Cold reaction from Wall Street to the announcement that the Fed has left rates unchanged. After a timid rise, the markets closed in negative territory: Dow Jones -0,39%, S&P500 -0,26%. The Nasdaq rose slightly (+0,1%).
A mixed day also for Asia. Tokyo drops 1,4%, Hong Kong rises 0,6%. At the moment Shanghai is up by half a point after strong swings in both directions.
The dollar falls, even if the run of the euro stops just above 1,14. In retreat the yields of the T bonds that retrace after the rise of the last few days.
THE FED DOES NOT RULE OUT THE RAISE IN OCTOBER
In summary, a lukewarm welcome that contrasts with the expectation of Christmas Eve. Why this reaction? The Fed's choice does not eliminate the uncertainty that caused the increase in volatility. The Fed's decision to abandon the rate hike for now was the outcome most popular with operators. But for the first time in history, the US central bank justified its decision with "international developments". That is, the Fed chose not to move due to the turbulent situation in China and emerging markets.
Moreover, a decision taken by an overwhelming majority: 9 to 1. For the markets, this could mean that "the central bank knows something that we don't know". In the following press conference, Janet Yellen revealed that the FOMC majority still favors a hike this year, and she hasn't ruled out such a move in October. That is, the uncertainty on rates is destined to last at least another 30 days.
It is not difficult to predict that European markets will react in the same way as American markets when opening.
MILAN STABLE. THE SPREAD ON THE BONOS IS SHORTENING
In Milan yesterday the FtseMib index closed with a slight increase of 0,1% pending the verdict from Washington. Modest reaction to positive growth data: Confindustria has revised its estimate of Italian GDP upwards in 2015 to +1% (from the +0,8% estimated in June and above the 0,9% announced by the government) and in 2016 to +1,5% (from +1,4%).
The Frankfurt Stock Exchange closed up 0,1%. Paris +0,2%, much better Madrid (+1,1%). London falls by 0,6%.
Little movement in fixed income. The Italian ten-year bond trades at 1,90%. The gap between the BTP and the Spanish Bonos is reduced from 28 to 22 points.
FLY AUTOGRILL: NEVER SO GOOD FOR 5 YEARS
On a day of modest trading, conditioned by waiting for the Fed's decisions, it took flight.
Autogrills +4,9%. The CEO of the Tondato da Ruoz group said that 2015, driven by the recovery of consumption in Europe and the increase in traffic at US airports, will be the best year of the last five. The manager did not want to respond to rumors about a possible split of the Benetton company's activities.
Banca Imi confirmed the buy recommendation and the TP at 10,6 euros on the stock after the Roadshow that the company held in London.
Atlantia is also up sharply (+2,01%).
BERENBERG PUNISHES POPULARS AND MPS
Opposed the bankers. In the morning, the market initially looked at a rather negative report by Berenberg on the sector, but then moved independently. The broker started hedging on Mps (-1,5%), Banco Popolare (+1,2%), Ubi (+0,5%) with sell and on Pop. Milan (+1,5%) and Credem (-0,1%) with hold opinion. Unicredit and Intesa rose by 0,09% and 0,8% respectively.
DISCLAIMER OF THE OFFER ON INWIT
Telecom Italia loses 0,7% despite the new rumors about a growth of Vivendi in the capital. The spread with savings is stable after yesterday's leap from 16 cents to over 17 cents, on the news that at current prices the conversion is not feasible.
Inwit slows down (-0,7%), after the 3% rise on Wednesday when the stock was supported by expectations for a sale to the Spanish Cellnex, which however denied an offer for the Telecom tower company which has repeatedly declared that it wanted to be a protagonist in the consolidation of the sector and that it would be interested in the Wind and 3 Italia towers if they were put up for sale.
Mediaset did well (+1,09%) which underlined the peaks of new Premium subscriptions with the start of the Champions League.
HIGHLIGHTS MONCLER, FCA SALE
Among the luxury stocks, Moncler (+2,26%) and Yoox (+0,82%) rose, on which Citigroup confirmed the buy recommendation and the target price of 33 euros.
The industrial companies moved little: FCA +0,7%, Finmeccanica -0,5%, StM -0,3%. Enel falls slightly (-0,6%). Strong rebounds in Frankfurt for Rwe (+9%) and E.On (+8%). In the energy sector Eni -0,7%, Saipem +0,4%, Tenaris +0,3%.
