time have thrown in the towel: Egerton, Marshall Wace and Odey have canceled their short positions.
The other banks are positive: Unicredit gained 2,1%, a leap of Banco Popolare+ 3,5%.
Opposed the industrialists: Finmeccanica fell by 0,8%, Fiat -1,2%. Salt instead Fiat Industrial + 0,8% StM + 1,9%.
On the rise Mediaset+0,6%, after Credit Suisse promoted its subsidiary Mediaset Espana to "outperform" from the previous "underperform".
In decline Rest -3%, trimmed to "hold" from "buy" by Kepler analysts.
Alitalia's fate will be decided in October. Only then will the lock-up on the shares for the benefit of Cai's shareholders expire. In the meantime, the ascent of the values of I continuesmmsi + 2,2%.
