BANKS AT THE GALLOP, PIAZZA AFFARI FLYS BEYOND THE HIGHS
US INDUSTRY TO THE RESCUE. 0RO ONE STEP FROM 1.800
The European stock exchanges rebound in a choral way after heavy losses last week. In Milan the Ftse Mib index it rises by 2,72% to 15506. London +1,38%, Paris scores a leap of 2,5%, Frankfurt +1,58%. The upward push was accentuated by the publication of data on the US ISM manufacturing index (51,1), decidedly higher than expected.
The news consequently helped to break an important technical resistance at 15.370 points, a technical factor which triggered a further push to the upside. A note of caution comes, as usual, from the rating agencies. The recapitalization of Spanish banks probably won't be enough, reads Moody's Credit Outlook. The document highlights that the amount of recapitalisations announced by Madrid is lower than the agency's estimates on capital needs for Spanish banks in order to maintain stability in a framework of "adverse and particularly negative scenarios".
On Wall Street, meanwhile, the stock markets The markets reacted positively to the macro data, despite the decline in the data on construction spending in August, which, however, did not shake the markets too much: Dow Jones +1,15%, S&P +0,98%, Nasdaq +0,65%. Highlights Goldman Sachs +4%: Barron's magazine said the stock will rise by 25% within a year
Petroleum up to 92,5 dollars a barrel (+0,3%).
Dollar down against the euro, the euro-dollar cross is fixed at 1,2903 from 1,2929 at the end of Friday evening (+0,3%).
THEgold it is at its highest since the beginning of the year at 1791 dollars an ounce.
Lo Bund Btp spread it drops five basis points to 357 basis points.
To shine on the stage of Piazza Affari are Finmeccanica + 3,8% and the banks. The holding company of the defense group has received, from a consortium led by the Italian Strategic Fund, a second offer for the subsidiary Ansaldo Energia, in addition to that of the German Siemens. AnsaldoSts rose by 1,8%. The CDP, the subject that controls the FSI, limited itself to the "no comment".
The Mediobanca report gave the push. The market did the rest. Italian banks are flying after the analysis by Mediobanca securities underlines that they will earn more from the possible rescue of Spanish credit companies. The analysts of the London branch in Piazzetta Cuccia were the first to raise the alarm on the credit of the Bel Paese in February 2011, a report that earned them the Bloomberg award.
Unicredit +3,34% is among the favorite stocks together with Banca Popolare di Milano +4,28%. Unicredit itself took advantage of a favorable window to reopen the three-year bond (September 2015) launched a month ago; the bank placed debt securities for 350 million euro against an initial amount envisaged for only 250 million, with a premium on the midswap of 310 points, with a significant discount compared to the price paid by UniCredit at the time of launch (September 4 ), when it recognized a premium of 390 basis points.
Saving to the other banks, Ubi salt by 4,32%, Banco Popolare + 4,52% Understanding +4,4%. Also Generali salt by 4,29%.
Fiat Industrial +4,67%. In the end Fiat wakes up +2,31% despite the disappointing data on the French car market in September.
Good upside of Diasorin which increases by 2,14%.
Buzzi +3,4%, Italcementi +1,3%.
Finally, good upside of Camfin +6% on the rumors according to which Andrea Bonomi, the financier at the head of the Investindustrial fund, could buy a share. Pirelli +1,1%.
Energies driven by Eni +1,88% are in tune. Saipem rises +1,36%, while Trevi Fin. +5%, rebounds after closing the week with a 10% drop. Saras +4% rises above the threshold of 1 euro thanks to stable refining margins. Behind the blue chips are Snam (+0,6%), Parmalat (+0,9%) and Telecom Italia (+1,2%). Among other stocks, another blaze for Rosss (+20%) thanks to record orders for anti-seismic shelves for the dairy industry, and Rcs (+12,9%); leap also for Edison savings (+3,6%) after the victory in the Libyan arbitration against Eni.
