A year ago, these days, the Stock Exchanges were dancing on the edge of the abyss: Shanghai was plummeting due to the devaluation of the yuan, the Standard & Poor's index, under the pressure of the Chinese crisis, left 2,300 billion in capitalization on the ground. On August 25, 2015, more than one in two traders (55%) bet that the Fed would raise rates three times this year. Today, at the opening of the Fed conference in Jackson Hole, the atmosphere is very different: the stock markets are sailing on the highs, even the Italian banks have found their way up again. But the fear of repeating the mistakes of a year ago, erased by the hasty retreat of the Fed, hangs over the shoulders of Janet Yellen, who tomorrow will have the task of providing indications on the evolution of the cost of money.
SHANGHAI SLIPS, HONG KONG PUNISHES MORGAN STANLEY
Shanghai celebrates the crack anniversary with a mid-session decline of 1,4%, the heaviest in the last month. Flat calm in Hong Kong (-0,1%). Tokyo was also down (-0,25%).
The Hong Kong market authority fined the local subsidiary of Morgan Stanley (+0,6%) for failing to carry out internal controls relating to the disclosure of short-selling orders and the documentation of electronic trading services.
HILLARY CLINTON PHARMA APPEAL: LOWER THE PRICES
The closures of the American markets were weak: the Dow Jones index fell by 0,35%, S&P 500 -0,5%. The loss of the Nasdaq was heavier (-0,81%). The most marked decline is that of Mylan (-5,4%): Hillary Clinton has launched an appeal to the pharma company to reduce the price of the EpiPen, an anti-allergic treatment sold under "shameful conditions".
Pfizer (+0,5%) will take over the activities related to antibiotics from the British Astrazeneca in a transaction that can be valued at over 1,5 billion dollars.
STOCKS RISE, BRENT HOLDS DOWN, ENI -0,5%
Brent oil was down 2,4% to $48,7. The Energy Information Administration said last week crude oil reserves totaled 523 million barrels, up 2,5 million barrels. Eni -0,8%. Saipem ends down 0,5%, Tenaris -0,7%.
BUSINESS PLACE +0,7%, TODAY THE IFO INDEX
European markets are expected to open lower this morning. Awaiting indications from the central banks, the attention of the markets will focus on the data of the German confidence index, the Ifo, and on the forecast report on the state of the French economy.
Piazza Affari closed up for the third consecutive day, with the Ftse Mib index (+0,7%) just a whisker from 17 (16.891 points, after having reached a maximum of 16.949). Among the European lists, only London (-0,6%) closed in negative ground: Frankfurt gained 0,2%, Paris 0,3%. Madrid, the best, advanced by 0,77%.
The pound has updated its three-week high against the euro and the dollar, prompted by good macro data. The euro weakened against the US currency to 1,124, from 1,130 last night.
AUCTIONS START AGAIN, 6 BILLION BOTS ON MONDAY
The fixed income market is stable: yields remain very low on the Bund as on the BTP, even if Italy continues to underperform compared to Spain even today.
Treasury auctions resume. Yesterday evening the ministry announced that on 29 August it will offer six-monthly BOTs for 6 billion against 6,875 billion euros maturing. Tomorrow will be the turn of the announcements of the medium/long-term auctions which will be held on Tuesday 30.
UNICREDIT: (MAYBE) DECISIVE DAY FOR THE SALE OF PEKAO
It was once again the banks that gave the charge to the Italian list. The Italian basket of the sector marks an increase of 3,7%, outperforming the European one which is up 1,9%.
Unicredit leads the race (+8%), best blue chip of the session. The stock was up 6,6% on Tuesday. The market thus rewards the strategy of Hean-Pierre Mustier, the CEO of Piazza Gae Aulenti who is leading the bank's sales campaign to reduce the impact of the inevitable capital increase.
Michal Krupinski, the CEO of the Polish company PZU, should meet between today and tomorrow the top management of Unicredit in Milan to negotiate the purchase of up to 33% of Banca Pekao. 10% of the Bank of Warsaw was sold last month for 750 million euros. Yesterday, on the Warsaw Stock Exchange, the PZU share lost 3,3%, to 27,2 zlotys, an all-time low.
Unicredit yesterday issued a one billion euro ten-year covered bond, which offers a yield spread of 20 basis points on the midswap rate.
In line with the holding's performance, although weaker than yesterday, FinecoBank achieved +1,95%.
Among the other banks, Intesa earns 3%. Among the former popular ones, Banca Pop. Emilia +2,1%, Banca Pop Milano +3,4%, Ubi Banca +1,7%, Banca Popolare +1,6%.
Monte Paschi gained 1,3%, to 0,241 euro, a subdued performance compared to that of the banking sector average, up by more than two points. Yesterday the exit from the Europe Stoxx 600 index was announced.
GENERALI AND UNIPOL ARE CALCULATED AFTER THE EARTHQUAKE
The impact of the earthquake in the Crime area on the income statement of the insurance companies should be modest: Generali lost only -0,3%. Just to give a reference, the L'Aquila earthquake had cost Generali 100 million euros in compensation, 80% covered by reinsurance.
Minor repercussions also for Unipol Sai (-1%). At a first estimate, the damages should not trigger the "trigger" conditions on the 200 million euro catastrophe bond issued last year by the company.
Poste Italiane, the worst title in the main list, was down with a drop of 1,1%.
MONCLER ENTERS THE STOXX 600, MPS AND UNIPOL EXIT
Braking finish for Moncler after a sparkling session. The duvet company closed in parity at 15,59 euros. The stock reached a maximum of 15,84 euros during the session. Moncler has gained 21% since the beginning of the year and is one of the best blue chips in the FtseMib. The luxury stock will enter the Europe Stoxx 600 index. Unipol and Montepaschi will exit instead.
MEDIASET WAITS FOR VIVENDI'S COUNTERPROPOSAL
Mediaset brakes in the final, which reduces earnings with an increase of 1,5%, to 2,92 euros, after having scored a maximum of 3 euros during the day. Tonight, with the stock exchange closed, Vivendi will release the quarterly data. It could be an opportunity for a counter-proposal to unblock the Premium dispute. The parties remain, at least in appearance, very distant. But Mediobanca is working on a peace between the two groups, both shareholders of Piazzetta Cuccia.
CHAMPIONS EFFECT: ROMA COLLAPSES, JUVE THANKS
Rome, later the bankruptcy match with Porto, was also defeated on the stock market. The title fell 9%, reaching 0,46 euros. The result will also have an impact on the accounts, to the full benefit of the competitors. The exclusion of Spalletti's team will bring 6 million more to Juve and 9 million to Napoli.
The reaction of the Juventus share was immediate, rising by 3,2%, to 0,304 euro.
RUMORS ABOUT LEONARDO-AIRBUS, NEGATIVE EBITDA FOR LAPO
Sale Leonardo: +1,5% to 10,4 euros (maximum at 10,5 during the session) in the wake of rumors of a possible merger with Airbus.
The automotive industry did well: FCA +1,9%. Piaggio goes up (+2,3%). Italia Independent Group, which counts Lapo Elkann among its shareholders, closed the six-month period with a negative Ebitda. The company has launched a reorganization plan which includes, among other things, a capital increase to be closed within the year.
