"We have made great progress, but there is still no agreement." This statement by Harry Reid, Democratic group leader in the US Senate, was enough to restore peace of mind on Asian stock exchanges. Tokyo is starting to close with an increase of 0,3%, Hong Kong does even better +0,5%. However, the price lists remain hostage to the political confrontation on the budget underway in Washington. Yesterday, in the evening, the barometer pointed towards clear skies with the announcement of a meeting between US President Barack Obama and the leaders of Congress.
The subsequent decision to postpone the meeting to allow the leaders of the Senate to continue negotiating fueled the optimism of the lists. The Dow Jones Index closed up 0,42% to 15.300,94, the S&P 500 up 0,4% to 1.710 and the Nasdaq up 0,62% to 3.815,27. The European Stock Exchanges, uncertain, yesterday awaited an improvement in the US debt. The London Stock Exchange gained 0,3%, Paris and Frankfurt closed unchanged. In Milan, the Ftse Mib index closed with a rise of 0,19% to 18917 after having reached a minimum of 18. The Btp/Bund differential closed slightly down at 779 basis points with a ten-year yield of 240% (4,26 basis points with a rate of 241% the Bonos/Bund spread). The day offered numerous ideas, confirming the new-found liveliness of the market.
TOD'S SLIDES INTO THE DAY OF LUXURY
Milan financial hub of luxury? You can try, given the premises.
a) Moncler yesterday announced the start of the listing process, expected by December. The sellers are the funds Eurazeo, Carlyle and Progressio.
b) The arrival of Moncler will precede the forthcoming landing of at least four freshmen from the fashion sector in Piazza Affari, anticipated the CEO of Borsa Italiana Raffaele Ierusalmi at the “Luxury & Finance 2013” event. organized in Milan by Borsa Italiana. The goal is to make the Milan market the hub of the sector.
c) Crowd at Palazzo Mezzanotte yesterday for the presentations (155 in all) of listed or unlisted companies (13 in all) to analysts (130, mostly non-Italians). For the occasion there were surprises and disappointments.
Tod's fell by 4,9% at the expense: sales on the domestic market, group managers confirmed, continue to mark time. Barclays confirmed the underweight rating on the stock, while raising the target price from 93 euros to 101 euros to reflect the re-rating of the sector. Analysts have this recommendation because they believe that the high exposure to Italy, for 40% of sales, combined with a high exposure to wholesale, also 40%, will lead the company to grow less than its competitors. Ferragamo also falls -1,8%. Although Barclays has confirmed the overweight recommendation and the target price of 27,5 euros. Luxottica -0,5%: for Barclays the rating is overweight and the target price at 43 euros. Yoox -1,3%, Brunello Cucinelli -2,2%. The group's investments in 2013 will reach 40 million.
BANKS, THE OXYGEN COMES FROM THE DEF
Good news for the sector should come from the Stability Law: write-downs and losses on loans to bank customers will be deductible in five years and no longer on the current eighteen years. The draft article states that the deductibility measure concerns write-downs and losses on loans already made in 2013. MontePaschi +4,5%, Mediobanca +2,7% rose on the list following Banco Popolare +1,5%. , Ubi Banca +2,3%, Pop.Emilia +1,9%. On the other hand, the two big credit companies remain behind: Unicredit +0,1%, Intesa -0,4%.
Almost unchanged Pop.Milano (+0,3) on the day of the presentation of the draft of the statute "designed" by the chairman of the management board Andrea C. Bonomi. The proposal envisages extending the election mechanism already in place for the supervisory board to include the management board. The competition between opposing names will therefore not only take place in the meeting for the appointment of the CDS, but also in the CDS itself for the indication of the management directors. However, the tender will be part of a complex system of rules which reserves a defined number of places on the CDG based on the 'origin' of the candidates. Today the draft will arrive in the supervisory board.
The majority of the board of the Carige Foundation (ie 17 directors equal to two thirds of the members) have signed a motion of no confidence asking for the removal of president Falvio Repetto.
Cnh Industrial lost 1,9%, Fiat +0,2%. In the European automotive sector, PSA Peugeot Citroen fell by 8,8%: a rescue is looming for the company through a capital increase of 3 billion euros reserved for two new entities: the Chinese Dongfeng Motor and the French state.
RCS, AFTER 16 YEARS THE AGREEMENT IS NO LONGER
The RCS agreement will not be renewed and will rather terminate early "presumably by the end of the current month". This is what can be read in a note issued at the end of the meeting of the RCS Mediagroup blocking and consultation union. "The participants - reports the press release - shared the firm belief that efficient, highly responsible management and governance no longer require the type of collaboration ensured by the now expiring Pact and therefore agreed that it should not be further renewed". The union, created in 1997, expires on March 14, 2014.
The company in via Solferino becomes de facto contestable (about 60% of the capital has been released). Yesterday, after violent ups and downs, the stock closed the session down by 4,52% to 1,604 euros. But, after taking profits, it is probable that the trend matured in the last seven sessions marked by a rise of 16,5% will not be reversed. But the exodus of some large shareholders (see Generali and Mediobanca itself) will be spread out over time in order to avoid shocks to the management balance of the group.
After the meeting of RCS shareholders, a meeting of around 1 hour was held in Piazzetta Cuccia between the chairman of Fiat John Elkann and the top management of Mediobanca. Fiat is the main shareholder of Rcs with 20,5%, while Mediobanca has around 15% of the publishing group in its portfolio. Elkann, leaving the Mediobanca office, did not want to make any statements.
MEDIA: RECOVERY TESTS FROM MEDIASET TO SEAT
Not negative first quarter for Mediaset advertising sales +0,81% after 7 consecutive quarters in the red. The company communicates it in a note. 'Mediaset recorded advertising sales in the third quarter of 2013 (July-August-September) in line with that achieved in the same quarter of 2012'. Publitalia communicated it - says the note - during a meeting with advertising clients held yesterday afternoon.
Boom trades on Seat Pg stock +29,41. The company confirmed itself as a Premium Partner of AdWords, the advertising program that allows companies to promote themselves on the popular search engine and on the Google Display network. The agreement between the two companies, which began in 2009, is an important element of Seat PG's offer of web services. Stock exchanges boom.
TELECOM, EVEN DITS ABOVE 5%
Positive day also for Telecom Italia +1,3% (in four sessions +5,5%). Marco Fossati, through the Findim group, rounded up the stake from 11% to 4,999% on 5,004 October with an operation dated 11 October (the next notification obligation is triggered in the event that 10% is exceeded). On October 5,132, the purchase of 2,3% by Blackrock was communicated. Other significant non-telco shares are held by Ubs (approximately 12% acquired on 1,2 September) plus the short position, equal to 1,2%, of Naguib Sawiris (XNUMX%). The presidents of the Industry and Infrastructure parliamentary commissions have filed a motion to commit the government to introduce amendments to the Consolidated Law on Finance, which trigger the obligation of a takeover bid when a person achieves de facto control of a listed company.
Finally, the president of the Brazilian subsidiary, Rodrigo Abreu, denied the rumors according to which Telecom is preparing the field for the sale of its controlling stake. Meanwhile, it seems that Telefonica wants to sell its 69% stake in the largest telecommunications operator in the Czech Republic to raise cash in view of further consolidation of the sector
PEUGEOT -9% SHAKE EUROPEAN CAR
Cnh Industrial lost 1,9%, Fiat +0,2%. In the European automotive sector, PSA Peugeot Citroen fell by 8,8%: a rescue is looming for the company through a capital increase of 3 billion euros reserved for two new entities: the Chinese Dongfeng Motor and the French state.
Among industrial stocks, Finmeccanica fell by 0,4%, Ansaldo Sts lost 0,7%. The government has already initiated contacts with General Electric in the context of the search for the majority shareholder of an Ansaldo Trasporti holding company to be incorporated into which Ansaldo Sts and a restructured Ansaldo Breda, now controlled by Finmeccanica, will converge. The undersecretary for economic development, Claudio De Vincenti, told the unions.
AND THE BAG ENDS IN THE BALL
On the rest of the list, the titles of the football teams are still rallying: SS Lazio +29,8%, Juventus +17,27% and As Rima +20,56%. In part, the rally can be explained by the tax breaks on sports facilities for football teams that would encourage the creation of owned stadiums.
Finally the utilities. The golden palm of the day goes to A2A, +3,7%. Followed by Iren, +1,87%, at 1,09 euro, after having successfully completed the issue of a private placement for an amount of 125 million euro, subscribed by Italian and foreign institutional investors with a duration of 7 years and coupon equal to 4,37% per annum.
