TELECOM AND FINMECCANICA COVER SAIPEM'S GAP. IN EUROPE AND THE USA RAGING BULL WAITING FOR THE FED
Telecom Italia's network compensates for Saipem's gap. This is how the two-speed session of Piazza Affari can be summarized, in a positive picture of the global markets. In the end, the Ftse Mib index rose by 0,26% to 16194. It was down 1% this morning.
The spread is down by 4 basis points to 271, for a yield on the 10-year BTP at 4,25% (-2 basis points). London +0,35%. Madrid +1,12%. Frankfurt +1,16%, Paris +1,61%. The euro/dollar exchange rate is indicated at 1,333, aligned on Friday's close. The single currency strengthened against the yen to 126,6 (+0,4%).
The index of the 50 European blue chips, the Stoxx 50, rose by 1,3%. For once, among the titles at the top of the ranking, there is an Italian title: Enel +2,77% a recovery after losing 10% in 11 sessions. The American indices opened the session with a boost. The S&P +1,1%, the Dow Jones +1,16% and the Nasdaq +1,22% rose.
Investors are betting that on Wednesday, at the end of the Federal Reserve's two-day monetary policy arm, Governor Ben Bernanke will not announce a cut to the Treasury and mortgage bond buying program, currently worth $85 billion a month. Meanwhile, the New York Fed index started to rise again in June, more than estimated.
He runs to Piazza Affari Telecom Italy +2,69% in the wake of the Spanish shareholder. In fact, it rises by 3% Telefonica. This morning the Spanish press wrote that AT&T attempted over the weekend to launch a takeover bid on the Spanish group but its attempt to expand into Europe and Latin America would have been stopped by the government in Madrid.
Rumors of interest from the US giant ignite speculation on other companies in the sector: the Stoxx index of telecommunications rises by 2%. He takes advantage of it Telecom Italy for two reasons: AT&T had attempted, in 2007, to enter the capital of the Italian company at the time of the change of ownership structure. It is possible that he will try again. Second, Telefonica's top management, hostile to the split of the network, is weakened.
Vodafonemeanwhile, it rises by 2%. On the other side of the scale weighs the dramatic thud of Saipem -29,19%, after the new profit warning following the one at the end of January. The brokers reacted unanimously: all brokers cut their estimates and recommendations. Consob has decided to temporarily ban shorts on the stock. Eni, which controls 43% of Saipem, sells 2,14%, Exane cut the recommendation to "underperform" from "neutral".
The recovery of Asian price lists brings oxygen to luxury. Ferragamo earns 2,4%%, Tod’s + 2,42%Brunello Cucinelli + 2,68% Luxottica + 3,36%. Yoox -2,28%, after Mediobanca cut its rating to neutral. Goldman Sachs revises the estimates of three utilities downwards, but the market goes up: Snam salt by 2,2%. A2A + 3,31% Terna + 1,03%.
Titles of industrial companies. Fiat + 0,89% StM + 2,31%. Ansaldo Sts 0,93% salt Prysmian by 0,39%. Salt too Finmeccanica +2,44%. This morning the CEO Alessandro Pansa said this morning that he expects 8-10 billion euros a year in revenues from foreign markets in the two-year period 2013-2015.
Finally, the banks. The two Bigs go up, Unicredit + 1,17% Understanding +0,97%. On the rise Mediobanca 2,12% waiting for the new business plan: the new strategy should be based on focusing on the banking business and on cost cutting, the management would be inclined to get rid of equity investments including a share in Generali.
Mount Paschi + 1,01%. BankPop. Emilia -1,11% after Mediobanca cut the recommendation to "neutral" from "outperform". Also demoted from Mediobanca is the Banco Popular +2,45%, albeit cut to underperform from neutral. Generali salt of 1,88%, Fondiaria Sai +1,86% and Mediolanum + 3,75%.
