The euro slowed this morning in Tokyo to 1,339 against the dollar after yesterday's increases against the dollar (1,342 from 1,336), the Swiss franc (1,2324 from 1,2264) and a strong appreciation of over 1% against the pound (0,8561 from 0,8455). But the trend is marked. On the contrary. Last night Lael Brainard, the US Treasury official in charge of international affairs, said: "We appreciate Japan's efforts to get out of deflation", a sort of green light to Tokyo's policy, even if Brainard himself said he was against interventions to pilot the devaluation on the markets.
“We have a common approach to the euro, stability”. So says the French Economy Minister, Pierre Moscovici, at the end of the meeting in Brussels. This does not emerge from the outcome of the meeting: the French request for intervention to curb the revaluation of the currency ("We all prefer a strong euro rather than a dead euro - declared Moscovici - but it would not be positive if we were not able to aggressive others") was returned to the sender. Jens Weidmann reiterated that governments must stay away from the government from money. The president of the Bundesbank: France's competitiveness problems, he said, do not depend on the exchange rate. And so Europe runs the risk of appearing in no particular order in Moscow where the finance ministers and central bankers of the G20 plus Switzerland meet on Friday.
The Ecofin meeting is scheduled for today. Third consecutive day of decline for gold, traded at 1.649 dollars an ounce (-1%), on the lows of the last five weeks. According to what is circulating in the trading rooms, the drop in gold is a consequence of the closure of the Asian markets, investors are betting on a drop in demand for the physical metal. In the meantime, the ups and downs of Japan continue. Today the Tokyo Bora +2,40% is up sharply, on the wave of statements by possible candidates to lead the central bank who competed to agree with Shinzo Abe's expansionary policy. Wall Street closes just below parity: the S&P500 index loses 0,06%, Dow Jones -0,16% and Nasdaq -0,06%. London gained 0,2%, Paris finished at parity and Frankfurt recorded a decline of 0,2%. The Milan Stock Exchange closed with the FtseMib index down by 0,6%. On the government bond market, the yield on 10-year BTPs rose to 4,60% with a spread of 300 (+6 basis points).
AMERICA
On the American price list, the spotlights are on two big names in technology. Google -0,9% retreating from the all-time highs reached on Friday. Chairman Eric Schmidt announced that within a year at the most, he will put 3,2 million class A shares on the market, 42% of his portfolio of securities which together represent 2,3% of the "outstanding" shares and about 8 % of voting capital. Schmidt was one of the architects of the group's success over the previous decade, leaving the post of CEO in November 2011 to co-founder Larry Page.
Apple climbs 1,5%. Tim Cook has been confirmed to deliver the keynote address at Goldman Sachs' meeting of technology companies. The market awaits precise indications on the dividend policy or other solutions to distribute part of the group's enormous cash (137 billion). The company is reportedly working on two new products, a mini laptop that fits on the wrist like a watch and a smartphone that can run on solar energy.
INSIDE BUSINESS PLACE
Exor's board of directors +0,64% resolved to propose to shareholders the conversion of the company's preferred and savings shares into ordinary shares. The BoD intends to propose a conversion ratio equal to 1 ordinary share for each preference share and equal to 1 ordinary share for each savings share, with an implicit premium - in order - equal to 11,18% and 10,18% compared at yesterday's closing prices of preferred and savings shares. The BoD also resolved to increase the maximum authorized disbursement of the buyback program on May 29, 2012, bringing it from 50 million to 200 million euros.
Also expected for the board of RCS Mediagroup -2,89% even if the decisions on the capital increase have been postponed to a board set for 11 March. In the meantime, the company has illustrated an energetic, if not violent, restructuring plan to the unions: 800 redundancies of which 80% in Italy (640) and 20% in Spain and the closure or sale of ten titles of RCS Periodici , as well as the move of the Corriere della Sera and Gazzetta offices to via Rizzoli and a 10% cut in top management salaries. The company did not specify the distribution of the planned cuts. The magazines being closed or discontinued are: A, Bravacasa, Yacht & Sail, Max, Europeo, Astra, Novella, Visto, Ok Salute and l'enigmistica.
Among the best stocks on the Milanese list is A2A, up 3,4%. "I don't see the reasons." Thus the CEO of Eni Paolo Scaroni replied to those who asked him if, after his involvement in the investigations for the Saipem / Algeria case, he had any intention of resigning. In Piazza Affari Eni -0,69%.
In the banking sector, B. Pop.Milano achieved a rise of 4,3% thanks to new indiscretions on the plan for the transformation of the cooperative bank into a joint-stock company. The other cooperative banks varied: Banco Popolare +0,7%, Ubi -0,9%, Pop.Emilia +2,4%. Down Unicredit -1% and Intesa -1,5%. MontePaschi is up 0,5%. The Ministry of the Economy is working on the procedures for subscribing the Monti Bonds for 3,9 billion euros which MPS is preparing to issue. Times not long but not "very short" as hoped by Alessandro Profumo for the Monti bonds. On the sidelines of a conference in New York, Minister Vittorio Grilli said: “The offices are investigating all the procedures. When they're done, we'll do it."
Mediobanca gained 2,6%. The reductions of Telecom Italia -3,5% and Fiat -1,8% weighed on the Milanese price list. Telecom reacted poorly after the company announced on Friday it would halve its dividend over the next three years and raise fresh media with hybrid instruments. Barclays and Cheuvreux have lowered their target prices. Fiat fell along with the entire European automotive sector (Stoxx -0,8%). Citigroup reiterated the sell recommendation and the target price of 3 euros. Daimler lost 2,3%, BMW -1,9%.
Fiat Industrial fell by 0,3%, Pirelli +0,1%. Weak StM-0,7%. Among the insurance companies, Generali lost 0,7%, Unipol -2%. "There's time, there's time", Beniamino Gavio replied in regards to the decision whether or not to join the takeover bid launched by Salini for Impregilo. Gavio, who controls 29,9% of Impregilo through Igli, was asked when Mediobanca left and was accompanied by Igli's CEO, Bruno Binasco.
