NEW HIGHS IN WALL STREET.TOKYO FLY
INTESA, UNICREDIT AND ENEL OK BEFORE THE CALLS
The bull is pawing on Wall Street, Asia responds.
This morning the Nikkei index +2,1% at 17.138 marked a seven-year high: the effects of the central bank's purchases on equity ETFs are being felt. In the last 12 months, the growth of the Nikkei (+13,04%) was matched by a similar drop in the yen (-12,99% against the dollar).
The party continues in Shanghai +1,32%, in view of the launch of the single platform with Hong Kong +1,25% next Monday.
On single's day, the day dedicated to discounts on Alibaba's platforms (+1,5% on Wall Street) there were purchases of over 9 billion dollars.
The Pacific stock exchanges thus respond to the march of the US Stock Exchanges, which, on the eve of Veteran's day (trading on Treasury securities and the activity of public offices stopped today) reached new highs: S&P +0,25%. Dow Jones +0,23%. The Nasdaq also rises +0,41%.
The robust advance of the Dow Jones transport index +1,1% is striking, which has always been considered a faithful measure of the health of the stars and stripes manufacturing. On the macroeconomic side, it is worth noting the rise in points of the Labor Market Conditions Index (Lmci) released by the Federal Reserve, the most reliable indicator on the labor market for Janet Yellen.
Oil is still holding back, despite the tensions in Ukraine and the halt in deliveries to Libya.
MILAN RECOVERS IN THE FINAL. 6 BILLION BTP AT AUCTION
The exuberance of the US Stock Exchanges also affected the European Stock Exchanges in the afternoon, despite the new alarm signals arriving from the real economy: in Italy industrial production contracted by 0,2% in September.
Frankfurt rose 0,65%, London 0,67%, Paris 0,79% and Madrid 1,45%.
Milan, after having reached a minimum of the session at 18.987 points, closed the negotiations up by 0,85% at 19.259 points.
There are no great emotions on the government bond market: the yield on the 10-year BTP is little moved at 2,34%, the spread is at 152.
On Thursday 13 the Treasury will offer in auction from 4,5 to 6 billion Btp at 3,7 and 15 years.
A marginal increase in yields is expected for tomorrow's 12-month Treasury bond auction, from 0,30% in October to 0,35%.
The ECB has communicated the data on the purchase of covered bonds: it travels in the order of 12 billion a month awaiting the start of interventions on the Abs.
BANKS, GOOD FOR THE BIG. AZIMUTH LANDSLIDE AFTER THE ACCOUNTS
Spotlights on the accounts of the big banks, Intesa and Unicredit, which today will give the numbers for the first nine months of the year: Investors' attention will be directed above all to the level of problem loans and provisions.
On the eve Unicredit it rose by 1,5%. Banca Akos promoted the stock to Buy from Accumulate, the target price remained unchanged at 7 euro. It is the first Buy in the last 4 years by Milanese analysts.
Meanwhile, the Polish subsidiary Bank Pekao closed the third quarter with a net profit up 8,5%, slightly above market expectations thanks to the growth in loan volumes and the interest margin.
Up too Understanding +1,73%. The subsidiary Banca Imi closed the first nine months with a profit of 411,4 million (+5,4%), while the intermediation margin grew by 5,6% to 1,066 billion, mainly thanks to the contribution of the capital market areas .
Depressed the rest of the banking sector starting with the Populars:
Ubi 1,5%, Banco Popular -3% Pop.Milan -1,8%.
Mount Paschi, which will reveal tomorrow the expected (and feared) quarterly has fallen by 0,1%.
It should be noted the heavy fall of Azimuth -5,3%, worst blue chip of the day.
Weigh the negative opinion of analysts. Yesterday Citigroup revised its estimates downwards. On Friday, Equita replied to the quarterly report with the decision to confirm the Hold opinion, lowering the target price to 19,60 euros from 20,60 euros. Mediobanca is more optimistic. Piazzetta Cuccia's analysts reiterated the outperform, but cut the target price to 23 euros from 26,60 euros.
It sinks Catholic -12,92% on the launch day of the capital increase of 500 million euro.
ENEL'S ACCOUNTS TODAY: DEBTS UNDER THE LENS
Even Enel +2,4% presents its accounts today.
Analysts predict (Bloomberg consensus) revenues of 19,07 billion euros (+0,4% on the same period of 2013) and net profit of 303 million euros (-37%). The fundamental theme is that of debt reduction and to achieve this objective the management is accelerating operations to sell some assets, including the Slovakian company Slovenske Elektrarne. The CEO Francesco Storace said yesterday that Enel has received three offers for the Slovakian company, but it is not excluded that others may arrive.
The utilities are positive: A2A + 2,1% Enel Green Power + 1,1% Atlantia + 1,3%.
THE MEDIASET BOD ON THE AIR. LUXURY SHINES
In the Rest of the price list, the leap of stands out Mediaset +4,13% awaiting today's board meeting-
Brilliant luxury:
Luxury stocks also closed higher:
Ferragamo +3,8%, ahead of Friday's board meeting.
Tod's +0,2%, Luxottica + 1,6% Yoox +4,3% following the start of analysts' coverage of the German Zalando.
It's an exception sapphire -3,8% after the judgment of Mediobanca Securities (from nuetral to underperform, target price from 15,6 to 9 euro).
