TREASURE, IT'S THE BTP 3'S TURN: 0,50% MORE EXPECTED. TELEFONICA ATTEMPTS LUNGE IN THE TELECOM ARENA
“As long as we make the right or wrong choices on the subject of overall political stability, that these choices can be worth, for example, between now and the end of the year, 1 billion, 1 and a half billion euros more in terms of the cost of interest". On the eve of the debut of the new three-year BTP, Prime Minister Enrico Letta recalled the costs of political uncertainty on the country's accounts. But it's not just the turbulence unleashed by the Berlusconi dossier that conspires for an increase in yields: rates are tending to rise both in the US and in Europe. German Bunds broke through the 2% gross wall yesterday morning.
Given the premises, the forecast is that the yield of the new November 2016 three-year benchmark BTP will settle at around 2,77-2,80% (against 2,33% at the July auction). The total amount of the issue (between 5 and 7,5 billion, including the 15-year BTp and the reopening of the CcTeu) is not very high these days. Yesterday, in the largest bond issue in history, Verizon Communication placed 10-year notes with yields of 5,192% and 30-year notes with yields of 6,559%. against Treasury yields with the same maturities at 2,964% and 3,897% respectively.
ASIA STOPPED, APPLE -6% WEIGH ON THE NASDAQ
The Asian price lists have not moved much. Tokyo down -0,4%, after a disappointing data on exports of machine tools. In live I earn Shanghai. Closing up on Wall Street: Dow Jones +0,89%, S&P 500 +0,31%.
An exception is the Nasdaq -0,11% on which Apple's tile fell -6%, after the disappointment of the launch of the new iPhones. The market waited in vain for the announcement of the agreement with the Chinese state giant for the distribution of the smartphone in the Land of the Dragon.
The colossus founded by Steve Jobs has been the subject of several rejection by brokers of the caliber of Credit Suisse, Ubs and BofA-Merril. The pricing policy of the latest models is under accusation. $99 for the format cheap, 549 for the most expensive. A choice to defend margins, is the accusation, rather than attacking new markets.
After Tuesday's increases, the European markets marked time: Frankfurt +0,6%, Madrid +0,7%, while London and Paris remained almost unchanged. The Milan Stock Exchange closes with a large rise: the Ftse Mib index +1,3%. The yield on the 10-year BTP fell by one basis point to 4,52%. The Spanish Bono yields 4,47% (-2 basis points) and the German Bund 2,05% (-2 basis points).
BULL 1/ JP MORGAN WAKES UP THE BANKS
On the Ftse Mib, the best was Bpm (+7%), thanks to the good performance of the sector and the statements of the chairman of the management board, Andrea Bonomi, who hopes to be able to transform the institute into a 'normal' bank. Mps also performed well, +3,6% on the day in which the board of directors began discussing the guidelines of the restructuring plan, which envisages a capital increase of 2,5 billion by November 2014.
Unicredit +3,50% is the fifth consecutive day of increase. The sector was favored by the JP Morgan report which promoted Piazza Cordusio but also Intesa +1,74% respectively to overweight and neutral. The reasons for the upgrade are the particularly discounted prices of the two banks and the capital strength that makes them favorites among European competitors. The favorite is Piazza Cordusio, thanks to a cheaper valuation, a more attractive geographical diversification and a better positioning in the event of low interest rates.
Financial companies are also brilliant, Azimuth+ 1,3% Mediolanum +1,8% and General Bank + 1,2%.
TORO 2/ EDITORIALS: THE RECOVERY HAS BEGUN
Mediaset was up +3%, as usual sensitive to the story of Berlusconi. But the purchases have rewarded the entire publishing sector, after the optimistic declarations of Rai's number one, Luigi Gubitosi, on the Italian advertising market. L'Espresso thus gained more than 11%, Rcs 7%, Cairo almost 3%.
According to Mediobanca Securities, Gubitosi's comment represents an important novelty for the sector, in particular for the names most exposed to the domestic market. Mediobanca's preference goes to L'Espresso which will benefit from its severe cost-cutting and its exposure to digital advertising. On the television market, the rapidly growing level of competition continues to be a source of concern, destined to have a double negative effect: a decline in audiences and an increase in the cost of television programmes.
PIAZZA AFFARI, CUCINELLI SUBSCRIBED TO RECORDS
It closed higher Telecom +1,16% on rumors according to which Telefonica would be ready to make an offer to the other Telco shareholders. Telefonica is considering an offer for the shareholders of Telco, Telecom Italia's controlling holding company, without increasing its debt, says a source familiar with the situation. "Telefonica doesn't want to come up empty-handed (to the September 19 board meeting), but the challenge is to find a solution that brings liquidity to Telco shareholders without increasing Telefonica's debt," an anonymous source told Reuters.
On the other hand, stm -1,5% it closed in negative, penalized by rumors according to which the group will not supply some chips for the new Apple iPhones, presented yesterday. In London, Arm Holding rises by 4% : the company has the patent for the creation of the new 64-bit super processor that Apple has decided to use in the new iPhones.
Positive Finmeccanica +2,23%: according to press rumors, today the Koreans of Doosan, interested by Ansaldo Energia, would have flown to Rome to meet the CEO of the Italian listed company, Alessandro Pansa.
Sale Rest +3,13%, rewarded by Kepler the day after the investor day in London, from which, however, no great indications emerged on the spin-off operation of World Duty Free, the company active in the airport business, which will land at Piazza Affari on 1 October. From that date, Autogrill shareholders will have two shares in their hands which together will be worth as Autogrill: one of the company active in the restaurant business, the other of the duty free.
Opposed the energy-oil sector: Enel rose by 1,85%, thanks to HSBC which improved the rating from underweight to neutral, while Tenaris it lost 0,51% and Eni closed on parity. Camfin it closed at -0,68%, pending the closure of the takeover bid on Friday, an operation that Consob is still examining. Lastly, in the Luxury segment yet another historic record for Cucinelli +2,3%, Ferragamo unchanged, Tod's +0,2%, Yoox +1,4%. Moleskine +5%.
