RATES STILL FALLING, AND BTP YIELDS LESS THAN US SECURITIES. TELECOM AD OI: TIM BRASIL CAN'T BE TOUCHED. TODAY'S OFFER ON GVT
The markets are holding back pending the decisions of the ECB next week. The euro recovers some positions against the dollar (1,3216 this morning in Asia) awaiting the appointment with the eurozone inflation data which will be released tomorrow. Today appointment with the first projections on US GDP for the second quarter and with the Japanese CPI. Share prices remain at their highs in recent days thanks to the formidable pressure on eurozone government bonds.
The yen rises, Tokyo falls -0,54%. Hong Kong rebounds +0,22% whose currency is pegged to the US dollar. Flat Shanghai. Holds 2000 on Wall Street at the end of a "lethargic" session. The S&P index +0,01% closed at 2000,12 points. Both the Dow Jones +0,09% and the Nasdaq -0,01% are almost unchanged.
The European Stock Exchanges also moved little: Frankfurt lost 0,19%, London rose by 0,12% and Paris by 0,04%. Only Piazza Affari, thanks to banks and Telecom, achieved a significant increase with the FtseMib index which closed up by 0,5% at 20.763 points.
THE BTP EVEN SURPASSES IT BOND USA
IThe Treasury placed 7,5 billion euro of semi-annual bills at a record rate of 0,136%. Today the auctions close with the offer of medium-long term securities: between 6,5 and 8 billion in various securities - including the new 10-year BTP, which will be offered for 3,5-4 billion - and in which will probably see new all-time lows.
On the gray market, the new ten-year bond, maturing in December 2024, was traded yesterday at a yield of around 2,36%. In the last auction at the end of July, the 2024-year bond - expiring in September 2,60 - had reached a new low since the introduction of the euro at XNUMX%.
It was a record day for European government bonds: the yield on 10-year BTPs fell to the new all-time low of 2,38% (from 2,41% yesterday) below the rates of the US T bond. Returns never seen in history also for the ten-year anniversary of Germany (0,909%), France (1,25%) Spain, Holland, Belgium, Austria, Finland and Ireland.
SCHAEUBLE HOLDS BACK ON QE, THE ECB RELYS ON BLACKROCK FOR ABS
The market continues to bet on European quantitative easing despite the cold shower coming from Wolfgang Schaeuble, the German finance minister. “I know Mario Draghi well – he said in an interview – I don't think he said those things in Jackson Hole. Probably he was misunderstood ”.
However, the ECB's plans are going ahead, including the revival of the Abs market. The bond buyback program is about to take shape, a spokesperson for the institute confirmed today that BlackRock, the world's largest asset management company, has been commissioned to revitalize, making it more liquid, the market for bonds coming from securitizations.
In reality, the data on inflation for August, which will be announced on Friday, will be decisive: the ECB will move immediately, they imply from Frankfurt, only if there is a new one, showing a significant approach of the euro area towards deflation.
TELECOM REVEALS ITS GAME AFTER OI'S "DISTURBANCE".
In Piazza Affari, Telecom Italia shone, up 3,1% after the news that Oi, the Brazilian mobile telecommunications company, has commissioned an investment bank to prepare a proposal for the acquisition of Tim Brasil +7%. Oi, destined to merge with Portugal Telecom, could make the purchase together with Telefonica and America Movil (Slim) and then proceed with the stew of Telecom's subsidiary.
The interweaving in the possible reorganization of the Brazilian TLCs is thus becoming increasingly complex in anticipation of the Vivendi board of directors which today will examine the proposals of Telecom Italia and Telefonica on the Carioca subsidiary Gvt.
Telecom's Board of Directors met for 9 hours, preceded by a meeting of armored independent directors together with the advisors in the Piazza Affari office. A similar meeting was held at Tim Brasil, the object of attention from Oi which, according to lawyer Sergio Erede, legal advisor of Telecom Italia, "seems only a disturbance, the consequences of the disturbances are many, it ends even in court."
In the evening, a press release from the Italian company states that it "has taken note of the press release in which the company OI SA announces that it has signed a contract with Banca BTG Pactual to "develop alternatives that make possible a proposal for the acquisition of the indirect stake in Telecom Italia SpA in TIM Participações SA".. Telecom , after reiterating that "Tim Brasil is a strategic asset on which it is committed to concentrating important investment and growth prospects" specifies "its total extraneousness to the OI initiative of which knows no element.
Today the ball is in the hands of Vivendi, which will compare Telecom's and Telefonica's proposals and will probably take time. Madrid is aiming at the same time to strengthen the Brazilian market and disengage in Italy, having put on the table, in addition to shares and cash (6,7 billion), also the 8% stake in Telecom's capital (at current stock market values it is worth little more of 1 billion euros). The counteroffer that Telecom would have ready would reach a value of 7 billion euros and the strength of an industrial partnership.
BANKS, THE POPULAR GALAXY IS MOVING
In great evidence the Popolari awaiting progress in governance: Ubi Banca +5,1%, BancaPop. Milan +4,2%. Intesa scores a modest +0,2% in the finale, Unicredit +1%, MontePaschi -0,3%. Among the insurance companies, Unipol +4,8%, UnipolSai +1,7%, Generali -0,3%.
YOOX SUPERSTAR. DOUBLE-DIGIT USEFUL FOR CUCINELLI
The best blue chip of the day was Yoox, which closed up 6,7% following press rumors that eBay is about to buy Asos, a London company that operates in the same business (online sale of luxury clothing and accessories). . Asos is up 19%. In luxury, Tod's +1,3%, Ferragamo +2,1%, Luxottica +0,6%.
Brunello Cucinelli +0,49% before the half-year results published yesterday with the Stock Exchange closed: net profit of 15,6 million euro (+17,8%). Ebitda also rose by double digits to 30,6 million (+12,9%) with an incidence on revenues of 17,3%. Kepler Cheuvreux confirmed the buy rating and the target price at 21 euros. Equita hold and target price at 23 euros.
NORGES BANK SLIMS ITS STAKE IN FIAT
The time of the verdict on Fiat's withdrawal rights is approaching, rising by 1,07% to 7,57 euros. Norges Bank last August 22 reduced its stake in the capital of Lingotto from 2% to 1,736%. Among the other blue chips, Enel gained 0,24% to 4,128 euros with Berenberg's experts confirming their hold opinion and the target price of 3,85 euros. The stock has been included by UBS in the list of recommended stocks.
Finmeccanica rose by 0,4%, despite the Indian government's decision yesterday to ban group companies from submitting bids for future contracts. Slow closure for Eni +0,1% and Saipem -0,2% In the rest of the Hera list +2,44% on the eve of the Unblock Italy decree. Sale De Longhi +4,3% after the accounts for the first half. Among the mid/small caps: Bolzoni +11%, Recordati +6,2%, Trevi +4,8%, Falck Renew +3,6%.
