The Bull loses blows but not too much, despite the profit taking after two really roaring days. The stock exchanges were supported by the rise in oil prices: both Brent (50,71 dollars a barrel) and Wti (50,21) exceeded the threshold of 50 dollars, also thanks to the problems of producers (Canada and Nigeria) and the blocking of the activity of the French refineries.
But the approaching long weekend contributes to justifying the break (the US stock exchanges will be closed on Monday for Memorial Day) and, above all, the anticipation for Janet Yellen's speech. Today, at 19.15 pm Italian time, the Fed president will give a highly anticipated speech on Harvard Radcliffe Day, from which the next choices of the central bank could emerge two weeks after the board meeting. In the meantime, Wall Street limited the damage: Dow Jones -0,13%, S&P -0,02%, Nasdaq in positive territory (+0,14%).
The Asian price lists were positive, only touched by the week's increases. The Nikkei index rose by 0,4% despite new signs of incoming deflation (the consumer price index -0,3%). Traders are confident that Prime Minister Shinzo Abe will take the opportunity of the G7 to announce the postponement of the VAT increase next spring. Sidney is doing well (+.0,5%), Hong Kong is weak (-0,4%) and the Chinese Stock Exchanges.
MILAN UNCHANGED. SHOCK ON BANKS FROM MADRID
Contrasted session for the European stock exchanges, marked by the shock of the announcement of a capital increase of 2,5 billion euros by Banco Popular Espanol: The title collapsed down by 23% in Madrid, on its lowest level for 26 years. Bankia (-2,5%) and Banco de Sabadel (-4,6%) also fell sharply.
In Milan, the Ftse Mib index, after reaching a minimum of 18.071 points and a maximum of 18.242 points, closed with +0,09% at 18.216 points. London +0,04% accelerated at the end of the session. Paris +0,69%, Frankfurt +0,66%.
Across sectors, banks corrected down by 0,6% after accumulating a 7% gain in two sessions. In the morning the loss had come to exceed 2%.
NEW RECORD FOR THE CTZ, THE SPREAD AT 120
The Treasury placed 2,5 billion euros, the maximum offer, of Ctz in March 2018, at a yield that fell to -0,137% from -0,063% in the last auction in March, reaching a new all-time low. The agreement on Greece has reassured the debt markets of the Eurozone: on the secondary, the 1,35-year rate has fallen to the 120% area. The spread with the same maturity of the Bund remains just over 7 basis points. After the initial enthusiasm, the yield on the XNUMX-year Athens bond returned to over XNUMX%.
REAL ESTATE, JOBS, ORDERS: US ECONOMY AT FULL SPEED
While awaiting Yellen, positive news continues to arrive from the real economy front, confirming that the imminent rate hike is justified by the recovery. In particular:
1) the boom in the real estate market is confirmed. The sale of homes under construction rose in April by 5% on the previous month, much more than the +0,7% estimated by economists. This is the largest percentage growth since 2010. On an annual basis, growth is 2,9% against estimates of +0,2%.
2) The macroeconomic data communicated before the opening signal a good resilience of the labor market, with new applications for unemployment benefits decreasing by 10 to 268: the consensus was expecting 275.
3) In April, durable goods orders rose 3,4%, thanks to robust aviation orders. Net of this component, the increase is reduced to 0,4%.
APPLE WATCHES TIME WARNER, ABERCROMBIE COLLAPSES (-17%)
A scoop from the Financial Times took care of stirring the waters of the US stock exchanges: Eddie Cue, the manager of Apple (+0,8%) who manages iTunes, Apple Music and iCloud, came forward with Olaf Olafvson, head of corporate of Time Warner to talk about the possibility of aggregation. No developments are reported for now, but the news confirms Apple's interest (strong of 216 billion dollars in cash) for the media segment: Netflix could also be among the targets (+3%).
Note the collapse of Abercrombie & Fitch, which fell by 17% in the wake of the drop in sales (-4% in stores open for at least a year, against the +1,5% expected by analysts). The reduction in the number of tourists in American stores weighs heavily, a situation that could continue in the current three months.
TELECOM ITALIA IN RALLY (+4,2%) FORGET METROWEB
The best blue chip of the day in Piazza Affari was Telecom Italia (+4,2% to 0,8665 euro). Savings shares also shine (+4% to 0,7080 euros), despite the fact that the company specified during Wednesday's meeting that there are no conditions to convert them into ordinary ones due to the mechanism of the law of withdrawal.
The market does not seem to attach great importance to the risk that Metroweb will fall into the hands of Enel. On the contrary, the declaration of the vice president Arnaud De Puyfontaine, according to which a recapitalization of Telecom Italia is not necessary, was much appreciated. Since the beginning of the year, the stock has fallen by 25%. Speaking of Metroweb, President Recchi limited himself to saying: "That's good, we will continue our investment plan which means having more money to put into infrastructure".
STARACE (ENEL): AVAILABLE TO COLLABORATE, BUT ONLY ON THE NETWORK
The Enel shareholders' meeting (+0,79%) offered CEO Francesco Starace the opportunity for an all-out reply on broadband and beyond. "On Metroweb - he said - we have learned from various communications that Cdp would be inclined to sell to us but we do not yet have official information". But with respect to Telecom the line is clear: “We are totally available for any collaboration or dialogue with Telecom at the network level but not commercially, not as users of Telecom's structures, to avoid duplication or overlapping. We're not going to do phone service."
Starace also said he did not fear Eni's entry into the field of renewable energies: “We have built a system that allows us to face the competition. I also recall the agreement with F2i for the construction or acquisition of plants in Italy up to 1.000 MW”.
Finally, a joke addressed to Edison who has proposed repaying the Rai license fee to new customers. “This is the first thought that came to all sellers about a year ago, when we started talking about including it in the bill – he said -. We have considered making a discount but not attributable to the Rai fee ".
In the meantime, the competition between Enel and Telecom is bearing its first fruits. Fly in Aim Go Internet (+4,23%), which will collaborate with Enel after the plan for ultra-broadband with the municipality of Perugia. Telecom also announced during the meeting the start of the laying of the band in the Umbrian city.
UBI AND BPER UNDER FIRE: THE UNKNOWN VENETO BANCA FEARS
Under pressure Ubi Banca, down by 6% to 3,49 euros, burning the gains of the day before (+7%). The fear that it will be reopened at the urging of the government, the Veneto Banca dossier, for which the prospect of a capital increase is increasingly complicated, triggered the sales on the institute, the worst blue chip of the day. For the same reasons, sales rained down on the other potential candidate for the deal, Banca Popolare dell'Emilia-Romagna (-3,3%).
Still under fire Unicredit (-3,8%) waiting for indications on after Ghizzoni. Beyond the appointments, the confrontation between the shareholder foundations and the international partners on the capital increase (5-7 billion) is sharpening. For foreign shareholders, the recapitalization is necessary to raise the Cet 1 above the minimum threshold of 10%. The Italian partners instead suggest the sale of the Polish Bank Pekao and the Turkish Yapi Kredit. Standard & Poor's confirmed the institute's ratings of 'BBB-' for the long term and 'A3' for the short term. The outlook remains stable.
Banco Popolare closes on parity. Intesa gains 0,5%. Montepaschi also rises by 1%.
POSTE ITALIANE, 29,7% ON THE STOCK EXCHANGE AFTER NOVEMBER
Weak Poste Italiane (-0,80%) after the contribution by the Treasury of a 35% stake to the CDP through a reserved capital increase of 2,9 billion euros by the Cassa at a price - ex dividend - of 6,4 .6,75 euros per share (8 euros per share with dividend, equal to the IPO valuation). For Kepler Cheuvreux, who confirmed the buy recommendation on the stock and the target price at 29,7 euros, the sale on the market of the XNUMX% still held by the MEF could take place after the presentation of the industrial plan in November.
After three and a half years of positive net inflows in April, mutual funds have revised the red. In the past month, according to the Assogestioni map, the open segments recorded negative net inflows of 1 billion euro with a significant setback compared to the +7 billion in March. In the first four months of 2016, fundraising remained positive for 12,4 billion.
Azimut -2,3%, Banca Mediolanum -1,70%, Anima almost unchanged (+0,09%). Banca Generali goes against the trend (+3,3%).
DISAPPOINTMENT FOR AUTOGRILL, FCA DOUBLES ON LEVANTE
Oil companies rebound. Eni +0,2%: Equita Sim kept unchanged the buy recommendation and the target price at 15,5 euro. Tenaris +2,3%, but Saipem loses 1%. In evidence Saras (+4%), favored by the strikes of the French refineries.
Disappointment for Autogrill members (-4% to 7,79 euros). The share took the downward path after the words of the president Gilberto Benetton who, on the sidelines of the company's meeting, cooled down the expectation of an agreement with an international partner. “There are few groups that can be combined with us, he said — Maybe we need to wait for more opportune moments. We've had meetings in the past, but the conditions weren't there."
In negative territory Fiat Chrysler (-1,17%). The group announced in a statement that from next Monday the production of the Maserati Levante in the Mirafiori plant in Turin will switch to two daily work shifts, and a total of more than 1 people will be employed in the historic Turin industrial complex.
Among the medium caps, Landi Renzo advances (+4,9%), thanks to the promotion of Citigroup and Sogefi (+6,7%), on the wave of the positive outcome of an arbitration award in favor of the group.
Rcs Mediagroup still in turmoil: +2,4% to 0,7550, above the level of Bonomi's offer. The market continues to bet on a revival by Cairo thanks to new allies.
