WEAK EURO, MINIMUM RATES: THE BULL IS RUNNING. GVT, TELECOM AND TELEFONICA SHARPEN THEIR WEAPONS
This morning in Asia the euro slipped to 1,3154, the lowest level since the beginning of September 2013. The markets thus confirm the trend that developed after Mario Draghi's attack on Jackson Hole: the single currency is declining, awaiting decisions of the ECB, euro area rates slowing down, stock markets on the rise.
The exception is Tokyo -0,21%, hit by profit taking in the face of a significant technical threshold. But the Asia Pacific index +0,4% marks a new high since 2008 driven by Wall Street. All US lists closed with a plus sign: Dow Jones +0,17%, Nasdaq +0,46%. For the first time the S&P 500 +0,11, closes above the two thousand point limit: 2002,2.
The rally also involved Europe, which recovered strongly in the afternoon: Frankfurt rose by 0,82%, Paris by 1,18%, Madrid by 1,28% and London by 0,7%. Thanks to the lengthening of the last two days, the Milan Stock Exchange returns to the levels of the beginning of the month. The Ftse Mib index gained 1,3% yesterday to 20.654 points: from the low in the last 6 months reached on August 7, the index rose by 8,5%.
US TRUST HAS NEVER BEEN SO HIGH. M&A OF 11 BILLION FOR BURGER KING
The US economy is running fast and for Janet Yellen it is increasingly difficult to cope with the pressures of the hawks who are asking for rate increases to avert the risk of financial bubbles. Indeed, impressive data rained down on American markets yesterday: the consumer confidence index prepared by the Conference Board rose to 92,4 points in August, the highest since October 2007: economists had expected a drop to 89,0 from 90,7 ,XNUMX. Also the data on orders for durable goods. It was more than expected.
Meanwhile, on the corporate front of the American fast food chain Burger King has finalized the purchase of the Canadian Tim Hortons bars for 11,4 billion US dollars in cash and shares, giving life to the third world fast food powerhouse. Warren Buffett will finance the operation with 3 billion dollars. The wise man from Omaha took the field to defend the company's choice to move the headquarters to Canada to take advantage of a more favorable tax system.
THE BTP YIELDS LESS THAN THE LONDON GILT. TODAY THE AUCTION BOT
The Treasury is ready to seize a new record this morning. Yesterday afternoon, on the "grey market" the six-month Treasury bonds that will be placed this morning (7 billion against just over 8 billion maturing) were traded at a new low of 0,14% against 0,236% in July.
In the meantime, yesterday the Treasury placed 3 billion euro of CTZ maturing on 30 August 2016 (two years) at a yield of 0,326%, the new low since the introduction of the euro: in the last auction of a similar bond, the yield had been by 0,428%. The downward race of yields awaiting next week's ECB directorate will frame the golden harvest for the Ministry of the Economy.
In fact, the yield on ten-year BTPs remains well below the 2,50% threshold, ending at 2,43%, down by 4 points compared to 2,47% at yesterday's close. The Italian 148-year bond falls over the corresponding British government bond. The BTp/Bund spread also falls. At the end of trading, the yield differential between the Italian 4-year benchmark BTP and the same German maturity stood at 152 basis points, down by XNUMX basis points compared to yesterday's XNUMX basis points.
SUPERSTAR BANKS. THE NEW MEMBERS OF MPS GO INTO PRESSING
All positive, after a slow start, the banks. In Europe, the banking sector is making progress, on the wave of the decline in government bonds. The Eurostoxx Banks index gains 1,75% and is the best together with that of raw materials. Unicredit extended in the final closing up by 2,3% again over the threshold of 6 euros which it had lost on August 5th.
Volatile session for Monte Paschi which still managed to close up by 1,1% to 1,168 euros from a low of 1,132 euros. The irritation of the South American partners in the pact weighs heavily. Fintech and Btg, or ready to ask for the convening of an extraordinary meeting for the zeroing of the entire board if the commitment to make room for two of their representatives on the board is not respected.
Mediobanca +2,6%. Equita cut the target price from 8,8 to 8,5 euro confirming the buy rating. Among the other institutions Intesa +1,6%, Ubi Banca +2,6%, Banca Popolare dell'Emilia Romagna +3%.
THE BENETTON GALAXY RUNS
The Benetton galaxy is recovering: Wdf +5,43% and Autogrill +4,61% after the lows reached on August 8, under the pressure of the risks of international crises for the travel sector. In the past two weeks, they have regained 16% and 11%, respectively. In recent days, the stocks had also suffered due to fears of an exit of the CEO of Autogrill and president of World Duty Free, Gianmario Tondato Da Ruos, to take over the position of Andrea Guerra in Luxottica.
Atlantia +0,69% is evaluating the sale of a minority stake in Adr, of which it controls over 95%, in a "financial and industrial logic" and is not "driven by any necessity but attentive to opportunities". Atlantia's president Fabio Cerchiai said this on the sidelines of the Friendship Meeting, thus confirming the hypothesis of an imminent landing of Abu Dhabi at Fiumicino after Eitihad's entry into Alitalia.
In the luxury segment, Luxottica recovers +1,2%. It seems obvious that the president and first shareholder, Leonardo Del Vecchio, intends to take over the reins of the company by assuming an operational role. Renzo Cavatorta should take the chair of managing director.
The other stocks in the luxury sector were also positive: Moncler and Ferragamo both +0,8%, Yoox +3%, Tod's +2,7%.
BRAKE REMOTE THREE ADVISORS FOR VIVENDI
Telecom Italia slows down -0,71%. The share is affected by the risk of an auction with Telefonica for the acquisition of the Brazilian Gvt. In fact, after an initial proposal of 6,7 billion, the Spanish company now seems ready to raise the stake to 8 billion in order to surpass Telecom Italia, which will hold a board meeting today to give the green light to its offer: a package with a of 7-7,2 billion for the Brazilian subsidiary of Vivendi which could however become the reference shareholder of Telecom itself thanks to a reserved capital increase.
The two offers will arrive at the Vivendi board of directors scheduled for tomorrow in Paris. It is obvious that the company chaired by Vincent Bolloré will not take any decision tomorrow. A team of advisors has already been recruited to look into the various options. Goldman Sachs, Crédit Suisse and Lazard, the "historic" consultant of the company chaired by Vincent Bolloré who has already described the Italian offer as "interesting", are part of it.
ENEL AND FINMECCANICA ACCELERATE SALES
The securities controlled by the Treasury and the CDP are on positive ground. Yesterday's Financial Times relaunched the topic of the forthcoming placement of Eni and Enel shares to compensate for the delay in privatizations, starting with the post office.
Eni closed up 1,1%. Mozambique has approved a series of rules to support investments by foreign oil companies on national soil. Enel +1,4%. Speaking on the sidelines of the Rimini Friendship Meeting, the CEO, Francesco Starace, confirmed that the sale of controlled assets in Slovakia and Romania will be completed by the end of the year.
Finmeccanica gained 0,6%. In an interview released yesterday in Rimini, the managing director Mauro Moretti stated that assessments are underway on the convenience of maintaining the American subsidiary DRS, these assets could be sold. Moretti plans to close the planned sale of Ansaldo and Ansaldo Breda within the next month of October. Moretti.
Little move Snam +0,3%. On the sidelines of the Communion and Liberation meeting underway in Rimini, the CEO, Carlo Malacarne, stated that he aims to conclude the negotiations for the acquisition of Tag "at least by September". Finally, it should be noted that some industrialists had a good day, including Pirelli +2,2%, Fiat +1%, Buzzi Unicem +2,6%.
