Stock exchanges are holding their breath awaiting the response from the Fed, but so much tension seems excessive. Indeed, futures exclude a rate hike and attribute a 31% probability of a move to December 16, and a 56% probability of a move by March 2016. But the markets fear that the Fed, as is happening all too often, will correct fire again, or you run into another communication error thus disturbing, as Giuseppe Sersale of Anthilia notes, “the current honeymoon largely based on an increase in the global extraordinary monetary stimulus”.
Apple has taken care of supporting Wall Street. After the Stock Exchange, the Apple stock rose by 2% after the accounts for the quarter: 48 million iPhones were sold from July to September, in line with forecasts. Apple's revenue jumped 22% to $51,5 billion, profits grew 11%. The negative note comes from China, now the most important market: sales, although growing by 99% in the last 12 months, marked the pace in the last quarter: -5,5%.
Yesterday was a down day for all European stock exchanges. In Milan, the FtseMib index lost 1,1%, the Paris Stock Exchange closed down by 1%, Frankfurt -1%, Madrid -1,4%.
TODAY 6-MONTH BOTS SLIP BELOW ZERO
The quotations of BTPs rose, with the 1,43-year yield falling to 1,49% (from 6% yesterday), a new low since last April. A negative rate is expected at the 0,44-month BOT auction: on the gray market yesterday the yield was around -XNUMX%.
FALLING OIL. SAIPEM IN DEEP RED
The new decline in oil weighs on the stock markets, dragging the sector titles with it. In its third consecutive downward session, Brent lost 2,1% to 46,5 dollars a barrel, Wti to 42,8 dollars (-2,6%).
Eni fell by 2,6%. Bloomberg reports the news that Kazakhstan could impose a 2 billion dollar fine on Eni and BG, the two lead companies of the consortium that holds the rights to exploit the Karachaganak field in the North Caspian Sea. Tenaris was also down (-2,7%).
Total -2,1%, Royal Dutch Shell-1,8%. Saipem -3,3%. The Boards of Eni, Saipem and the Italian Strategic Fund (which belongs to CDP) met yesterday to examine the methods of entry of the FSI into the capital of Saipem.
In the meantime, the board of directors approved the accounts for the nine months which show a net loss of 866 million euros (from the profit of 212 million in 2014), an ebit of -640 million (affected by write-downs) and the acquisition of new orders for 5,357 billion (from 15 billion in the same period last year). As regards the third quarter, revenues dropped by 12,5% to 3,072 billion while the operating result was stable at 150 million and the net result rose by 28,9% to 54 million. As at 30th September the net debt amounted to 5,736 billion (from 5,53 billion as at 30th June).
FLY EGP, IN VIEW OF THE WEDDING WITH ENEL
Enel Green Power closed up 3,4% after parent company Enel (-1,8%) confirmed that it is studying integration with the renewable energy company, even if the hypothesis considered does not envisage a Takeover bid or a share swap. The operation should be completed by the end of March with the delisting.
According to Bofa-Merrill Lynch experts, the possible merger between Enel and Enel GP would bring marginal benefits to the majority shareholder estimated at an additional 2% of net profit. Enel Green Power is capitalized at yesterday's prices, 9,35 billion euros. The company was listed in 2010 at 1,70 euros per share. Enel holds just under 70% of the renewable energy companies. Among the utilities, A2A gains 0,9%.
LUXOTTICA DISAPPOINTS THE BROKER. YOOX PROMOTED BY GOLDMAN SACHS
Luxottica – 4,2% after the third quarter results released last night. Net profit rose 23% to 209 million euros on revenues of 2,2 billion, up 15,4%. In the conference call with analysts, CEO Adil Khan said that the so-called "rule of thumb" that Luxottica has complied with continuously since 2010 and which he has confirmed also for 2015 is not sustainable indefinitely. The “rule of thumb” predicts that earnings will grow twice as much as revenue growth.
Among the analysts, Jefferies reiterated the Underperform recommendation with a target of 55 euros. For Mediobanca, the stock is Neutral with a target of €58,50. Substantial neutrality also for Morgan Stanley which sets an Equal Weight recommendation with a target of 61 euros. For Equita, the accounts were slightly below revenue expectations and in line with margin expectations. For these reasons, the Milanese analysts confirm the Hold judgment with a target price of 56 euros. Barclays was more optimistic, reiterating its Overweight opinion, raising the target to 70 euros from 65 euros.
Among the other luxury stocks, Yoox is up 1,6% following the promotion by Goldman Sachs, which has included it in its Pan European Buy List. The broker resumed coverage of the stock with a Buy judgment and a target price of 45 euros. Moncler rises by 1,7%.
FERRARI DROP TO 51 DOLLARS. FCA ACCOUNTS TODAY
While awaiting the board of directors for the accounts of the Agnelli team, Fiat Chrysler loses 0,3%. CNH Industrial fell 2,7%. Ferrari's board meeting is also held today: the stock fell below the IPO price for the first time at $50,94 against a high of $60,95 on the trading day. In the meantime, Gianni Tamburi confirmed that Tip had bought shares in the Rossa both during the IPO: "I have great expectations for Ferrari - said the financier - and I expect it to go very well also because the level of technology it has, as well as the of brand and myth, it is comparable to none”.
Among other industrialists, Finmeccanica -0,1%. Buzzi falls-3,4%. StM finished down 3,1% after a positive start. Triggering the decline is the indiscretion according to which the Italian-French group is in the running for the purchase of the American Fairchild Semiconductor, which has a capital of 2 billion dollars. Tomorrow there will be the Board of Directors on the accounts. Telecom Italia drops by 2,3%, Mediaset -1,7%.
UNDERSTANDING, TOWARDS THE LOAN BOOM
Among the banks, Intesa rises +1,3%. The Bank is preparing to beat the target of 37 billion euro of new disbursements at the end of the year, as CEO Carlo Messina anticipated yesterday. The plan objective of reducing the number of branches to 2016 in 3.300 from 2017 in 4.100 will also be brought forward to 2013. Unicredit -0,2%, MontePaschi -0,2%, Mediobanca +1,2%.
LAURA CIOLI NEW CEO OF RCS
Laura Cioli is the new CEO and general manager of RCS Mediagroup. The manager, current CEO of Cartasì, joined the board of directors of RCS after the last renewal of the board and also sits on the boards of Telecom Italia, Wdf and Impregilo. In the past you have worked in Sky Italia (in the role of COO), Eni and Vodafone.
Leap forward for Fiera Milano (+4,8). New jolt for Astaldi (-6,5%).
