At least in part, there are fears of an escalation of the conflict in Yemen. slow downcrude oil rise (Brent above $59) also due to the simultaneous recovery of the dollar, supported by US macro data. But the markets are starting to end the week in a certain huff, waiting for the words that Fed Chair Janet Yellen will deliver in San Francisco tonight.
Meanwhile Tokyo +0,4% the week is starting to close with a slight gain in a session. Thanks to the drop in crude oil, Abenomics' objective of a recovery in inflation is no longer in sight: the price index returned to zero in February (+0,2% in January) despite the abundant rain of liquidity.
TIM COOK WILL LEAVE HERITAGE TO CHARITY
Weak New York: the S&P index -0,2% slips to 2.056,24 points, erasing 2015 gains; Dow Jones -0,2%, still down the Nasdaq -0,3%, under pressure from the decline in the chip sector. Tim Cook, CEO of Apple, announced in an interview that he will bequeath his fortune to charity, except for a bequest of 10 million to a nephew. Cook's assets today amount to approximately 800 million dollars.
THEgold scores a new rise at $1.219 an ounceYellow metal is up 4,7 percent since the conclusion of last week's Fed meeting.
EUROPE HOLDS UP. HEDGE CHALLENGE BOLLORE' IN VIVENDI
The European stock markets closed the day with contained declines, thanks to the recovery in the afternoon which made it possible to limit the declines which were much more substantial in the middle of the session.
In two days, however, the Eurostoxx 50 index made up of multinationals in the euro area lost 1,7%.
in Milan theFtse Mib index ends with a negative change of 1%, after having scored -2%. London is also heavy, better than Frankfurt -0,1% and Madrid -0,4%.
Paris -0,2%. Vincent Bolloré has strengthened his position at Vivendi, passing from 8,7 to 10,2%. The Breton financier's position is threatened by pressure from the US hedge fund led by Paul Schoenfeld, which is asking for the spin off of Universal and the distribution of 9 billion in cash to shareholders. Vivendi is preparing to become a major shareholder of Telecom Italia. ??
TODAY THE BOTS AT AUCTION: EXPECTED 0,008% YIELD
Quantitative easing is already in full swing. At the end of March, he anticipated yesterday Mario Draghi for the first time a guest of the Italian Parliament since taking office in the ECB, the objective of 60 billion securities purchased will be achieved, even if the program started on 9 March.
"There are no signs of a shortage of securities" on the market, Draghi added, adding that the ECB has removed the "unjustified fears about the reversibility of the euro". “The measures taken as a whole are effective, corporate rates began to decrease in the second half of last year after the announcements made in early August. Monetary policy is transmitted along the entire financial chain”.
The fall in interest rates and the depreciation of the euro should increase Italy's GDP by "one percentage point by 2016", concluded Draghi, citing estimates by the Bank of Italy.
Yesterday, for the first time an Italian Treasury auction recorded a negative gross yield.
The gross yield of the Btpei in September 2024 was equal to -0,0029%, then reduced to zero on the basis of rounding.
The month-end auctions continue with the offer of 7 billion six-month BOTs, against maturities of securities amounting to 7,7 billion. Operators are expecting a slightly positive return, around 0,08%. Finally, the Treasury announced that it will offer between 5,5 and 7,5 billion in Ccteu and 5- and 10-year BTPs in the medium-long term appointment next Monday.
OIL, SARAS ONLY ADVANCES. ENEL SUFFERS
Oil stock prices fluctuated throughout the day under the pressure of the crisis in Yemen, a very modest oil producer (in thirty-ninth place in the ranking of exporting countries), but located in a strategic position for gas and oil trade flows. Eni ultimately closed unchanged. Saipem +0,1% at 9,58 euros after having reached a maximum of 9,89 (+2,5%).
Saras +3,6% to 1,47 euro (high since September 2011) continues to be one of the brightest stocks on Piazza Affari. Société Générale raised the recommendation to Buy from Hold and brought the target price to 1,80 euros from 1,25 euros. The refiner continues to benefit from the improvement in the average refining margin of the Mediterranean area (EMC benchmark), which grew to +6 dollars a barrel last week. The stock has accumulated a 70% gain from January 2014 to today. He closed 5,7 in a draw. Bad day for Trevi -3,1%. Equita Sim reduced the target price to 3,6 euro from XNUMX euro.
Weighs on the index strong decline of Enel – 1,7%hit by the surge in crude oil.
WEAK BANKS, BIG COUP OF BANCA IFIS IN NPLs
The slowdown in the markets also affected the banking sector: Unicredit -1,3%, Intesa -1,2%, Monte Paschi -0,8%. Mediobanca -3,3% and Ber -2,23% are doing worse. Assets under management also slow down: Azimut -1,8%, Mediolanum -2,99%. ?It stands out Banca Ifis +5% which marks a new all-time high and exceeds the threshold of 1 billion euro.
The group announced the purchase of an NPL portfolio from Findomestic Banca (non-performing loans or non-performing loans) revolving of 400 million euro, made up of 65 positions between personal loans and credit cards.
FCA CONTAINS LOSSES. PSA AND RENAULT RALLY
The Eurostoxx Auto index was the only one to close the session with a plus sign (+0,6%) thanks to the 2% rebound of Peugeot and Renault.
Fiat-Chrysler -0,6% at 14,94 euros it recovered a large part of the losses recorded in the early afternoon at 14,44 euros.?
The title reached its maximum on March 16 at 16,29 euros. Despite the correction compared to the beginning of 2015, a gain of 56% remains.
Pininfarina drops 5,6% after the 26% jump in Wednesday's session. The company has confirmed contacts in progress with the Indian group Mahindra & Mahindra, which however at the moment would not have advanced concrete acquisition offers.
TRONCHETTI: A COUNTER-OPA IN PIRELLI? IT WOULD BE A DISASTER
Pirelli -0,45% to 15,50 euros, still above the levels of the takeover bid.
Marco Tronchetti Provera defends theagreement which will lead to ChemChina the majority of Pirelli after a takeover bid worth more than 7,3 billion euros and claims to have had no contact regarding a possible counter takeover bid.
In an interview with Reuters, the CEO of Pirelli branded the market hypothesis of a possible counter-takeover bid by the Japanese Bridgestone as "a disaster", considering the "too many overlaps" and the "enormous losses" suffered by the other groups in the sector in attempts to integrate big companies. Tronchetti Provera also reveals that on the industrial division there have been in-depth discussions with two Asian, non-Chinese partners, but underlines that the ChemChina project is the one that creates the greatest value for the company.
STM PAYS FOR THE CHIPS LANDSLIDE. BUT INTEL RECOVERS
New heavy setback for Stm – 3,8% at 8,28 euros after -4,5% on Wednesday. In the last two days, under the pressure of sales affecting the chip industry, it was the worst stock in Piazza Affari.
The Philadelphia Semiconductor Index closed down 1,7% tonight, adding to Wednesday's -4,6%. It is the fourth consecutive day of decline. But the big landslide should be over: last night Intel +0,6% (-3% on Wednesday) and Texas Instruments +0,13% (-4,6% in the previous session) returned to positive ground.
THUD OF MEDIASET, HUAWEI BETS GO INTERNET
In the rest of the list to report:
Weak Telecom Italia-1,7% on the day of the board meeting also dedicated to broadband -1,7%
Heavy slip by Mediaset -3,4%.
In the spotlight today Go Internet -2,84% yesterday, the telecommunications operator active in the field of mobile broadband with 4G technology, which communicated the positive results of the experimentation of the new broadband technology (LTE-TDD at 3.5 Ghz) from Huawei, a leader in Information and Communication Technology solutions.?
In the luxury sector, the sharpest drop was Yoox -3,4%. Ferragamo, in free fall in the morning (up to -4,5%) closed with a slight drop of 0,3%.
