FLAT BAGS, TOKYO DOES NOT CONFIRM RAISES. IN MILAN THE BTP HUNTS FOR NEW RECORDS
Slow down Tokyo after the sluggish session of the US stock exchanges. The Nikkei index loses 0,7% after yesterday's roaring session, the most brilliant in the last six months: after the initial enthusiasm, traders reduced the extent of the new stimuli promoted by the Bank of Japan, more symbolic than effective. Shanghai +0,81%, Hong Kong +0,18% almost flat.
US indices slowing down after last week's recoveries: the Dow Jones drops 0,1 5%, the S&P 500 index rises 0,14% (just below the maximum). Better the Nasdaq +0,68%.
Expectations are growing for the publication of the Beige Book, scheduled for the evening, after new signs of slowdown in the economy partly attributable to the bad weather which, moreover, only affected the Eastern states. Another key figure will be that relating to the start of new construction sites.
But there was no shortage of operational ideas. On the M&A front there was the acquisition of about 25 billion dollars in cash and shares announced by Actavis of Forest Laboratories (+30%), a company already targeted by Carl Icahn which made a 100% profit.
On the other hand, Tesla Motors is on an all-time high after rumors about a meeting between the head of Apple's M&A division and Tesla CEO Elon Musk, which ignited speculation about a possible takeover of the electric sports car manufacturer by the electronics giant.
Meanwhile King Digital Entertainment, creator of popular video games for tablets (including Candy Crussh), has filed the documents for a billion-dollar hypo. Second day in a row of semi-immobile stock exchanges in Europe. The Dax index of Frankfurt remained unchanged, Paris recorded a drop of 0,1%. Only London was positive with an increase of 0,9%. The German Zew confidence index disappointed, finishing below expectations.
Piazza Affari awaits, in apparent calm, the developments of Matteo Renzi's mandate. The FtseMib index closed at +0,09%. The developments of the government crisis do not disturb the magical moment of the BTP. The yield fell to 3,55% (from 3,61% yesterday), a new low since 2006, and the spread to 188 (-4 basis points).
BANKS, POP VICENZA SPEEDS UP ON ETRURIA
On an almost flat day, the optimistic indications of Société Générale on the Italian banking sector held the scene. Promoted, in particular: Pop.Milano + 0,5% Ubi +1,3% and Understanding +1,2%, promoted by Société Générale. Closure down instead for Unicredit -0,5% MontePaschi -1,8% and Banco Popolare -1,3%.
Banca Etruria +2,92% makes history in itself, which accelerated upwards at the end of the session on the wave of news arriving from the board of Popolare di Vicenza which announced its intention to proceed with two separate capital increases for an equivalent total of one billion euros. A treasure trove that top management does not rule out using to carry out an acquisition, should the opportunity arise. During a conference call, the general manager of Banca Popolare di Vicenza, Samuele Sorato, later confirmed that “it's not a secret. We have already made an expression of interest in Banca Etruria and we have been invited by them to carry out a due diligence which will start in a week, at the latest within the next ten days”.
GENERALI, BOD TOWARDS LIABILITY ACTION
The meeting of Generali's control and risk committee lasted seven hours, which examined the legal opinions on the opportunity to initiate the liability action against the former CEO Giovanni Perissinotto and the former general manager Raffaele Agrusti. Today the issue, resolved at the request of IVASS, will be examined by the board.
In this regard yesterday Enrico Marchi, president of Save and Finint, financial shareholder of the Leone through Ferak and Effeti (participated by the Crt Foundation) said that "any action for liability denotes a persistence worthy of a better cause and is not in the interests of the Generali, which has become a mud machine”. Some of the disputed transactions, moreover, refer to deals with Fimint itself.
ENEL ADVANCES IN BRAZIL, ON THE HERA SHIELD
Enel rose by 0,9%. The acquisition of the minority interests in the South American subsidiaries has begun, the first step towards shortening the complex chain of control inherited from Endesa. Enersis, the Chilean subsidiary of the group, rose to 74% of the Brazilian Coelce, another subsidiary, with an outlay of 180 million euros.
Speaking of Brazil, Enel Green Power rose slightly, +0,25%, which completed the construction of its first wind farm in Brazil. New purchases on Hera +1,89% resulting from the judgment of Goldman Sachs which started hedging the stock with a buy rating and target price of 2,3 euro, including the stock in its Conviction Buy List. On the energy front, however, Sorgenia's problems continue to weigh on Cir -3,11%.
Among the utilities it earns Atlantia +1,2%, confirmed by Bank of America among its "Top Picks". Well in the Benetton team too Rest + 0,8%.
TELECOM INSISTS: TIM BRAZIL DOES NOT TOUCH
Telecom Italy it advanced by 1,2%. CEO Marco Patuano said that investments in Brazil will increase to 4 billion real this year and 11 billion until 2016. He reiterated that there is no offer or ongoing negotiations for Tim Brasil. Ei Towers decreased by 0,75%, which seems interested in buying the transmission towers sold by Telecom Italia together with those possibly sold by Wind. The Spanish Abertis and some infrastructure funds, such as F2i, are also on the dossier.
FERRARI, CONTI AND GROWING BRANDS, SUPPORTS FIAT
Fiat -0,6%. In January, the European market plus EFTA grew by 5% year on year, while the automotive group recorded yet another negative performance with -1,8% to 60.000 cars.
But the Lingotto can be consoled with Ferrari, judged by Brand Finance, a consultancy firm specializing in the sector, as the "most influential brand" in the world, ahead of Coca Cola, Walt Disney and Google.
The little red horse closed 2013 with a net profit that exceeded 246 million euros +5,4%, a trading profit that reached 363,5 million (+8,3%) and a turnover up by 5 % to 2,3 billion. Widespread declines among industrial stocks. fin mechanics -0,4% StM -0,4%. The luxury stocks are also weak: Ferragamo -1,1% Tod’s -0,1% Yoox -0,8%.
GOLDMAN AND KEPLER BET ON CONCRETE
Good news for the cement sector from Goldman Sachs. Analysts raised the recommendation on Italcementi +0,44%, with the target price going to 8 euro from 5,2 euro and on Unicem -0,41% to 14,54 euro target price to 16,5 euro from 14,8, 25 euros, with a buy rating. The company sold a factory to the Austrian Wietersdorfer and granted the right to buy another factory, and at the same time acquired a 5% stake in the capital of w&p Cementi and Salonit Anhovo Gradbeni Materiali, subsidiaries of Wietersdorfer. Finally, after the presentation of the industrial plan, Cementir was promoted by Kepler Chevreux: target price from 5,8 to XNUMX euros, buy judgement.
The agreement of Maire Tecnimont +2,4% with Foster Wheeler Usa Corp which provides for collaboration in the activities for the construction of petrochemical, chemical and fertilizer plants in the United States, Canada and Mexico. In the rest of the price list, the new leap of Class editors +10,94% after +25% on the eve.
