ASIA FULL AHEAD, TAPERING IS GETTING AROUND. TELECOM'S MOVES IN THE SPOTLIGHTS
The week in Asia starts well. Tokyo rose +0,60%, together with Hong Kong +0.59% and the futures on the S&P index. The general belief is that having set aside the issue of debt for now, operators are convinced that tapering will be postponed to the first few months of 2014. The US crisis has left its mark on Tokyo's exports, which rose by only 11,5% against 16,5% expected. The euro is trading at 1,3677 against the dollar.
Finally the numbers are given. After the blackout imposed by the blockade of the American Public Administration (shutdown), US macro data from industrial turnover (August) and home sales (September) will return to the markets from today. Tomorrow will be the turn of the employment statistics (7,3% unemployment expected, 185 jobs moved). In this way, it will be possible to have a more reliable picture of the breakdowns caused to the economy by Washington's tug of war and what consequences they could have on the Fed's future strategies.
MEGAFINE FOR JP MORGAN, GOOGLE GOES THOUSANDS
After the deal, the market rallied again. The Standard & Poor's index +2,4% (the most significant leap since July) recorded a new record at 1744,50. Dow Jones +1,1%. The Nasdaq, which rose by 3,2% to 3.914, returned to the levels of September 200: the all-time record, which has stood since the bursting of the Internet bubble, is near. Meanwhile, Wall Street restarts under the sign of Google, which jumped over a thousand dollars (+13,5%) on the impetus of excellent quarterly results linked to the explosion of mobile traffic.
Over the weekend, analysts hastened to raise the target price of the stock: Evercore Partners from 1050 to 1100 dollars (overweight rating), Can0tor from 1000 to 1175 dollars (buy), Canaccord Genuity from 940 to 1000 dollars (buy), B. Riley from $1003 to $1053 (buy), RBC from $1020 to $1.100 (outperform), Cowen and Company from $972 to $1110 (outperform). And again: Jefferies raised the target price from 1000 to 1.150 dollars (buy), JP Morgan from 1015 to 1100 dollars (overweight), Needham from 1000 to 1150 dollars (buy) and Topeka Capital from 1035 to 1100 dollars (buy). The highest target price was set by Deutche Bank from 970 to 1220 dollars.
Other news to "digest": the mega transaction between the Department of Justice and JP Morgan: 13 billion dollars to settle the subprime mortgage dispute. The agreement is destined to make school. There is already talk of similar fines for Bank of America and other institutions. It should also be noted that the agreement provides for the active collaboration of the banks in the lawsuits against officials who have committed irregularities against mortgage customers. Among today's quarterly reports Mc Donald's, Texas Instruments.
MILAN AND MADRID RECORD BAGS
Piazza Affari +2% the balance of the last five sessions. Since the beginning of the year, the gain is +18,4%, which makes Milan the second best stock exchange in Europe behind Madrid (+22%).
The overall index of the Stoxx 600 European stock exchanges rose by 2,1% during the week, bringing the year-to-date performance to +13,8%. All the lists, with the exception of Iceland, closed up: Frankfurt and Paris rose by 1,6%, preceded by London +2,1%. Philips quarterly accounts come out.
SNAM RELEASES COUPON, STM GIVES THE NUMBERS
Tomorrow the quarterly season will get underway in Piazza Affari: STM will communicate the data for the third quarter of 2013. Coupon advance today. relating to the current financial statements, for Snam shareholders. The group will detach a down payment of 10 cents per share. Considering the balance paid last May, equal to 15 cents, relating to the 2012 profit, this year Snam has a yield of around 7% (based on the prices of the first six months of 2013). And the company has confirmed that the 2013 dividend will be equal to that of 2012, or 25 cents.
TOP & FLOP OF THE PLACE OF BUSINESS
The best blue chip of the week is Telecom Italy, up 9,7%. The popular bank platoon was also highlighted, with three titles in the Top Ten: Bper +9.4%, Ubi +9,3% and Banco Popolare +5%. The sharp rise in Mediaset which successfully placed a 375 million euro bond.
The announcement of new concessions in Great Britain which will generate 175 million pounds of revenues has given wings to Rest +8,4%. On the contrary, it was the week of the decline in luxury: Tod’s -6,5% Ferragamo -4,6%. Heavy decline in some industrial stocks: Stm –6,7%, the worst Italian blue chip, Cnh Industrial -5,7% Fiat -4,8%. Also declining Pirelli -1,1%.
