Piazza Affari, for once, deserves the main title in the review of the markets. The Milan stock exchange closed the session with a 1,8% increase, the best stock exchange in Europe. For the first time since last June 6, the FtseMib index returned above 17 thousand, supported by increases by banks. At the end of the day, the blue chip stock index returned to levels it hadn't seen since May 5th. A surprising rally, given the political uncertainty and the fragility of the recovery, but which has its explanations.
The inflow of liquidity from US monetary funds to European equities has now extended to peripheral lists: after Milan, the best stock exchange is Madrid. The phenomenon is accentuated by the flight from the bonds of emerging countries, whose currencies are currently experiencing period lows. Conversely, the euro strengthens against the dollar thanks to the inflow of capital from the major international managers.
From a technical point of view, the current one can be considered the third bullish leg within the large congestion that has persisted for about a year. From the lows of the end of June, the gain is 15%. The previous two bullish legs had achieved respectively:
1) +21% in the period November 2012 - January 2013;
2) +17% in the period March – May 2013.
In the meantime, BTPs are improving on the government bond market, with the 4,19-year yield falling to 251%, with a spread of 4 (-XNUMX basis points).
ASIA: NIKON COLLAPSES -15%, STOPS CHINESE INFLATION
Tokyo is starting to close with a small rebound, around 0,6%, a difficult week. However, the collapse of Nikon -15% after the profit wrning holds the court. The price lists of Hong Kong and Shanghai were also positive. Chinese inflation is stuck at 2,7% while the slowdown in producer prices continues - 0,3% down for 17 months. There is room, according to experts, for expansionary measures by Beijing. The data on industrial production will be released over the weekend.
WALL STREET STARTS AGAIN AND GROUPON (+23%) RESURRECTS
The US stock market closed up for the first time in the week in a session distinct from the sharp drop in the dollar: S&P 500 +0,39%, Dow Jones +0,18%, Nasdaq +0,41%. The job market, explains the president of the Cleveland Fed, Sandy Pianalto, is starting to normalize: the requests for unemployment benefits made last week, were 333 thousand from 328 thousand the previous week. The figure is slightly better than economists' expectations of 335.
Worth noting is the performance of Tesla Motor, which is running up 14% after announcing a quarterly above expectations. The electric car maker finished the quarter with earnings per share of 20 cents per share, significantly better than the consensus-expected loss of 17 cents per share.
Groupon also did well, up 23%: the group closed the quarter with revenues up 7% above expectations, thanks to strong demand from the USA and Canada where sales grew by 45%.
EUROPE. NESTLE' SUFFERS, COMMERZBANK FLY
The London Stock Exchange rose by 0,1%, Paris +0,4%, Frankfurt +0,6%, Madrid +1%. On European equity markets, the best performing sector was mining and commodity companies (sector Stoxx +2,6%), with stocks such as Rio Tinto and Bhp Billiton gaining 2,1% and 2,8% respectively in London. .2,6%. In Zurich, Nestlè dropped 2013% on the back of results that showed revenues below expectations, and the cut in forecasts for 15. In Frankfurt, Commerzbank soared up XNUMX% on the back of good results.
MILAN, THE BANKS SHINE. BUT MPS SUFFERS
In Piazza Affari the banks accelerated in the finale: Unicredit +4,4%. Intesa +3,3%, Mediobanca +3,4% and Banco Popolare +2,1% were also positive. Leap by Ubi which gains 4,7%. Negative closure for Monte Paschi (-2,4%) after the results of the second quarter. The rise of Tod's stands out: +6,1% after the results of the second quarter. Bank of America confirmed the buy opinion and raised the target price to 140 euro.
Among industrial stocks, Fiat rose by 1,09% to 6,04 euros. Zil's Russians are negotiating to conclude an agreement for the production of Ducato. “We are conducting negotiations, but it is premature to talk about an agreement for now. We will announce everything in September, probably at the end of August,” Igor Kulgan, director general of the Russian car factory, MosavtoZil, confirmed to Russia's Itar-Tass news agency.
Brembo +3,98% to €17,78 acquired the 30% not yet owned in Brembo Nanjing Brake Systems, active in the machining and painting of cast iron brake discs and fixed aluminum calipers for cars and commercial vehicles, for 11 million of Euro. Finmeccanica gained 2,8%. Bae Systems said Bahrain has begun talks over the possible purchase of an unspecified number of Eurofighter Typhoon jets. BAE builds the Eurofighter together with Finmeccanica and EADS.
Great inspiration from Prysmian +3,6% and Tenaris +2,1%. Among the insurance companies, Generali rose by 1,6%, exceeding 15 euros. But for Mediobanca Securities the most promising insurance story is the relaunch of the Unipol-Fonsai group. Fondiaria-Sai +1,5%.
"The Unipol group is not studying any Carige dossier". CEO Carlo Cimbri said so in his reply to analysts after the indiscretions from La Repubblica. 'Like you, I read the newspapers and saw hypotheses about percentages and quotas. As is our custom, we do not engage in press releases, but it is quite evident on the one hand that the group is totally committed to the corporate and industrial integration project and on the other it is not, nor could it be interested in non-life companies ', Cimbri said, recalling that the group must give up prizes on the indications of the Antitrust.
Meanwhile, Unipol has intensified the round-up of Milano Assicurazioni RNC securities. Telecom Italia rebound +2,4%. DeutscheTelekom rose 7% after the half-year report which highlighted solid growth in the United States.
Strong rise of GTech +3,7%. Lastly, the leap of Falck Renewables should be noted, jumping by 5,99% to 0,9295 euro after the good results.
