THE FED: TAPERING IS CLOSER
PULL THE BRAKING AIR FOR THE BAGS
The shadow of tapering, albeit less threatening than last summer, is reappearing on the market. The Asia Pacific index fell by half a point this morning, as did the stocks of Hong Kong and Shanghai held back by industrial production data that was less brilliant than expected. The scenario in Tokyo is different, as it starts closing with an increase of just under 2 percent. The Benk of Japan has confirmed the lines of Japanese QE, but new measures are already being studied to push inflation up: pension funds (1.200 billion under administration) could be authorized to invest in private equity and commodities. Last night Wall Street left the day's gains on the ground after the publication of the Fed's minutes: the Dow Jones closed at -0,41%, the Nasdaq dropped by 0,26% and the S&P 500 left 0,36 on the ground .5%) in the wake of the Fed The American economy improves to the point that "in the coming months" tapering, ie the reduction of monthly bond purchases, could start. This is what emerges from the minutes, ie the minutes of the last meeting of the monetary policy arm of the Federal Reserve. But something new emerges from the text: several participants have suggested that the Fed, to offset the restrictive impact of the tapering, could cut interest on banks' deposits with the central bank. It confirms that the main concern of Ben Bernanke and Janet Yellen is to convince the markets that rates will remain low for a long time. Therefore, the minutes read, "it may be appropriate to balance the decrease in bond purchases through actions that provide accommodative measures". In Europe, meanwhile, the idea has taken shape that the ECB, already at its meeting on 0.1 December, could impose negative deposit rates of 0,2% for deposits in Frankfurt. A measure which, together with the renewal of the Ltro loan, could bring capital back into circulation which, in truth, is struggling to find forms of employment in the Europe of austerity. Weak yesterday session of the European Stock Exchanges: . London -0,1%, Paris -0,1%. Positive Frankfurt +0,2%. In Milan, the FtseMib index closed down by XNUMX%.
STM, THE CHINESE CAR IS WORTH MORE THAN THE IPAD
StM +3,8% emerged from the torpor of a "flat" day. The Italian-French semiconductor group is recovering after a difficult quarter, characterized among other things by a decline in sales of MEMS memories, one of its strengths, key components for smartphones (such as Apple's iPhone) . But in October demand is picking up again, CEO Carlo Bozotti said during the Morgan Stanley conference, underlining that the demand for chips from the automotive sector is growing strongly, starting with China and the USA. Great recovery also for Telecom Italia +1,8%: CEO Marco Patuano said he plans to close the sale of the transmission towers in Italy and Brazil by 2014. Among the industrials, Cnh Industrial also rose +2,1%, driven upwards by the good results of the American competitor Deere. Fiat fell by 0,9%. Pirelli ended in a tie despite the Benettons yesterday starting the sale of a large part of the stake they hold. At the same time, UBS raised its target price to 13 euros (the “buy” judgment confirmed). Sharp decline of Autogrill -3,4%, black jersey of the list together with Saipem -3,1% . Finmeccanica suffers -2,2% penalized by the probable cancellation of an order for 12 helicopters by the Indian army. Enel fell by 0,4%. Slightly positive Eni +0,1% after the announcement of the sale of the stake in Severenergia, a company that operates in Siberia, to the Russians Gazpromneft and Novatek for 2,9 billion dollars.
BPM, ONE ARMCHAIR FOR TWO FORMER MINISTERS
December, month of primaries also in the bank. At the meeting on 21 December, two ex ministers will compete for Andrea Bonomi's succession at the top of Pop.Milano, yesterday +1,88% Piero Giarda, explains a source close to the ex minister, "is working on the composition of the list he thinks to define as soon as possible” already today probably. Lamberto Dini confirms that his list "will be presented quickly". Elsewhere, the sector had a bad day. Banco Popolare lost 2,14%: Banca Imi which reduced the recommendation on the stock from add to hold (the target price from 1,21 euro to 1,44 euro). The CEO, Pier Francesco Saviotti, dismissed the hypothesis of a wedding with Bpm: "I have to think about consolidation, not aggregations". The Hungarian Antitrust has imposed fines totaling 9,5 billion forints (32 million euros) on 11 commercial banks operating in the country, including the Hungarian branches of Unicredit -0,58% and Intesa -1,57%, judged responsible two years ago for cartel activity under the repayment program for foreign currency mortgage holders. Among the other securities of the banking sector of the Ftse Mib, Bper -1,37%. Mediobanca – 0,89%. Mps -0,69% is also in red. Alessandro Profumo replied to Antonella Mansi, the new regent of the Foundation, who yesterday explained how the 2,5 billion capital increase already in January would be "strongly penalizing" for the entity she leads. He dry Profumo's answer: "the board of directors must operate first of all in the interest of the company and of all the shareholders". Insurance companies with little moves: Generali -0,1%, Fondiaria-Sai -0,2%. Strong increase of Cattolica +3,2% launched to purchase Fata.
GREAT MANEUVERS IN LUXURY
Poltrona Frau +0,81%. Charme&sociates launch a private placement on a share of the group's capital to meet the needs of investors and increase the free float. The Montezemolo family fund will sell only 0,7%, the chairman Moschini will sell 2% and Mubadala will liquidate the 1,9 stake Roberto Vedovotto, who left Safilo (with a certain coldness) -0,29% at the end of September , is the new head of eyewear licenses at Kering, the French luxury group that controls brands such as Gucci, Bottega Veneta, Brioni, Sergio Rossi, Pomellato, Saint Laurent and Stella McCartney. It is the sign that the French giant is looking at the eyewear sector with ambitious intentions: today the licenses of the Kering group represent about a third of the turnover of the second largest Italian eyewear group.
